How to Apply for a Old Mutual Finance Personal Loan
Learn how to apply for one of these easy-approval personal loans and borrow up to R250.000.
As you could see, Old Mutual Finance has a great deal with its personal loans, allowing you to borrow up to R250.000 while still having six years to repay it!
But how about Old Mutual’s eligibility requirements? Lucky for you, the bank criteria are very standard.
Old Mutual Finance Personal Loan
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Check out below everything you must comply with in order to get approved on an Old Mutual personal loan.
Who is Eligible for an Old Mutual Personal Loan?
To qualify for an Old Mutual personal loan, you must be a South African citizen or permanent resident, be at least 18 years old, have a regular source of income, and have a good credit record.
Old Mutual also requires you to earn more than R2,500 per month and provide proof of income and employment, as well as your latest payslip and bank statements.
If you are self-employed, you will need to provide proof of your income and expenses.
How Do I Apply for an Old Mutual Personal Loan?
Applying for an Old Mutual personal loan is easy and convenient. You can apply online or at any Old Mutual branch.
If you choose to apply online, just follow the steps below:
- Visit the Old Mutual Finance website.
- Navigate and click on “Our Solution” on the website’s upper section.
- Select the “Personal Loan” option under “Bank & Borrow.”
- Click on “Start Application.”
- Fill out the application form.
- Upload any necessary documents.
- Submit your application and wait for a response from Old Mutual Finance.
If your application is approved, you will receive a loan offer with the loan amount, interest rate, and repayment terms.
Now you can review the offer and sign the loan agreement if you accept the terms.
Once the loan agreement is signed, the funds will be deposited into your bank account within a few days.
Still looking for other high-amount personal loans? Then, check out Absa’s option!
Absa Bank’s personal loans are designed to cater to your unique requirements and can be utilized for various purposes, such as settling debts, covering medical expenses, education expenses, going on vacation, and more.
The loan amount can range from R350 to R350,000, depending on your financial situation and credit history, while its repayment terms range from 12 to 84 months, giving you flexibility in selecting a repayment schedule that suits you.
Absa Bank’s personal loans are unsecured, which means that you don’t need to provide collateral to secure the loan.
Even still, its rates start at 13.5% APR, really competitive for a unsecured loan, though your actual interest rate will be determined by your credit profile, income, and other factors.
Why go with Absa?
Absa Bank’s personal loans have various advantages, including no early payment fee, which enables you to pay off the loan before its terms end without incurring any penalty.
Before applying, you can use the personal loan calculator on Absa’s website to calculate your monthly payment amount based on your preferred terms.
Absa’s Loan Insurance is also available to cover your monthly instalments in the event of sudden loss of income, disability, critical or terminal illness, or death.
Other advantages include:
- Quick and easy application process
- No collateral required
- Flexible repayment terms
- Competitive interest rates
Lastly, Absa Bank provides a rewards program called Absa Rewards, which offers cashback rewards for using Absa Bank’s products and services.
How do I apply?
If you’re interested in an Absa Bank personal loan, tap the green button and learn all the requirements you must meet before applying.