Capitec Personal Loan - Apply for a bank loan of up to R500 000

A Capitec Personal Loan is an unsecured credit product offered by Capitec Bank, one of South Africa's leading financial institutions. It provides individuals with quick access to funds for various personal needs, from home improvements and debt consolidation to unexpected expenses or large purchases.

Capitec Loan Terms

• Loan Amount: up to R500,000
• Repayment Term: from 7 to 84 months (up to 7 years)
• Interest Rates: competitive, personalized interest rates starting at approximately 12.9% - 13.5%, based on borrower`s individual credit profile and affordability.
• Fees: monthly service fee R69, initiation fee up to R1,207.50
• Maximum APR: 48.27%

Borrower Requirements

• Must be a South African citizen
• Must be at least 18 years old
• Must be formally employed for at least 3 months
• Must have verifiable income

Documents needed

• Original ID document (must be 18 years or older)
• Latest salary slip
• A bank statement showing your latest 3 consecutive salary deposits (only if the salary is not paid into your Capitec account)

Borrower`s offer is based on his affordability and credit profile

• Banking and credit history
• Income and expenses to see how much you can afford
• May choose the credit amount that you want
• May choose the monthly instalment that suits your cash flow or the option that gives you the best interest rate

How to apply

• Online or on Capitec app
• Call Capitec on 0860 66 77 89
• Visit a branch of Capitec bank

To obtain a loan, one must follow these three simple steps:

1. Credit Need. The applicant specifies the amount and type of credit they require to receive personalized options.
2. Personal Information. The individual provides their personal details for assessment purposes.
3. Confirm Your Identity. The person answers several security questions to verify their identity.

Upon completion, the applicant can review the results and choose a suitable credit option based on their eligibility.

Credit insurance

Credit insurance is mandatory for all personal loans, providing coverage in the event of death, permanent or temporary disability, unemployment, loss of income, or retrenchment.

What makes this credit insurance stand out

Unlike other insurance policies, the premiums decrease over time. This is because the monthly payment is calculated based on the outstanding loan balance. Consequently, as a borrower pays off their loan, their required insurance payment becomes lower.

Why choose a Capitec Personal Loan?

• Choose what works for you – the amount you want, the lowest monthly instalment or the lowest interest rate
• Credit is approved in minutes and the money is available immediately
• Pay fixed monthly repayments
• Consolidate all your existing loans for easier monthly repayments
• Add affordable credit insurance, including retrenchment and death cover
• Manage your credit using Capitec App

Is Capitec a legitimate company?

Yes. Capitec is a legal South African bank and registered credit provider. Capitec Bank Limited is an authorised financial services provider with FSP number 46669 and NCR number NCRCP13. Before taking a personal loan, borrowers should review the interest rate, fees, insurance costs, repayment term and total repayment amount.

For example, if you take a R50 000 Personal Loan over 4 years at an annual interest rate of 22%, the total cost will be R84 811. This total includes an initiation fee of R1 207.50, a monthly service fee of R69, and an insurance premium of R3 for every R1 000 of the outstanding balance each month.