Do you have questions about how to get personal loans? Are you worried about getting loans because of your less than stellar credit score? Worry no more, Old Mutual fund offers solutions for many of your financial questions. The company is a premium African financial services group offering company and retail customers solutions across 14 key markets in Africa.
In this article, you will learn a great deal about who they are and how they operate.
About Old Mutual Funds
The Old Mutual fund has been operating for more than 200 years, with up to 300 branches nationwide, consistently providing loan services to customers in South Africa.
Steady fulfilling their commitment to providing personal loans and debt consolidation, Old mutual funds remain a top-notch financial institution. The product and financial service they offer promotes financial freedom and can also help their customers manage debt responsibly. Old Mutual Finance is a licensed financial service and all necessary registration.
Types of loan services Old Mutual Funds offers.
As one of the most efficient banks in Africa, Standard Bank offers a wide range of loan options. These include;
- Old Mutual student loans.
Despite the fact that Old Mutual personal loans can be used to finance education, students in the accounting and actuarial departments have a few extra benefits. Applicants with exceptional grades can apply for a bursary, which covers most of the fee requirements for study at top South African universities.
- Old Mutual short term loans.
The maximum loan amount is R20 000 for their three-month, six-month, and 12-month loan options. With a short-term credit, you are given a smaller amount that must be paid off within one year.
- Old Mutual consolidation loans.
With Old Mutual debt consolidation, you can consolidate several debts at once. Then you can use the money to repay your debts, which leaves you with a single monthly payment, a single administration fee, and a longer term that gives you peace of mind and lower monthly payments. Visit our debt consolidation page to learn more.
Common features of Old Mutual loans.
In general, every financial institution has its own distinctive characteristics. Old Mutual, the oldest financial institution in South Africa, has the following characteristics.
- A 3 month credit is available for amounts between R500 and R5000.
- 6 month finance is also available for sums between R500 and R8000.
- You can also get a 12-month loan, which is available between R500 and R20 000.
- It is possible to borrow for amounts between R3000 and R175 000 for 13-60 months.
- You can borrow up to R200 000 over a 60-to-84-month term.
- Interest rate is fixed, and the maximum interest rate is 26.25%.
- Charges include an initiation and a monthly service fee.
- A personal loan from Old Mutual is available only to individuals, not businesses. However, you can utilize the funds for most general purposes.
How does the Old Mutual lending process work?
Old Mutual understands that our situations are all different. They look at the following things when they receive your application:
- What you can afford.
They follow National Credit Act guidelines to help you borrow responsibly. In other words, they determine the amount of debt you can afford by looking at your credit report and personal risk profile. Here is a look at all you need to know about retail loans.
- How much do you understand.
Sometimes it is tricky to make sense of all the financial terms involved when you borrow. The Old Mutual Company will make sure you have all the information you need to know. Knowing the total cost of the finance solution you choose is also important.
- What your needs are.
Generally speaking, a bank will only approve your loan application if it is compatible with your financial situation.
Eligibility for applying for an Old Mutual loans
Just like every other loaning platform, Old Mutual funds consider a few requirements before granting a loan. As a registered business, they adhere to the regulations of a licensed operator in South Africa. To be eligible for an Old Mutual loan;
- You need a valid South Africa identity document (ID).
- Must be able to provide current payslip not older than one month.
- A bank statement for the last three months showing three consecutive monthly salary deposits
A few other requirements are essential for applying for an old mutual loan. Some of these requirement includes;
- Prospective applicants must be at least 18 years old.
- You need to be earning at least R2 500 per month.
- The term of your loan must end before you turn 60 years of age
Essential things to note before taking an old mutual loan
There are a few things to note before actually applying for an Old Mutual loan. While some of these points are beneficial and helpful, the others cannot be overlooked. Some of these points includes;
- A minimum loan term of 3 months
- A maximum loan term of 84 months.
- You could qualify for a personal loan of up to R200 000.
- Your interest rate is fixed at the time of your personal loan application.
- To apply for a loan over 3 – 12 months, you need to be permanently employed at the same employer for at least 3 months..
- To apply for a loan over 12 – 84 months, you need to be permanently employed at the same employer for at least 12 months.
How to apply for an Old Mutual loan
There are two application methods employed by Old Mutual loan group. These methods are offline application and online application. The offline application process as the name implies requires the applicant to physically visit the nearest financial provider’s branch.
This process also involves reaching out to the standard company’s stand by customer representative at 0860 000 886. This line is only open between 8 am and 5 pm during the weekdays.
Online application doesn’t require a physical appearance. You can utilise this application process from any location. Old mutual loans employ this method of application because of the advancement in technology. This application process involves visiting their websites and filling the application form.
Advantages of the Old Mutual personal loan.
When you choose Standard Bank as your financial institution, you can take advantage of the following benefits:
- Flexible amounts.
Depending on your needs, you can borrow as little as R500 or as much as R200 000.
- Affordable payment terms.
You can pay back your debt over a period of up to 84 months, which gives you affordable monthly payments.
- Fixed monthly instalments.
Find out how much you will be paying back monthly with our tool at the top of this page.
- Reputable lender.
Old Mutual is a reliable institution in South Africa that offers financial services that are fully registered. You can rest assured that you’re in good hands when you choose this bank as your lender.
Conclusion
As time is a highly valuable asset, it is important to work with platforms that not only understand and respect this but have taken adequate measures in optimizing their platform for easy access to their loan product. Check out how to get business loan in South Africa.