Capitec Bank Personal Loan Full Review! Is it worthy?
Meet Capitec, one of the leading lenders in South Africa and borrow up to R250,000 to make your plans a reality!
Finding a good personal loan with low interests, longer repayment terms, and higher amounts is becoming a hard task, getting even trickier by the minute.
That is why Capitec Bank has come out with one of the best deals on personal loans within South Africa, borrowing you up to R250,000 to be repaid in over seven years.
Got interested in boosting your life? Check out all the advantages, terms, fees, and details you need to know about a Capitec Bank personal loan.
Who is Capitec Bank?
Operating for over 20 years, Capitec Bank is one of the leading banks in South Africa, with over 20 million customers across the country.
With a focus on simplicity, affordability, and transparency, Capitec Bank has built a reputation for providing innovative solutions that meet the needs of its customers.
As of today, Capitec provides a range of financial services and products such as digital banking, investments, insurance, personal banking, credit cards, loans, and much more.
How does the Capitec Personal Loan work?
Created to suit your best needs, Capitec’s personal loans can be used for a variety of purposes, such as funding a big purchase, covering unexpected expenses, or consolidating debt.
This loan is an ideal aid to put your life back on track. That’s why you can borrow between R1,000 and R250,000.
But the best of all is that this is an unsecured loan, meaning that you don’t need to provide any collateral, such as your home or car, to secure the loan.
And even better, the application for a Capitec Personal Loan is not restricted to bank clients. Non-members are also allowed to apply for the loan.
When it comes to interest, Capitec works with a minimum rate of 12.9% and a maximum interest rate of 24.5%.
At the same time, its repayment terms range from 1 to 84 months, allowing you to choose a repayment term that suits your budget and needs.
Besides its competitive interest rates and flexible repayment terms, a Capitec Bank personal loan offers a range of other benefits that make it a popular choice for those who need extra cash.
These begin with the lack of fees for early repayment, giving you the flexibility to pay off your loan sooner if you’re able to.
Still, Capitec will give a special discount on installments that goes up to 20% off your monthly payment if you pay on time.
Even though this is not restricted to Capitec, by making your payments on time, you can take full advantage of your monthly discount and still improve your credit score.
Other benefits include:
- Fixed interest rates;
- No collateral is required;
- No restrictions on use;
- Easy application process.
Disadvantages to pay attention
Lastly, Capitec has been known for its quick funding, with some customers receiving their personal loan amounts within 24 hours after their approval.
While Capitec Bank personal loans have many benefits, there are also potential disadvantages to consider before applying.
Firstly, Capitec Bank charges a monthly service fee of R69, which is included in your monthly installment.
Secondly, to be eligible for a Capitec Bank personal loan, you must meet certain criteria, such as having a regular income and a good credit score.
If you don’t meet these criteria, you may not be approved for the loan or receive less favorable terms.
It is also important to note that Capitec will charge you late fees if you miss a payment, so it’s important to make payments on time.
How can I apply?
You can apply for a Capitec Bank personal loan from the comfort of your home via the internet, by phone, or in person at any one of the bank’s branches.
To check out all the requirements and a full guide for your application, tap the green button below.