Capitec Bank offers a personal loan with flexible terms and competitive rates. You could borrow any amount from R3,000 up to R500,000, with repayment terms stretching from 12 to 84 months. Interest rates start from as low as 12.75% per annum, depending on your creditworthiness and affordability profile. As an example, if you borrow R50,000 over 48 months at a 22.00% rate, your monthly repayment will be R1,741 (including all fees). The minimum monthly income requirement is R3,000. Applicants must provide their ID, latest payslip, and a bank statement (if their salary is not paid into a Capitec account). Loan approval is subject to credit and affordability assessment.

How to Apply for a Capitec Personal Loan

The application process for a Capitec personal loan is designed to be quick and simple. You can apply online using the bank’s website or via the Capitec app. Alternatively, phone their call centre or visit a branch.

Prepare your original South African ID (applicants must be 18+), your latest salary slip, and a bank statement that shows your last three consecutive salary deposits if needed. Complete the loan application with your personal, contact, and income details. Your application will include a credit and affordability assessment, after which you can select your loan amount and repayment term. If you qualify, your loan will be approved in minutes, and funds are available right away.

Pros of Capitec Personal Loans

One major advantage is speed: both approval and disbursement are typically fast. Flexible repayment terms and competitive, personalised interest rates help tailor the loan to suit your needs.

Another benefit is the ability to consolidate multiple debts, making budgeting easier. Capitec also offers decreasing credit insurance premiums, which can give peace of mind and save money over time.

Cons of Capitec Personal Loans

While Capitec’s rates begin at 12.75%, not everyone will qualify for the lowest interest rate. Loan approval is always subject to a strict credit and affordability check, so some applicants may not get approved or might receive less ideal terms.

Also, if your income is not paid into a Capitec account, you must produce external bank statements, which could lengthen the documentation stage.

Our Verdict

Capitec’s personal loan is a robust and flexible option for South African consumers seeking up to R500,000 with predictable, fixed repayments and relatively fast turnaround times. The simple application process, potential for lower rates, and debt consolidation benefits stand out. Just be sure to review your personalised rates and ensure you meet the credit criteria before applying.