Specialised consolidation loans from Capitec Bank may not yet be a reality, but the bank provides competitive personal loan solutions designed to meet various needs.
How can consolidation loans help?
These loans can make debt repayment easier by reducing your total monthly repayment.
They can help maintain and protect your good credit profile.
You have one monthly payment to make instead of several.
Before considering applying for consolidation loans from Capitec Bank or another registered financial institution, you should keep in mind that your loan may have a longer term, which ultimately means that you could end up paying more interest in the long run. It’s important that you also consider the interest rates you’ll be charged.
What Capitec Bank has to offer:
Since inception in 2001, Capitec Bank has aimed to provide simplified banking solutions for its more than 7 million clients nationwide.
The bank offers personalised credit of up to R250 000 with a flexible repayment term of 84 months. The loan is offered with fixed monthly repayments, so borrowers can benefit from consistent monthly repayments without any effects as a result of fluctuating interest rates.
Credit life insurance is offered for loans longer than 6 months. This insurance covers the loan in the event of your death, permanent disability or retrenchment.
To apply for a personal loan from Capitec Bank, you need to submit these documents:
- Valid South African ID (Loans are available for individuals 18 years or older)
- Original proof of residence
- Latest salary slip
- Stamped 3 month bank statements
Once you are approved for this loan you can use it to consolidate your debts.
You can apply online or by simply SMSing your ID number to 30605. Alternatively, simply visit your nearest Capitec branch.