Nedbank’s Personal Loan is a strong contender for anyone in South Africa who wants accessible funds at a low interest rate. You can borrow from as little as R2,000 up to R400,000, with repayment terms running up to 72 months. Interest rates start as low as 10.5%, going up to 29.25% depending on your profile. What really sets this offer apart is the chance to earn R200 cashback every month if you pay from a Nedbank account.

How to apply: Step by step

• Start your application online, through the Nedbank Money app or in a branch
• Upload your South African ID, latest payslip or pension proof, and three months’ bank statements
• Choose your desired loan amount and repayment term
• Submit your application and await approval
• Once approved, your funds are paid out shortly afterwards

Top Pros

One key advantage of Nedbank’s personal loan is the flexibility: you can tailor both your loan amount and repayment period to fit your lifestyle, with a personal rate based on your history.

Another notable benefit is the recurring R200 cashback each month if you service your loan via a Nedbank MiGoals Plus or Premium Account, directly rewarding responsible repayment.

Potential Cons

If you don’t have a Nedbank account, you won’t be able to claim the cashback offer, which may reduce your long-term savings on the loan.

Also, while rates can be low for many, higher risk profiles may be offered rates closer to 29.25%, which could make repayments less affordable.

Verdict

Nedbank’s Personal Loan stands out due to its generous loan range, monthly cashback, and tailored rates. The easy application and extra perks make it a good choice for South Africans seeking flexibility and value. If you qualify for their low rates and cashback, this is a highly competitive personal loan offer in the market.