Capitec’s personal loan stands out in South Africa for flexibility, offering clients amounts up to R500 000. The repayment period ranges from 12 to 84 months, suiting diverse budgets. The advertised interest rate is personalised, starting at 12.75% per annum, but can be higher depending on your credit profile. As an unbiased reviewer, I’ve compared this loan with many on the market—Capitec’s speed of approval and straightforward fee structure make it very competitive.

Eligibility requires a minimum monthly income of R3 000, and your specific rate and maximum loan amount depend on affordability checks. Fixed monthly repayments make budgeting simple, while money is accessible immediately after approval.

How to Apply: Step by Step

First, gather your South African ID, latest payslip and three months’ bank statements if your salary is not paid into a Capitec account. Next, apply online, via their banking app, call Capitec or visit a branch. If approved, you review your offer, accept, and the funds are transferred immediately. Credit insurance is mandatory, but premiums reduce as your balance decreases.

Key Advantages

Capitec’s instant credit approval and quick payout are its major perks. Interest rates are personalised—great for applicants with stronger credit. You can consolidate existing debt for better cash flow, and insurance for retrenchment or disability is easily added. Flexible repayment periods allow for affordable monthly instalments.

Downsides to Consider

Interest rates can climb well above the lowest advertised, especially if your credit score isn’t top-tier. The minimum income threshold and paperwork requirements may exclude some applicants. Plus, all applicants must arrange credit insurance, which is an added, though reducing, cost.

Our Verdict

Capitec’s personal loan is a strong choice for those who qualify, thanks to personalised rates, fast access to funds, and easy application. The benefits outweigh the cons, especially if you have a good credit record and steady salary. For flexible, large personal loans, Capitec remains one of the leading options in South Africa.