Best 5 Personal Loan Offers for R150 000


Personal Loans of R150 000 for up to 60 Months and Borrowing R150 000 for Longer than 60 Months.

The Application Procedure for Personal Loans

In South Africa loans can be applied for online, by phone and/or in branch. The bank will expect to see a valid South African ID, proof of residency (such as a utility bill) and proof of earnings (such as payslips and/or bank statements). Apart from an initiation fee, the bank will also charge a monthly service/administration fee.

Borrowers will have to set up a direct debit for their monthly repayments. Many of the banks listed below also stipulate that borrowers take out an insurance policy to cover any outstanding debt in case of disability or death.



Personal Loans of R150 000 for up to 60 Months

The Standard Bank offers loans of R150 000 for terms of 12-60 months. The maximum annual interest rate is prime plus 17.5% although this depends on the borrower’s credit check.

A unique feature of the Standard Bank personal loan is that borrowers are offered the flexibility to extend the sum and borrow more if their circumstances change.

The First National Bank offer the same loan terms with fixed repayments. Their APR is personalised according to the borrower’s circumstances, and borrowers can use their online calculator to find out their predicted APR. They give a better interest rate exclusively for FNB customers.



Borrowing R150 000 for Longer than 60 Months

Sanlam have a fixed interest rate and fixed monthly repayments for the entire term of 24-72 months. The rate available depends on the borrower’s personal risk assessment but varies from 21.9%-27.5% a year (which is compounded monthly).

ABSA offer personal loans for terms of 12-84 months. The interest rate that borrowers will be charged is a maximum of prime plus 17.5%. Nedbank also lend money for a maximum of 72 months. The APR that they charge their borrowers depends on their personal circumstances but ranges from 10% to 27.5%.

Loans in Africa are available from a number of financial institutions. Borrowers should check each bank’s terms and conditions before deciding which one is the best option for them.