A Nedbank personal loan is ideal in situation where you are looking for financial assistance.
Whatever your needs are, a personal loan could be an easy and affordable way to better your life.
In this article, we will discuss a few things you need to know about getting a Nedbank personal loan. In addition, we will also look at how much you can get and how to apply and make sure your application is successful.
Before getting into these details, let’s have an overview of who Nedbank is so that you know who we are dealing with here.
Nedbank Group Overview
Nedbank Group is a financial services group in South Africa. Also, a registered credit provider.
They offer wholesale and retail banking services as well as insurance, asset management, and wealth management.
Nedbank Group is one of South Africa’s four largest banks, with Nedbank Limited as their principal banking subsidiary.
Nedbank’s primary market is South Africa but they have been expanding in to the rest of Africa. Currently, they have a presence in 5 countries. These are Namibia, Mozambique, Swaziland, Lesotho and Zimbabwe.
Their purpose is to use their financial expertise to do good for individuals, families, businesses and society.
Now that we have a brief knowledge of who Nedbank is, let’s get started with the nitty-gritty details.
Nedbank Personal Loan Overview
How much can you apply for?
Loans available from R2 000 to R300 000.
What is the repayment period?
You’ll get flexible repayment periods from 6 up to 72 months.
How much is the interest rate?
Nedbank will charge you the best possible interest rate that we can offer you. They’ll never charge more than what is prescribed in the National Credit Act.
Is it necessary to get insurance on the loan?
Most definitely this is necessary and important.
In fact, it is compulsory to get insurance when you apply for a Nedbank personal loan.
Nedbank Personal Loan Protection Insurance has been specially developed to help pay off your outstanding debt should you be unable to make your loan repayments in the event of your death, disablement or death.
What can I use my loan for?
What you do with your personal loan is really up to you. From medical expenses, vehicle costs and day-to day expenses you can use the loan to meet your needs.
TIP: Make sure that when you take a personal loan you put it to good use as the cost of borrowing can be expensive. As a mater of fact, only take a personal loan when you have a genuine need for financial assistance.
How can I know how much I qualify for?
It’s always difficult to estimate the amount you’ll qualify for before doing a credit assessment. It is only after checking your credit record that Nedbank will be able to tell you the amount you can apply for.
However, you can do yourself a favour and make use of the Nedbank Personal Loan calculator found on their website.
Let’s discuss that useful tool and see how you can use it to your benefit.
Nedbank Personal Loan Calculator
This is a useful tool that you find on the Nedbank website. It helps you have an idea of how much you’ll have to payback in total for your loan.
In addition, the Nedbank Personal loan calculator will give you your monthly repayments. This will give you an idea if you’ll be able to afford the loan.
Once you use the calculator and see the amount you’ll pain in interest, fees and insurance and are happy, you can procced with your application.
Annual Percentage Rate (Interest Rates and Associated Fees) Representative example:
Loan amount of R50 000 borrowed over 60 months.
Annual maximum interest rate: 24.50%
Initiation fee: R1 207.50
Monthly admin fee: R69
Max APR: 29.08%
Monthly Instalment: R1 589.42
Total amount payable: R95 365
Before apply for a Nedbank personal loan, please check the qualifying criterial first.
What are the requirements to qualify?
- You must be 18 year or older with a valid SA ID
- Must be employed under a permanent or fixed-term contract, be self-employed or a pensioner.
- You must earn at least R3 500 per month
- Your most recent payslip for one month.
- Stamped bank statements for the last 3 months (reflecting your salary).
- Proof of residence for Financial Intelligence Centre Act
TIP: Always make sure you have all the required documents when you apply to avoid delays in your application.
If you meet the above qualifying criteria, you can then proceed with your loan application.
What are the ways to apply?
Application can be done by visiting a banker at a Nedbank Branch. To find your nearest branch you can use the branch locator found on their website.
The second way in which you can apply for a personal loan is by calling them directly on 0860 103 582.
The last and convenient way in which you can apply for your personal loan is online. Online application gives you the convenience of applying from the comfort of your home or office.
Once you have checked that you meet the qualifying criteria, made use of the loan calculator and submitted your application, Nedbank will process your application.
Remember to make sure you have correct documentation.
Once your application is successful your funds will be deposited directly into your bank account! As simple as that!
Can Nedbank Be Trusted?
The short answer to that question is yes, absolutely!
We say this because remember they are a bank. And the operation of banks in South Africa is fully regulated by the bank.
Nedbank’s core values include integrity, respect and accountability. You can expect to be treated honestly and fairly.
Nedbank Personal Loan Contact
If you have any questions or are in need of more information you can contact them directly using the details below.
Telephone: 0860 103 582 / 0860 555 111 (General Enquiries)
135 Rivonia Road,