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Old Mutual Personal Loans

old mutual personal loans

Old Mutual Personal Loans are affordable credit solutions that offer you up to R250 000 in cash which you can make use for all your financial obligations.

Whether you are searching for a loan to meet personal costs, such as tuition fees, pay for medical bills, or to consolidate your various debts, Old Mutual Finance is going to provide you with a loan to suit your needs.

Old Mutual is one of the oldest and most trusted providers of financial services in Southern Africa, having been established in 1845 by John Fairbairn, and is a pan-african investment, savings, insurance and banking group.

Its headquarters are based in Cape Town and its business is mainly rooted in South Africa, but also operates in countries that include Botswana, Ghana, Malawi, Namibia, Nigeria, Swaziland and Zimbabwe.

You may apply for Old Mutual Loans of up to R250 000 with flexible repayment terms ranging from 1 month to 5 years.

For Old Mutual Personal Loans, the size of the loan you apply for is calculated by both your affordability and your credit profile.

Interest rates remain fixed during the duration of the loan therefore you will always know how much you are expected to pay on your monthly installments.

Why choose Old Mutual Personal Loans?

There is a certain unpredictability of life, one moment you think you have your life in order then the next you find yourself in a financial ditch, not knowing where to turn to.

Old Mutual Personal Loans are tailored credit solutions that gives you access to credit of up to R250 000 which you can use for any of your financial obligations, with no restriction on use.

For your convenience you are offered as much as 60 to 84 months in repayment terms, and their monthly installments are among the most affordable that there is on the market.

Debt Consolidation Loans

Another advantages that comes with Old Mutual Loans is the ability to consolidate all your existing loans into one larger and more manageable loan.

Consolidation loans typically pay off and clears all your existing loans, resulting in you having only one loan which you can manage of much more comfortably.

Annual Percentage Rate (Interest and Associated Fees)

If you take out a R200 000 personal loan from Old Mutual with for example an 84 month term you can expect to repay the following estimated monthly installments including interests.

Term: 84 months
Capital: R200 000
Initiation Fee: R1 207.50
Service Fee: R69.00
Instalment: R5 111.91
Interest Rate: 24.75%
Credit Life Insurance R301.81 – R905.43

Interest rates charged on the loan you take is primarily calculated from factors such as your credit score, affordability and so on.

The good news is that interest rates are fixed through the loan term, which means you will pay the same amount in installments until you have finished repaying it.

Initiation Fee
This is a once off fee that is paid when you take out a personal loan with Old Mutual, and on average can range from anywhere between R100 to just over a thousand rands depending on the loan amount you take.

Service Fee
This a monthly fee charged for monthly administration.

Credit Life Insurance
This insurance cover is mandatory on Personal or Consolidation Loans from Old Mutual, whose main purpose is to settle any of your outstanding loan balances in the event of death, disability or if you are retrenched.

When you fill out your application it will be advisable to ensure that you are upfront and truthful in your affordability so that the repayments are tailored to your unique situation.

Old Mutual Personal Loans Requirements

Qualifying for Old Mutual Personal Loans requires you to be a South African resident with an Identity Document, employed on a permanent basis and provide proof of income and address.

There are three options to apply for Old Mutual Personal Loans namely online, over the phone and in-branch.

Online applications you can simply visit their website www.oldmutualfinance.co.za and use the provided application forms to fill out your desired loan amount and any other information they request from you. Once submitted they will review your application and advise you on the status of your application.

Phone applications simply call 0860 000 886 and speak to their financial consultants who will assist you with the whole application process. You will need to scan and send the requested documentation to finalize the application.

In branch applications are probably the easiest because you can simply walk into your nearest Old Mutual branch with your ID, banking statements, pay slips and proof of address to carry out your application.

You can lodge in an online loan application here

Old Mutual Personal Loans Contact Details

To apply or find out more, Old Mutual Loans can be reached on 0860 000 886, visit any of their branches or through their website www.oldmutual.co.za.

NB: Visit our loan calculator page