How to apply for a loan at Capitec in 2022: Simple steps

How to apply for a loan at Capitec in 2022: Simple steps

In South Africa, access to a loan is one of the challenges that small/medium enterprises and individuals encounter. Accessing loans to anyone with limited collateral or weak credit history can be challenging. However, each loan facility is designed to meet your everyday needs with a flexible repayment plan. So how do you apply for a loan at Capitec?

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Capitec Bank
South Africans can spend up to 3 hours getting to and from their bank branch or an ATM. Cashless banking is the way to go. Photo: capitecbank.co.za
Source: UGC

Capitec Bank has made it easier to obtain financing in South Africa. The retail bank was founded on March 1, 2001, and it was listed on the Johannesburg Stock Exchange the following year. Over the years, the banking institution has grown to compete with some of the country's largest banks.

Can Capitec borrow me money?

Yes, depending on your financial position and credit history, you can qualify for a Capitec loan to suit your needs. As a start, the bank allows you to open an account from the comfort of your own home using your smartphone. All you will need to create an account is your South African ID or passport, as well as a few selfies.

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The following credit facilities for salaried persons are on offer in 2022:

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Personalized term loan

Capitec personal loan is a plan dependent on your financial situation and profile. You can get up to R250,000 over 7 – 84 months. Choose the amount you want, the monthly instalment that works best for you, or the option with the lowest interest rate.

Credit card

All of your banking needs can be met with just one card. Get a credit limit of up to R500,000 once you apply for this option.

Access facility

An access facility can unlock the opportunity to start a part-time business, renovate your home or further your studies. Lifetime access will give you up to R500,000, payable in 60 months. There is no monthly fee if you do not use it.

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Home loan

Using this plan, you can acquire a home loan of R100,000 to R5 million. First, apply online to get up to 100% of your bond approved. Then, visit capitecbank.co.za to get an online estimate or visit a Capitec branch to estimate your illegibility.

Credit protection

For protection, choose the low-cost credit insurance offered by Capitec Bank. For credit durations of 7 months or longer, this option is necessary to cover death, permanent or temporary incapacity, and unemployment.

Capitec temporary loan
You can use your credit card for everyday purchases. Photo: canva.com
Source: UGC

Can I get a loan at Capitec without a payslip?

Yes, you can obtain a Capitec loan without a payslip from the retail bank, even without a salary if you have a business or a company. However, it must be appropriately registered as a corporation. So, how do I apply for a Capitec loan? You qualify for a Capitec loan if you are 18 years old and a citizen of South Africa.

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You must have a bank account, and if you cannot repay the credit, a guarantor is also required. The other types of loans you can get at Capitec includes:

Does Capitec have a temporary loan?

This type of loan is not offered at Capitec Bank, but there are other options you can choose from. You can receive help with the kind of loan you need by calling Capitec bank. Capitec loan contact number is 0860 66 77 89 or email: ClientCareCentre@capitecbank.co.za or call the Client Care Center at 0860 10 20 43.

How do I apply for a Capitec loan?

Here are different ways to apply for a loan at Capitec if you are 18 years old and a citizen of South Africa.

  • Through internet banking - Visit the Capitec website page for this option. Once you have applied for a loan, your information will be reviewed, and if the credit is awarded to you, funds will be paid directly into your bank account.
  • By dialing 1203279# and follow the prompt if you have registered for mobile banking using a cell phone.
  • Through Capitec mobile app: This application is available for android and IOS users. After login in using your credentials, you are ready to apply for a loan.
  • Applying through the bank branch.

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Capitec payday loan
After all of your basic expenses and financial obligations have been paid, the money you have left is your affordability. Photo: pexels.com
Source: UGC

Does Capitec have a payday loan?

There are no payday loans at Capitec Bank.

Does Capitec have an instant loan?

Although the bank strives to meet the various needs of its customers, it does not offer this facility. However, selected clients have the option to use self-help on their app to take up credit.

How long does Capitec take to approve a loan?

The financial institution can approve your credit application in only a few minutes. The same is reflected on your banking account immediately.

How much loan do I qualify for at Capitec bank?

The amount you can qualify for is dependent on your creditworthiness. You can do a quick free online credit estimate on the Capitec bank app or through the website, capitecbank.co.za.

Capitec Bank has greatly improved people's lives by offering loans to cater for South Africans needs. Using the Capitec app makes loan estimates relatively easy. The above information on how to apply for a loan at Capitec will help you.

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READ ALSO: Banks in South Africa: List of non-commercial and commercial banks in South Africa.

Briefly.co.za recently published an article about Banks in South Africa. Over eighteen commercial banks and non-commercial banks in South Africa have led to increased bank assets.

According to South Africa's Reserve Bank, a total of R6 trillion assets in the 2017 financial year came from these institutions. Read more about the banks in South Africa here!

Source: Briefly News

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