How to Apply for Capitec Loan in South Africa

Need a Capitec loan, but you don’t know how to go about it? The company has in store for you loan options that are flexible, whether you need emergency cash or some unexpected bills. Getting a loan from Capitec is easy, fast, and can be done online or at any of their branches.

Another important thing that one should know before applying concerns the Capitec loan interest rate, which might differ depending on the amount one applies for and also on one’s credit profile. The status of your loan is also easily followed through the use of Capitec loan application status check, whereby at any moment in time, you can check on the progress.

In this article, we will take you through the step-by-step process one usually goes through when applying for a loan with Capitec and give useful tips on how to make this process as smooth and efficient as possible.

Also read: Absa Personal Loan: How to Apply

Overview of Capitec Bank

In terms of financials, Capitec Bank’s asset base exceeded R53.9 billion in the 2015 financial year, with R11.6 billion in equity. Notably, retail savings deposits surged by 32 percent to R19.3 billion, and retail fixed savings grew by 19 percent to R10.7 billion. Earnings for the year amounted to R2.547 billion, compared to R2.017 billion in 2014, with net transaction fee income reaching R2.6 billion.

Capitec Bank’s flagship offering is the Global One account, a comprehensive transacting/savings account coupled with a credit facility. In terms of customer satisfaction, Capitec Bank earned the top spot in 2015 according to the South African Customer Satisfaction Index (SAcsi) with 82.2 points.

Moreover, it received international recognition, ranking as the world’s best bank by the International banking advisory group Lafferty in its Bank Quality Rankings.

By February 2017, more than 5.5 million Capitec clients were paying less than R50 per month in bank costs. The bank caters to both individuals and businesses, offering business banking services as well.

Its business model prioritizes value for customers through low costs, flexible payment options, and competitive interest rates on deposits.

Also read: Finchoice Loan Application Online: how to Apply

How to Apply for a Capitec Bank Loan

Capitec Loan Group has various ways of application. Each customer is allowed to choose the one that suits them best. All these means are faster and efficient to give you the best experience. Among them are:

• Applying online on the official website of Capitec.
• Download the Capitec application from any app store.
• You can even visit a branch of Capitec near you. You can locate one closest to you here.
• You can also call Capitec’s loan consultants to guide and finalize your application on 0860 66 77 89.

When applying, you’ll need to have certain documents ready. These include your original ID document, which must show that you are 18 years of age or older, your latest salary slip, and a bank statement reflecting your latest three consecutive salary deposits if your salary is not deposited into your Capitec account.

The offer you receive will be based on your affordability and credit profile, taking into account factors such as your banking and credit history, as well as your income and expenses, to determine how much you can afford.

You have the flexibility to choose the credit amount you want and select a monthly installment that fits your cash flow or opt for the option that offers the best interest rate.

Also read: Why is my KCB Mpesa Loan Limit Zero?

Capitec Loan Interest Rates

Credit Interest Rates and Fees:
Compare our access facility, term loan, and credit card interest rates and fees to find the credit solution that’s right for you. Effective as of August 21, 2023.

For term loans, the interest rates and fees vary based on the loan amount and term duration. Here are some examples:

• Loan Amount:
• R25,000
• R50,000
• R100,000
• R500,000
• Term (Months):
• 12
• 24
• 48
• 84
• Interest Rate (%):
• R25,000: 13.75%–29.25%
• R50,000: 13.75%–29.25%
• R100,000: 15.30% – 29.25%
• 00,000: 16.25% – 24.75%

Additionally, there are fees such as credit life insurance, monthly service fees, and once-off initiation fees associated with these loans. The monthly repayment and total repayment amounts also vary depending on the loan amount and term.

Please note that these examples are provided to give you an idea, and you can choose any term for your loan, up to 84 months, to make your monthly repayments more manageable. Your actual credit amount and credit interest rate will be determined based on your individual credit profile and affordability.

Credit Card Rates and Fees:
For credit cards, there’s an initiation fee (once-off) and a monthly fee. The interest rate is based on your credit profile.

• Initiation Fee: R100 (Once-off)
• Monthly Fee: R50
• Interest Rate: 11.75%–22.25% (based on your credit profile)

Access Facility Rates and Fees:
The access facility includes an initiation fee, monthly fee, and interest rate, again based on your credit profile.

• Initiation Fee: Up to R1,207.50 (Once-off)
• Monthly Fee: R69 (R0 without an active balance owing)
• Interest Rate: 13.75%–22.25% (based on your credit profile)

Also Read – How to Apply for Finchoice Loan Application

Capitec Loan Application Status Check

To confirm your loan application status at Capitec, you can follow a few simple steps that will ensure timely updates on your application. Here’s how this works:

1. Online Tracking

Capitec has set up an online facility for tracking your loan application. You just need to log in to the Capitec Home Loans website and click the section that says application tracking. You can enter your details and thus be in a position to get the status of your application.

2. Contact Customer Support

If you would wish to talk directly with someone, then you could contact Capitec’s client care on the following lines:

• Personal Banking: 0860 10 20 43
• WhatsApp: 067 418 9565: Simply send a message for assistance.
• It has a support team that works around the clock to assist with queries around your loan application.

3. Document Review

Capitec will verify your documents and check your credit history once they have received your application. This may involve checking the accuracy of the information you give with data from a credit bureau, including verification of affordability based on the information provided.

4. Notification of Outcome

You will be contacted once the processing of your application is complete. Should additional information be required, or if there is a problem, then one of our consultants will be in contact to discuss other options that will enable your application to be approved.

5. Follow-Up

You can also directly call the customer support team when, after some reasonable time, you do not hear anything to clarify whether there is going to be any delay or additional requirements.

In summary, these are the most current ways to perform your Capitec loan application status check and be involved in it.

Frequently Asked Questions (FAQ) about Capitec Bank and its Services

Conclusion

Capitec Bank stands out as a leading financial institution in South Africa, offering a range of innovative and customer-centric services.

From competitive loan options to transparent fee structures and a commitment to customer satisfaction, Capitec Bank has established itself as a trusted partner for individuals and businesses alike.

Whether you’re looking for a loan with flexible terms, a credit card with competitive rates, or convenient banking solutions, Capitec Bank strives to meet your financial needs effectively.

With a focus on affordability, transparency, and quality service, Capitec Bank continues to set a high standard in the banking industry, making it a preferred choice for many customers seeking reliable financial solutions.

Interact with us via our social media platforms:

Facebook: Silicon Africa
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Twitter: @siliconafritech

Reference

• nationaldebtadvisors.co.za – Navigating The Capitec Bank Personal Loan Process: Key Insights and Tips
• myloan.co.za – How to Apply for a Personal Loan at Capitec Bank

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