Nedbank offers a flexible personal loan solution with competitive rates and some unique perks for South Africans. Loans range from R2,000 up to R400,000 with terms available from 6 to 84 months. Interest rates are tailored and typically fall between 10.5% and 28%. Those paying their loan from a Nedbank account can benefit from a monthly R200 cashback, making it even more attractive for existing customers.

Repayment options are tailored to your budget, and there’s no ambiguity in their fee structure. For example, a R50,000 loan over 84 months comes with an interest rate up to 29.25% and a fixed service fee per month, all clearly disclosed upfront. An extra benefit is Nedbank’s Greenbacks rewards, giving you cash rewards for timely repayment.

Step-by-Step: How to Apply

Applying is straightforward. Start online by filling out the application form, uploading your ID, bank statements, and payslips or proof of pension. You can also request a call-back, where a consultant will guide you through the process telephonically and request documents via email. Finally, Nedbank clients can use the Money app or online banking platform to apply in a few taps and possibly access pre-approved offers.

Pros of Nedbank Personal Loans

One standout advantage is the R200 monthly cashback for Nedbank account holders paying via debit order — a great added value. Another advantage is the ability to consolidate existing loans into a single, manageable repayment, potentially resulting in lower overall fees and a fixed interest rate. Rewards through Greenbacks further enhance the deal for borrowers who pay on time.

Cons of Nedbank Personal Loans

On the downside, interest rates vary and may be higher for customers with lower credit scores or shorter loan terms, which is something to be mindful of. Additionally, the cashback benefit only applies if you pay using a specific Nedbank account, limiting its appeal for those who bank elsewhere.

Our Verdict

Nedbank’s personal loan offer is a strong contender, especially for existing Nedbank clients who can take advantage of the monthly cashback. The transparent fees, flexible terms, and rewards programme all contribute to a competitive overall loan package. However, those not banking with Nedbank should consider if switching is worth it to gain access to the cashback.