Do you find yourself pondering about how to get a personal loan? Do you feel you’re not worthy enough for a loan due to the fact that you have a not-so-good credit score? You are in the right page to find the solution to cash flow. This post will give you all the details you need about Old mutual fund and the available funds for lenders.
About Old Mutual Funds
Old mutual fund has been in operation for a very long period of time with up to 300 branches nationwide. In these years, they have consistently provided standard financial services offering loan services for clients in South Africa. They commit to providing personal loans and debt consolidation. They aim these products at giving you financial freedom and can also help you manage debt responsibly. Old Mutual Finance is a licensed financial service and registered credit provider.
Eligibility for applying for an Old Mutual loans
Just like every other loaning platform, they 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 African identity document (ID).
- Must be able to provide current payslip not older than one month.
- A bank statement for the last three months indicating three consecutive monthly salary deposits
We will consider a few other requirements essential for applying for an old mutual loan. Some of these requirements include;
- 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.
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. The line is open between 8 am and 5 pm during the weekdays.
Online application on the other hand doesn’t require a physical appearance. This application process can be executed from any location. Old mutual loan employ’s this method of application because of the advancement in technology. This application process involves visiting the Oldmutual website and fill out the application form.
Interest rates and other fees
Due to the fact that Old Mutual loan is one of the most efficient credit provider, they charge a couple of fees to keep the ball rolling. Some of these fees include;
Interest rates; With Old mutual loans, Each customer’s situation is unique. The interest charged on your loan will be calculated based on your personal credit profile.
Monthly Service Fee – A standard monthly service fee is applied to all loan accounts and is charged on a monthly basis.
Credit Life Premium – A credit life premium is charged monthly and the premium is based on the brand value of your loan at the time of application.
Essential things to note before taking an old mutual loans
There are a few things to note before actually applying for an Old Mutual loan. While some of these points are beneficial and advantageous, 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 a period of 3 – 12 months, you need to be permanently employed at the same employer for at least 3 months..
- To apply for a loan over a period of 12 – 84 months, you need to be permanently employed at the same employer for at least 12 months.
Conclusion
As time is a highly valuable asset, it is important to work with platforms that not only understand and respect this fact but have taken adequate measures in optimizing their platform for easy access to their loan product.