Capitec offers personal loans from R3,000 up to R500,000, repayable over 12 to 84 months. Their interest rates start at a competitive 12.75% per annum, with approval based on your credit profile and affordability. Loans are processed quickly, with funds usually available within minutes once approved.

To apply, you must be 18 or older with a valid SA ID. You’ll need your original ID, the latest salary slip, and, if your income isn’t paid into a Capitec account, your latest three bank statements showing salary deposits. The process can be started online, in-app, over the phone, or by visiting a branch.

Step-by-step application process

1. Estimate your offer online or in the app.
2. Submit your application with your ID, salary slip, and required bank statements.
3. Await immediate credit decision based on your profile.
4. Accept the offer that suits your needs.
5. Receive the funds, often instantly, once approved.

Advantages of Capitec Personal Loan

The application process is streamlined and accessible, both digitally and in person, making it very convenient. Approval is quick, and you have a choice between the lowest monthly payment or best interest rate, giving flexibility.

Insurance premiums decrease as you pay off the loan, helping manage costs over time. Fixed monthly repayments provide predictability for budgeting.

Disadvantages of Capitec Personal Loan

Qualifying for the best interest rates depends strictly on your creditworthiness. Lower credit scores may face higher rates.

Additionally, if you’re not a Capitec account holder, providing extra documents can make the process a little less seamless. Loan terms up to 84 months may lead to higher overall interest paid.

Our verdict

Capitec’s Personal Loan is an attractive offer with competitive rates, rapid approval, flexible terms, and solid customer protections. The requirement for credit insurance adds peace of mind, especially in uncertain times. Existing Capitec customers will find the process especially fast and user-friendly.