How to apply for a Capitec loan in South Africa

In urgent situations, you might need a loan to meet your financial needs. Such situations demand efficiency and promptness on the part of your preferred loan provider in responding to loan applications.

With some credit providers, approval of a loan application might take days sometimes. Owing to this, finding top-notch credit providers with efficient service is imminent. Through the course of this article, we will discuss all there is to know about how to apply for a Capitec loan in South Africa.

From a customer’s point of view, Capitec Loans has been successful in setting up the lending and banking platform in order to meet the specific financial requirements of every prospective client. So, what are Capitec loans? How do they operate?

About Capitec Loans

Since 2001, Capitec has been a leading South African retail bank, providing retail and business services. Capitec personal loans are likely to be familiar to you. 

This bank has established a big, trusted brand name for itself, and most South Africans feel comfortable and safe when applying for a Capitec personal loan. 

Furthermore, Capitec personal loans have very competitive interest rates, and you can easily access any amount via the Capitec online platform.

Read Also: Everything You Need To About Capital Online Banking.

How does Capitec Loans work

Capitec as a financial institution provides personal loans and other forms of financial services. As a prospective applicant, it is important to understand the manner in which they operate. Typically, as an applicant, you stand to enjoy;

1. Unsecured personal loans that require no security or collateral.
2. Capitec offers tailored interest rates based on your credit report and ability to repay. The rate for personal loans starts at 12.9%.
3. You receive a flexible amount of money that can cover a wide range of financial needs. This amount varies depending on your credit history and what you need the money for. You can receive up to R250,000 when you need to make a large purchase.
4. Using Capitec’s mobile or Internet banking services offers convenience and simplicity. You can conduct your banking anywhere in the world, on the go, or at home.
5. Also, since Capitec loan applications are online, you can receive approval in a matter of minutes if you qualify, which makes the process quick and convenient.

See Also: Quick Loans In South Africa.

Capitec Interest rates and other fees

Clearly, any investment platform comes with a cost. It is important that you understand that cost as a prospective client. Here are some quick details about Capitec credit services costs. 

1. Interests at 12.9–24.5%.
2. Credit life insurance: You can pay R4.00-R4.50 for every R1000.
3. Once-off initiation fee: R1207.50 for an R25,000 amount.
4. Monthly service fee: R69.00 for an R25,000 amount.
5. Monthly repayments are fixed and depend on the amount and term.

Types of loan services Capitec offers

There are two major types of finance you can get from Capitec:

1. Personal loan.

Applicants can borrow a maximum of R250,000 which is repaid over an 84-month period. You can also pay the debt off earlier if you can afford it. The best way to protect yourself is by obtaining insurance coverage for lost wages or in case of death.

2. Car loan.

You can also get an unsecured loan to finance your car purchase.

In most cases, a monthly service fee and an initiation fee are included with your credit approval. It is also important for you to read the terms and conditions for Capitec loans to fully understand the total cost of your debt.

What do you need to apply for a Capitec loan

The following requirements must be met to apply for a Capitec loan:

1. You must have reached the legal age of 18.
2. Prospective applicants must be South African residents with a valid, government-issued ID.
3. It is essential that you have a regular income and that it is above a certain amount in order to pay off your debt.
4. Before approving your application, Capitec performs a credit check in order to see how good your credit rating is. If your credit rating is poor or you are blacklisted, your application may not be approved.

You will also need the following documents to complete the Capitec loan application:

1. Your government-issued South African ID document or card
2. Proof of income and your latest three months’ bank statements. You can also provide your payslips.
3. Proof of residence; evidence of where you stay as the latest utility bills or lease agreement.
4. The amount of your credit might also require you to declare your regular expenses, assets, and liabilities in order to prove that you can repay it.

If you have all the aforementioned documents and meet the above requirements, then you will be one step closer to getting your loan application approved.

Does Capitec Give Instant loans?

Lenders that offer Capitec Instant Loans make them instantly available to their customers as payday loans or emergency cash loans. Applicants will only have to provide contact information before they are approved.

How to apply for a Capitec loan

When you have the above requirements in place, then you can proceed to the next step, which is the application. Capitec Loan Group has optimized different application systems to meet the preferences of every customer.

You can choose whichever one of these application methods suits you the most since they’re all super efficient and swift. These applications include;

1. Applying online on their official website at Here.
2. Downloading Capitec’s app is available on all app stores.
3. Visiting the closest Capitec branch. You can easily find your closest by simply clicking Here.
4. Finally, you can inquire and fulfill your application process by putting a call through to Capitec loan operatives. The number to dial is  0860 66 77 89.

Can I get a loan at Capitec without a payslip?

Unless you own a business, Capitec will not approve you for a loan if you do not provide payslips. As a result, that business must be registered as an Incorporated or Closed Corporation, for example.

How long does Capitec take to approve a loan?

It is important to keep accurate information during the application process, so you can speed up the assessment process. Capitec Loans operates with credible and efficient staff on hand 24/7. A standby team is always ready to perform credit checks, calculate potential repayment amounts, and send feedback within a short period of time.

It usually takes between 24 and 48 hours to assess, credit check, and process the loan payment, depending on the quality of the details provided.

How do I Settle my Capitec Loan?

If you need assistance, email Centralised Collections@capitecbank.co.za with your loan account number in the subject line. Call them on 0860 66 77 18 for one of our agents to assist you. Visit your nearest branch.

How to reverse money using the Capitec app

Customers of Capitec Bank have the opportunity to contest a money transfer or request a reversal, but only if the activity was carried out without their knowledge or consent.

1 Open your Capitec Mobile Banking app.

2 Choose Transact.

3 Choose Debit Orders.

4 To log in, enter your own Remote PIN.

5 From the History menu, pick a debit order.

6 Pick a dispute justification.

7. Accept the agreement.

Additionally, Capitec has mandated that disputes over transactions totaling more than R800 cannot be made using the banking app; instead, users must visit the branch that is the closest to them for a face-to-face meeting.

How to pay DStv using the Capitec app

Here’s how to pay your DSTV account in South Africa using the Capitec app;

1. Click Transact in the Capitec app
2. Go to the Payments section next.
3. Use your secret PIN to sign in.
4. Click on Add Beneficiary now.
5. Select Capitec-registered.
6. Enter Dstv in the search box
7. Select the type of account you wish to pay for. In this case, we wish to pay for Multichoice Dstv.
8. Type in your DSTV account number.
9. Enter the amount you wish to pay. You may wish to check your DSTV balance before making your payment. That way, you will be paying the correct amount.
10. Click on Pay.
11. Confirm the transaction using your secret PIN.

How to Apply for a Temporary Loan at Capitec

If you want to apply for a temporary loan at Capitec Bank, here’s what you need to do:

1. Check eligibility: Make sure that you meet the minimum requirements for a loan, such as being 18 years of age or older, having a valid South African ID, and having a regular income.
2. Gather required documents: You will need to provide proof of income and residency, such as your latest payslip and a utility bill.
3. Visit a Capitec branch: You can visit any Capitec branch and speak to a consultant to start the loan application process. They will assist you with filling out the application form and provide you with information on the loan options available.
4. Submit your application: After completing the application form and providing all the required documents, submit your loan application.
5. Wait for approval: Capitec will review your application and make a decision on whether to approve or decline your loan. If your loan is approved, you will receive the funds into your Capitec account.

Note: The exact process may vary depending on the specific loan product you are applying for, so it’s always a good idea to check the requirements and process with a Capitec consultant before starting your application.

What else can you do on the Capitec app?

That’s how you pay for DSTV with the Capitec app. Is there anything else you can do with this app? The Capitec app, like every other South African bank app, allows you to bank on the go with a variety of features.

You can check the balance of your account using the app. In addition, it can be used for airtime and data purchases. The bank’s app can also be used to transfer money.

You can also manage your bank cards with the app. Let’s assume that your card has been stolen or misplaced. By utilizing your app, you may block the card. If you find the card again in the future, you can use it to unlock the device.

Advantages of Capitec personal loans

1. With Capitec, you can borrow as much as R250,000 depending on your needs and financial profile. However, the amount is based on whether you have shown enough proof that you can repay your debt.
2. Credit insurance is included with Capitec loans to cover you in the event of retrenchment, sickness, disability, or death.
3. The fixed monthly repayment amounts help you budget ahead of time.
4. They offer flexible payment terms to help make payments on their credit affordable.
5. Your credit score determines the best offer you get, so you won’t get a credit that will be difficult to repay.

Is Capitec trustworthy?

Over the past few weeks, Capitec has proved its resilience to weather the Viceroy storm. As a result of its solid capital adequacy ratios, the Reserve Bank’s implicit guarantee of depositor protection, and effective communication, it has retained the trust of South African savers.

Conclusion

As a registered financial services provider, Capitec loan guarantees a smooth and hassle-free loan application process. The use of straightforward and diversified submission methods has made getting a loan a piece of cake.