Capitec loan comes in the form of a term loan
I am sure some people might be asking the question what is a term loan? A term loan is a loan from a bank for a specific amount that has a specified repayment schedule and either a fixed or floating interest rate.
Now that we know what a term loan is, we can go on to understand more about the Capitec Bank term loan.
Loan Type: Term Loan
Loan Amount: Up to R500 000
Repayment Period: 1 – 84 Months
Interest Rate: 12.9%
Term loan rates and fees
|Loan amount (R)||R25 000||R50 000||R100 000||R500 000|
|Interest rate (%)||13.75 – 29.25
|13.75 – 29.25||15.30 – 29.25||16.25 – 24.75|
|Credit life insurance R/1000 per month||2.58 – 4.50||2.58 – 4.50||2.58 – 4.50||2.58 – 4.50|
|Monthly service fee||69
|Once-off initiation fee (R)||1 207.50||1 207.50||1 207.50||1 207.50|
|Monthly repayment (R)||2 382 – 2 603||2 515 – 2 963||2 967 – 3 868
|10 780 – 14 079|
|Total repayment (R)||28 652- 31 311
|60 438- 71 179||142 467 – 185 737||905 549 – 1182715|
Please note that these are examples only. You can choose any term for your loan (up to 84 months) to make your monthly repayments more affordable. Your actual credit amount and credit interest rate will be based on your individual credit profile and affordability.
Why Apply For A Capitec Loan?
We all need financial help at some point in our lives. It is at these times when we need financial help that we can turn to Capitec for assistance.
Whether you need to do home improvements, pay for your children’s education to secure their future or buy a reliable car to get your family there safely – living better starts when you get credit for the right reasons.
What Do We Know About Capitec Bank?
Capitec Bank was founded in 2001 and as of 2017 had risen to become the second largest retail bank in South Africa, with over 6.2 million customers.
The bank serves both individuals and businesses, and offers its customers the Global One account which is a transaction/savings account plus credit facility merged into one account.
Capitec Bank operates under strict compliance with the National Credit Act.
Benefits Of Applying For Term Loan At Capitec Bank
- You get personalised credit. Personalised credit means that you get the best offer based on your profile and your need, with lower fees and at the best possible interest rate.
- Choose between the amount you want, the monthly instalment that suits your pocket, or the option that gives you the lowest interest rate.
- Pay fixed monthly repayments.
- Get interest rates from 12.9%
- Consolidate all your existing loans for easier monthly repayments
- Add affordable credit insurance, including retrenchment and death cover. You can pay R4.00 – R4.50 for every R1 000.
Are there any disadvantages?
You might not be approved for a Capitec loan if you have bad credit or are blacklisted.
What do you need to qualify for a loan at Capitec?
To qualify and apply for a loan at Capitec you will need the following documentation.
- You should be 18 or older
- A copy of your ID
- Copy of your latest pay slip
- A stamped 3-month bank statement showing your last 3 months salary deposits
- Proof of address (document must display your name and your street address)
In addition to these documents, Capitec will ask for your permission to run a credit check in order to determine your affordability.
The next thing Capitec will look at is your credit and banking history as well as what expenses you already have versus how much you earn.
The longer you have had your job or been employed the better your risk profile. We need to make sure you are stable and that your expenses don’t outweigh your paycheck.
How you can apply:
There are a couple of ways you can apply for a Capitec loan.
- You can apply online;
- Via the mobile app;
- At the branch (Find your nearest Capitec branch);
- SMS “CREDIT” to 44773
- Or alternatively, call 0860 66 77 89 to begin your application
Which one should you use? Its a question of personal preference. However, online application always provide the convenience of being able to apply from the comfort of your home and at any time of the day.
Capitec Loan Calculator
The Capitec loan calculator is a useful tool found on their website.
This useful tool will help you get an estimate of how much your monthly repayments will be when you take up a loan. This assists you in seeing if you will be able to afford the monthly repayments.
To make use of the Capitec Loan calculator you simply visit their website and under the ‘Get Credit’ tab you’ll find it under credit tools.
Simply select the amount you want to borrow, the term you want and the interest rate and viola! You will get a breakdown of how much the loan will coast you.
Capitec Bank Contact Details
If you have found the above information to be of interest and would like to apply for a loan we encourage you to contact Capitec Bank directly. Their details are as follows:
Contact Number: 0860 10 20 43
WhatsApp: 067 418 9565 (Monday – Friday ; 8am-5pm)