Capitec Bank offers personal loans with various features that make borrowing simple, flexible, and convenient:
- Loan Amount: You can borrow up to R500,000, depending on your needs and affordability.
- Flexible Repayment Terms: Repayment periods range from 12 to 84 months, giving you flexibility to manage your monthly instalments.
- Fast Approval: Your loan application is approved within minutes, and the money is available immediately.
- Personalised Interest Rates: Capitec offers interest rates from as low as 13.50%, which are personalized based on your credit profile and financial situation.
- Consolidate Debt: Capitec allows you to consolidate your existing loans into one manageable repayment.
Loan Example
For instance, if you borrow R50,000 over 48 months at an interest rate of 22%, your monthly repayment would be approximately R1,741, including service and initiation fees. However, your exact interest rate will be tailored to your credit profile, and affordability will be a factor in determining your monthly instalment.
How to Apply for a Capitec Loan
Capitec makes it easy to apply for a loan through multiple channels:
- Online Application: Visit Capitec’s website and apply from the comfort of your home.
- Capitec Banking App: Apply on the go using their user-friendly mobile app.
- Call the Helpline: You can also apply by calling Capitec at 0860 66 77 89.
- Visit a Branch: Prefer a face-to-face interaction? Walk into any Capitec branch and apply in person.
Documents You’ll Need
To apply for a loan, make sure you have the following documents ready:
- Original ID Document (you must be 18 years or older).
- Latest Salary Slip.
- Bank Statement (showing your last three salary deposits if your salary is not paid into a Capitec account).
How Loans Are Approved
Capitec uses your affordability and credit profile to assess your loan application. They consider your income, expenses, employment stability, and credit behavior. If your credit history is solid, and your employment status is stable, your chances of loan approval are high.
Capitec Loan Interest Rates
Capitec offers competitive interest rates ranging from 13.50% to 29%, depending on your loan amount and credit profile. Here’s a breakdown:
| Loan Amount (R) | Term (Months) | Interest Rate (%) | Monthly Repayment (R) | Total Repayment (R) |
|---|---|---|---|---|
| 25,000 | 12 | 13.50 – 29.00 | 2,379 – 2,600 | 28,615 – 31,272 |
| 50,000 | 24 | 13.50 – 29.00 | 2,509 – 2,956 | 60,291 – 71,018 |
| 100,000 | 48 | 13.50 – 29.00 | 2,872 – 3,868 | 137,944 – 185,737 |
| 500,000 | 84 | 16.00 – 24.50 | 10,705 – 13,996 | 899,320 – 1,175,694 |
Credit Insurance
Capitec also offers credit insurance on all personal loans, covering you in the event of retrenchment, disability, or death. One unique feature of their credit insurance is that the premium decreases over time as your loan balance reduces, making it more affordable as you pay off your loan.
Conclusion
Capitec loans offer a practical solution for personal financing needs. With personalised interest rates, fast approvals, and flexible repayment terms, Capitec’s personal loan options make borrowing simple and stress-free. You can manage your loan easily through their banking app, and the additional benefit of credit insurance offers peace of mind.