Are you looking to unlock credit opportunities but don’t want the hassle of making a branch visit? We’ve got you covered! Let’s dive into the nitty-gritty of what you need to know and how to apply, all from the comfort of your own space.
Qualifying for a Credit Loan from Capitec
Before you jump into the exciting world of credit, there are a few checkpoints to ensure you’re ready:
Age Requirements:
Personal loans from Capitec are accessible to people above the age of 18 years. This ensures that you’re legally eligible to enter into credit agreements.
Income Requirements:
We’re here for the working class heroes! Whether you’re permanently employed, self-employed, receiving various income sources, or enjoying a pension, you’re eligible to apply.
Here’s the scoop on income:
- For Credit Cards: Make sure you have a minimum income of R5,000.
- For Self-Employed Applicants: We’ve set the bar at a minimum income of R10,000. This helps us ensure your financial stability and ability to manage credit responsibly.
Documentation Required:
Getting things in order? Great! Some of the documentation that will be required include:
- Your SA ID Document: Your trusty South African ID will be your key to accessing credit.
- Latest Payslip: Show us your latest payslip to help us understand your current income level.
- Bank Statement: If your salary isn’t deposited into your Capitec account, we’ll need to see your latest three consecutive salary deposits. This helps us paint a clear picture of your financial health.
Other Considerations:
Let’s keep it clean! To be eligible for credit, it’s important that you haven’t faced actions like debt handover, sequestration, or debt review/administration. These ensure that your credit history is on the right track.
Applying for a Credit Loan from Capitec
Ready to take the plunge? There are various options of applying for loans from Capitec and they include:
Online or Through Our App:
Embrace the digital age and apply online or via our user-friendly Capitec app. It’s a convenient way to get the ball rolling without stepping out of your comfort zone.
Give Capitec Bank a Call:
Prefer the human touch? Reach out to them at 0860 66 77 89, and their friendly team will guide you through the process.
Visit a Capitec Branch:
If you’re old-school and prefer in-person interactions, you can always visit one of their branches for a face-to-face application experience.
Guidance for Credit Comparison
We want you to make informed decisions, so here are some nuggets of wisdom when comparing credit options:
Total Repayment Amount:
While interest rates catch the eye, it’s crucial to look at the bigger picture. You can also take into account your total repayment amount that you be paying over the entire credit term. This gives you a clear understanding of the commitment you’re taking on.
Beyond Interest Rates:
Another consideration to bare in mind is Interest rates as these are very important. Keep an eye out for additional fees like initiation and monthly service fees. Also, think about credit insurance – we even offer it free for loans lasting six months or more!
How much do I have to earn to qualify for Capitec loan?
The loan application process will consider factors such as your income, your employment status and affordability to determine how much you can qualify for a Capitec loan.
How long does it take for Capitec loan to be approved?
Once you’ve submitted your loan application along with all the necessary documents, your loan approval will be processed within 5 business days upon acceptance. Being a Capitec Bank customer is not a prerequisite for applying to this loan. To initiate the procedure, you can choose between applying online or visiting a nearby Capitec Bank branch.
Good for Credit Booklet:
Still hungry for credit knowledge? Download Capitec’s “Good for Credit” booklet for expert tips on how to navigate the credit landscape wisely.
So, there you have it – your roadmap to credit readiness and a seamless online application process. Capitec is there to help you make the right credit choices without the extra legwork. Embrace the possibilities and make credit work for you!
