Nedbank Personal Loan

1. Nedbank Personal Loan terms
2. Requirements
3. How to apply and get a Nedbank Personal Loan
4. Repaying a Nedbank Personal Loan
5. Other Nedbank Personal Loan conditions

Nedbank Personal Loan is an unsecured fixed-instalment loan of between R2,000 and R400,000. Repayment periods range from 6 to 84 months, and the interest rate is personalised according to the applicant's credit and risk profile.

Nedbank Personal Loan terms

• Loan amount: R2,000–R400,000
• Repayment term: 6–84 months
• Interest: personalised according to the borrower's risk profile
• Current calculator range: 10.50%–28.00% p.a. for illustration
• Monthly service fee: R69
• Initiation fee: calculated by loan amount, maximum R1,207.50
• Early settlement fee: R0
• Late penalty fee: R0
• Insurance: a premium applies if Nedbank loan insurance is selected.

Nedbank's calculator currently notes that the rate actually offered is determined by payment history and risk profile rather than simply by the amount requested.

Requirements

Personal-loan applicants generally need to:

• be a South African resident;
• be between 18 and 65 years old;
• have monthly income of at least R5,000 paid into a bank account;
• have a valid South African ID;
• have proof of income.

Nedbank accepts applications from permanently employed workers, fixed-term contract workers, self-employed applicants and pensioners, subject to assessment. Documents may include the latest payslip or other proof of income and three months' bank statements if Nedbank cannot retrieve them automatically.

How to apply and get a Nedbank Personal Loan

Applications are available through:

• the Nedbank website;
• the Money app;
• Online Banking;
• a callback request.

Nedbank performs credit and affordability checks before making an offer. The borrower can consider the offer and, where available, adjust the amount before accepting it. Once the loan is finalised, the approved money is paid into the account specified in the loan agreement.

Repaying a Nedbank Personal Loan

Nedbank collects the agreed monthly instalment by debit order from the borrower's bank account, normally on the salary date.

Customers who want to repay faster can:

• increase the debit-order amount by contacting Nedbank;
• make EFT payments;
• pay extra amounts towards the loan.

For an EFT, Nedbank can be selected from the approved beneficiary list, with the personal-loan account number used as the payment reference.

Other Nedbank Personal Loan conditions

Early repayment. A Nedbank Personal Loan can be repaid before the agreed end date without an early-settlement penalty.

Missed payments. If a borrower cannot make a repayment, Nedbank asks the customer to contact 0860 103 117. A new payment date or a double debit order in the following month may be arranged according to the customer's situation.

Late penalty fee. Nedbank states that it does not charge a separate late penalty fee after a missed monthly repayment. This does not cancel the outstanding repayment obligation.

Extra payments. Borrowers can increase repayments or use EFT payments to reduce the balance sooner.