Capitec has launched a needs-based loan system that allows consumers to borrow up to R250,000 for schools, medical expenses, home projects, or car purchases, with interest rates ranging from prime to 7.25 percent.
These low interest rates, according to the bank, are made possible by connecting credit supplied to responsible client criteria or goals and directing the cash directly to the store or supplier.
According to Capitec, the majority of its consumers required funding to support home improvements, schooling, medical costs, and car purchases.
Their analytic data demonstrated that consumers who made these purchases were more likely to manage their credit sensibly and repay on time, allowing us to lower the cost of our credit solutions for these demands.
MediClinic, WeBuyCars, Boston, CTM, and the University of Stellenbosch are just a handful of Capitec’s partners.
The bank has shortened the application process, allowing credit to be given in just a few minutes at the time of purchase.
Applicants typically receive an offer in less than five minutes, and payments are made directly to the store or service provider.
This service is available to all clients, regardless of whether they are Capitec customers or not, and must be requested at the partner rather than a Capitec bank or online.
Capitec’s Digital Banking Clients Increase
In addition to outstanding products and services, the bank’s digital banking service has grown dramatically.
South Africa’s leading digital bank reported a 22 percent increase in active digital banking usage of the bank app, USSD line, web, or a combination of digital platforms in the six months ending 31 August 2021.
Capitec Bank also reported that the majority of its clients have expanded their use of its Global One service offering over the previous six months, and its digital platforms have been accessed by 1.6 million more customers.
According to the bank, the number of transactions using the Scan to Pay tool across all important QR codes is growing. Internet banking for their business bank customers has also been enhanced.
