Nedbank’s Personal Loan product offers South Africans an appealing solution for borrowers looking for flexibility and value. Loan amounts start at R2,000 and reach up to R400,000. Terms are flexible, ranging from 6 months to 6 years. Interest rates begin from 10.5%, topping out at around 28%. Nedbank aims to deliver affordable monthly repayments. For those who pay their personal loan instalments from a Nedbank MiGoals Plus or Premium Account, a R200 cash back reward is credited each month, making this offer even more attractive.

How to Apply: Step-by-Step

1. Choose how you’d like to apply: online, via callback, or through the Nedbank Money app/Online Banking.
2. Complete the online form, upload your ID, recent payslip, and bank statements for instant feedback.
3. If you request a callback, wait for a consultant, then email your supporting documents.
4. Once approved, review your offer before accepting.
5. Your funds are quickly disbursed to your specified account, subject to final verifications.

Pros: Key Advantages

The standout benefit is the R200 monthly cashback when instalments are paid from a qualifying Nedbank account, rewarding responsible payment behaviour.

The loan calculator on Nedbank’s website empowers applicants to estimate their repayment beforehand, ensuring transparency with fees and rates.

Cons: Points to Consider

Applicants with lower credit scores may be offered higher interest rates, compared to the lowest advertised rates, which can impact affordability.

The monthly cashback reward is only available to those who use specific Nedbank accounts, potentially limiting access for some users.

Our Verdict

Nedbank’s personal loan is a powerful option for borrowers seeking flexibility and monthly rewards. The R200 cashback and simple online application process are highlights. However, the best rates favour reliable payers with Nedbank accounts. For those, this loan is a strong contender worth considering.