Home Lifestyle Capitec’s Global One giving you access to Credit and Savings

Capitec’s Global One giving you access to Credit and Savings

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Capitec Bank has made tremendous strides in the banking sector these past few years, and within 10 years it has risen to become one of the leading commercial banks in the country.

One of the reasons that has contributed to this success is their Global One Account which offers the convenience of having transaction account, 4 savings plans that are absolutely free, insurance and personalised credit.

Brief history of Capitec Bank

Capitec Bank was founded in 2001 and has risen to become the second largest retail bank in South Africa, with over 6.2 million customers.

Capitec Bank serves both individuals and businesses, and offers its customers the Global One account which is a transaction/savings account plus credit facility merged into one account.

Capitec Bank Transaction Account

Capitec’s Global One transactional account is a centralised account that easily gives you access to banking, credit, savings and insurance.

Banking has never been simpler, and with a Debit or Credit Card from Capitec you will get a hassle-free way of accessing your money and transact worldwide.

Some of the many benefits of a Global One Transactional Account includes:

  • Tap to pay abilities using your Debit or Credit Card.
  • Get as much as 4 extra savings plans on your transaction/savings account.
  • Zero purchase fees internationally when you pay for products and services using your card.
  • Low ATM withdrawal fees.
  • Easy cellphone, internet and app banking.

Capitec Bank Loans

What is unique about Capitec’s Global One Account is the accessibility of their credit facility that gives you up to R250 000, and comes in the form of a Personal or Revolving Loan.

With this account you can get affordable credit, depending on your credit profile, of up to R250 000 which you can use for any of your planned or unplanned financial needs.

Personal or Term Loans

Personal loans are personalized credit offered by Capitec giving applicants as much as R250 000 with repayment terms of up to 84 months.

Interest charged on these personal loans start from 12.9% but will be heavily influenced by your personal credit profile, which means the better your credit score is the lower the interest charged on your loan.

What makes these loans a better choice than others is the fact that as an applicant you can choose the loan amount you want, the repayment terms you want, quick approval and same day payouts.

You can also consolidate all your existing multiple loans into one manageable loan and benefit from lower interest rates.

Revolving Loans

As what their name may suggest these loans gives you access to a “revolving” loan facility that allows you to “re-borrow” money that you have already paid back without the need of reapplying for a new loan.

Revolving loans offer you are two basic things:

Affordability – there is no initiation fee, interest or monthly service fees charged when you dont use this facility.

Flexibility – you can shorten or increase your repayment terms based on your financial situation, giving you the freedom to adapt to life changes as and when they occur.

Why choose Capitec Bank Loans?

Some of the many benefits that can be derived from getting yourself Capitec Bank Loans is the fact that you will:

  • have control of choosing between a personal or revolving loan, when and how to use your money.
  • have the option to choose your monthly repayments terms and if situations change you can change the terms to suit your current situation.
  • get as much as 60 months for revolving loans and 84 months for personal loans.
  • access your available loan balance anytime you wish, including the amount repaid already for revolving loans.
  • get approved for your loan in a matter of minutes.
  • consolidate your existing loans into one easier monthly repayment plan.
  • have the choice to add an affordable credit insurance which includes a retrenchment and death cover.

Interest Rates and Associated Fees

Capitec loans charges you low interest rates that start from 12.9% for personal loans and your personalised interest rate on your loan will be dependant on your individual credit profile.

The higher your credit score the lower interest rate you will be charged on your loan, while the lower your credit score the higher the interest rate that you will get charged.

Below are the example Term Loan rates and fees:

R25 000 Loan example 

Term (months) 12
Interest rate (%) 12.90 – 24.50
Credit life insurance R/1000 per month 4.00 – 4.50
Monthly service fee (R) 69
Once-off initiation fee (R) 1 207.50
Monthly repayment (R) 2 468 – 2 623
Total repayment (R) 29 616- 31 471

R50 000 Loan example 

Term (months) 24
Interest rate (%) 12.90 – 24.5
Credit life insurance R/1000 per month 4.00 – 4.50
Monthly service fee 69
Once-off initiation fee (R) 1 207.50
Monthly repayment (R) 2 618 – 2930
Total repayment (R) 62 834- 70 308

R100 000

Term (months) 48
Interest rate (%) 14.20 – 24.50
Credit life insurance R/1000 per month 4.00 – 4.50
Monthly service fee (R) 69
Once-off initiation fee (R) 1 207.50
Monthly repayment (R) 3 095 – 3 707
Total repayment (R) 148 566 – 177 945

R250 000 Loan example 

Term (months) 84
Interest rate (%) 16.30 – 22.40
Credit life insurance R/1000 per month 4.00 – 4.50
Monthly service fee (R) 69
Once-off initiation fee (R) 1 207.50
Monthly repayment (R) 5 815 – 6 884
Total repayment (R) 488 454 – 578 254

For revolving loans Capitec will charge yearly interest rates linked to prime.

Qualifying Criteria for Capitec Bank Loans

Getting approved for these capitec loans is simple, all you need is to visit any Capitec branch with your SA ID, 3 latest pay slips and if your salary is paid into a Capitec account your latest 3 months bank statements.

You can get an estimate here to know if you qualify for their credit solutions or not.

Capitec Bank Home Loans

In partnership with SA Home Loans Capitec offers as much as 100% of the home value for online applications and up to 90% of the home value for in-branch applications, and is based primarily on your credit profile.

SA Home Loans facilitates these home loans and can give you as much as R5 million with over 20 years repayment terms, and to qualify you will need to provide:

  • a copy of your signed purchase offer
  • your SA ID
  • copy of marriage certificate
  • 3 months bank statements that are stamped
  • 3 months latest pay slips

Capitec Bank Insurance

Capitec Global One Credit Insurance is tailored for credit terms that exceeds 7 months and are designed to cover you in the event of death, permanent or temporary disability, retrenchment and so forth.

Capitec Bank Global One Contact Details

Customer Support:+27 21 941 1377
Email: ClientCare@capitecbank.co.za
Web: www.capitecbank.co.za