Do you ponder about how to get a personal loan? Do you feel you’re not worthy enough for a loan because you have a not so good credit score? Worry less, Old Mutual loans provide a wide range of solutions to a great number of your financial questions. This article focuses on eligibility, how to apply for old mutual loans and more.
About Old Mutual Funds
Old mutual fund has been in operation for a very long 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.
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.
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
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 at https://oldmutualfinance.co.za/personal-loans/apply and filling the application form.
Interest rates and other fees
Because Old Mutual loan is one of the most efficient credit providers, they charge a couple of fees. This is usually for service and to keep the ball rolling. Some of these fees includes;
Interest rates; With Old mutual loans, each customer’s situation is unique. Calculation of interest charges will be based on your personal credit profile.
Monthly Service Fee – A standard monthly service fee applies to all loan accounts and charges deduction are on a 30/31day 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 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.
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.