Capitec Bank is one of South Africa’s largest retail banks, serving both businesses and individuals.
It was founded in March 2001 and has its headquarters in Stellenvisch in Western Cape, South Africa. As well as a Capitec Bank Personalised Credit, it offers a number of other financial services including savings, investments, debit and credit cards and commercial banking. Aiming to make banking simpler and all-inclusive, Capitec Bank offers customers the Global One account, a credit, savings and transaction facility in one.
There could be many reasons why a customer requires a personal loan. It may pay for home improvements, children’s education or a new car, but whatever the reasons Capitec Bank will first need to check if the customer meets the eligibility criteria. Capitec Bank will only loan to customers who are eighteen years or older. Additionally they will need to see proof of income for the last three months which could take the form of payslips or bank statements. Applicants must also have proof of residence for FICA, not older than three months and a South African ID number.
Customers wanting to apply for Capitec Bank Personalised Credit have a number of options. They can apply for a loan online, using the app, in person at a local branch or over the phone. Before starting the application, customers can first get an online estimate to see how much they may be able to borrow and use the Capitec Bank Personalised Credit online calculator to see what the monthly repayments are likely to be. To start the application for an online loan there is a form to fill out and customers should have their proof of eligibility ready for checking. A credit check may also be carried out and customers may need an above-average credit score to be approved. There may also be a once off initiation fee of up to R1,207.50.
Capitec Bank offers loans of amounts ranging from R1,000 up to R250,000 with a repayment period ranging from one to 84 months and interest rates starting from 12.9%. A loan of between R25,000 and R50,000, for example, will be likely to have an interest rate of between 12.9% and 27.25%. With their commitment to offering a personal banking experience, the loan approved is based on the customer’s profile and needs. When applying for a loan, the customer can choose between the amount they require, the monthly repayment which is easiest to manage and the option with the lowest interest rate. The monthly payments are fixed so it is important for the customer to choose a rate they can be confident of paying.
Whether a customer is making an online loan application or applying in person, Capitec Bank will make a decision on the loans quickly, often within minutes and if the loan is approved, the cash is available immediately. Customers can also gain additional peace of mind when taking out a Capitec Bank personal loan by purchasing affordable credit insurance with their loan which includes death cover and retrenchment. Customers of Capitec Bank can manage their credit using the bank’s app