Five banks have the most favorable personal loans for R500 to R150.000 with repayment period up to 84 months offering best personal loan rates in South Africa.
Best South African Banking Institutions For Personal Loans
Most of us have gone through a rough patch financially, at one point or another. It could be the need to clear emergency medical bills, finance a holiday or renovate one’s home. Being financially limited in such situations can be frustrating.
That’s why personal loans, when utilized responsibly, are a God-sent. In South Africa, several financial institutions can help you secure a personal loan, but the process is normally long and tiring, owing to the insecure nature of personal loans. However, a number of banks are willing to take the risk and facilitate personal loans for their customers without too much hassle.
Top 5 Personal Loans in South Africa
The following five banks have the most favorable personal loans :
ABSA- with ABSA personal loan, one can secure up to a 150 000 ZAR loan if their credit score and salary meets the lender’s criteria. Also, the least loan amount they offer is 3000 ZAR. They also have an adaptable interest policy as the repayment period can be spread out over 60 months.
Capitec personal loan– their loans start from any amount possible. The maximum amount is however similar to ABSA (R 150 000). The repayment period ranges anywhere from one to 60 months.
Nedbank personal loan– while they have a lower limit for the minimum salary required to secure a loan (R 1 200 per month), there’s a catch. One has to have worked at a given firm for at least three consecutive months for them to verify your job security. The loans range between R 1000 and R 120 000.
African Bank personal loan– offer favorable interest rates, with repayment periods capable of being spread out up to over 84 months.
Standard Bank personal loan– here, you can borrow any amount between R 500 and R 40 000 and pay within 2- 6 years.
The best banks for personal loans, as listed above, are those that offer either one or a combination of these: low-interest rates, flexible repayment schedules, and a wide load range. Other factors such as the borrower’s credit score and monthly salary also come into play during the application process.