September 6, 2014
Capitec loans are easily available as long as you comply with their minimum criteria. You have to be a minimum of 18 years old and you have to earn a salary. That’s one thing about getting an easy personal loan in South Africa: you have to be employed by someone else. African Bank and Capitec are allergic to people with their own businesses.
They say outright that if you are self-employed you should move along because you won’t be getting a Capitec personal loan. Not just that. If you earn a commission and not a salary, no matter how big the commissions are, you are not welcome to apply for Capitec personal loans. It is grossly unfair but there it is. Capitec loans are for wage slaves and not for entrepreneurs who create wealth and jobs.
Personal Online Loans South Africa
This nervousness about granting Capitec bank loans follows the near-collapse of African Bank. This non-deposit-taking bank lent out money to unqualified borrowers (unsecured loans, in other words) and the result was that so many people defaulted on their repayments that African Bank had to be bailed out by the SA Reserve Bank.
On the plus side, if you are old enough and you can show Capitec that all-important salary slip from an employer that you have been with for two months or more, or you can prove that you get a regular pension, then you may just be allowed to take out a Capitec bank loan. Obviously you should not have been bankrupted, handed over, placed under debt review, placed under administration or been sequestrated. In other words, you are welcome to apply for Capitec loans if you don’t need them.
Interest Rate for Personal Loan
Seriously though, Capitec loans online are the way to go. You can easily work out what your Capitec loans repayments over the months will be for the amount you want to borrow. Use the Capitec loans calculator to work out the sums. Capitec loans are not cheap. You will be lucky to pay less than 20% interest even if you meet the criteria. Someone, after all, has to pay for that percentage of Capitec loans that will be defaulted on.
If you go for Capitec personal loans apply on line. You will still have to go into your local Capitec branch to do the final paperwork. Capitec loans online are to be found on their super website where you can easily select the Capitec loans you are interested in. Whether you use your Capitec loan to buy a home or buy a car is immaterial to Capitec loans policies. All Capitec Bank wants to be sure of is that you can pay back the amount you borrow as agreed.
Capitec Home Loans
While there is no such thing as Capitec loans for homes, they can arrange with SA Home Loans for you to get a bond. This is definitely the better, cheaper way to go. You can do all the paperwork for a SA Home Loan at Capitec Bank itself.
Capitec loans are easily accessible if you meet the criteria. Try for a Capitec loan today.
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All info was correct at time of publishing