Capitec Bank offers a standout personal loan for South Africans needing up to R500,000. With terms ranging from 12 to 84 months and quick approval, it’s designed for convenience. The interest rate is personalised, starting at a competitive 12.75% per annum. Approval is fast and money can be available within minutes once all required checks are done. Minimum monthly income is R3,000, making it accessible for a wide range of applicants.

How to apply: Step-by-step guide

• Download and register on the Capitec app or visit a Capitec branch.
• Gather your original ID, latest salary slip, and a bank statement reflecting your last three salary deposits if you’re not paid into a Capitec account.
• Fill out the loan application, choosing your desired amount, repayment term, and insurance options.
• Submit your documentation and review your personalised loan offer.
• Accept the offer to get your funds credited to your account.

Key advantages

Capitec Personal Loan offers speed and flexibility. Approval is typically fast, with funds available almost immediately upon approval.

The loan terms are highly customisable, allowing you to choose the amount, repayment period, and insurance cover to suit your financial situation.

Potential drawbacks

Interest rates are personalised but could be higher for those with lower credit scores. Applicants must have a minimum monthly income of R3,000 to qualify.

The requirement for a salary slip and three months’ bank statements may be a hurdle for informal workers or those without a steady payslip.

Verdict

Capitec’s personal loan is a sound choice for individuals seeking fast, flexible financing. While there are eligibility requirements, the convenience and transparent structure are strong selling points. For borrowers who value speed and flexibility, Capitec delivers a reliable loan option.