Capitec Bank Holdings Limited is a retail bank whose primary focus is the South African market. The bank is relatively new when compared to other banks in the country. It was established in 2001 and listed on the Johannesburg Stock Exchange in the following year.
However, Capitec has since grown in the South African market and now boasts of over 4.2 million customers. Moreover, the bank’s branches number 534 all over the country.
Types of Personal Loans Offered
There are primarily two types of personal loans that Capitec offers in the South African market. Of these, one is the conventional type while the other is a form of monthly loan. The following are some details of both these types of personal loans.
1. The conventional personal loan:
The conventional form of Capitec personal loans has one of the biggest ranges in the South African market, whether you consider their limits in terms of the amount possible or the repayment schedule.
The maximum amount that a person can borrow with these personal loans is R230 000. In terms of time, the ceiling the bank puts on its personal loans is around 84 months while the floor is two months. The amount of money that every borrower is expected to pay every month is fixed which means that changing interest rates do not affect them.
Moreover, Capitec offers borrowers the option of consolidating all loans into one single loan as well. In addition, Capitec personal loans come with free protection against retrenchment and death.
2. Multi loan:
The Multi loan from Capitec is an ongoing loan that can be availed by the borrower in any month in one year. It gives individuals access to up to R4 000 at any time in a month within the year that the loan is active.
However, the borrowed money is required to be paid back every month in full. This aspect is negated a little by the fact that the interest rate is only charged when the money is borrowed and not otherwise.
The money can be borrowed within minutes as the bank gives the option of conducting the whole process via mobile banking, internet banking and even ATMs.
Benefits of Going for Capitec Personal Loans
Benefits of choosing Capitec personal loans are rooted in their much touted all inclusive banking solution titled Global One. As per the bank, Global One is the one stop solution for all banking needs including transactions, savings, and even credit.
The bank’s system is very secure as they make use of all latest technologies in the form of photographic identification and fingerprint biometrics.
Prerequisites and Requirements
Surprisingly, Capitec personal loans are not applicable for self employed individuals who decide what their salary will be and when they receive it. Otherwise employed people, however, will find the prerequisites and requirements to be fairly simple to meet, if they decide to go for Capitec personal loans. Consider the following:
1. Identification proof in terms of documents
2. Documental proof of permanent residence i.e. address
3. The most recent salary slip as a way to prove employment status
4. Three month bank statement to show that the income is steady and regular
Capitec personal loans can be very handy, especially for individuals looking to have access to immediate cash at a moment’s notice. However, their long term personal loans are also up to the mark with regard to the industry standards.