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How to Check Your Old Mutual Loan Balance

By Oluchukwu Ikemefuna

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Let’s give a brief overview of Old Mutual Life Assurance Company (South Africa) Ltd. before delving into the main topic—Old Mutual Loan Balance Check. This company has been providing innovative solutions to the financial constraints of South African individuals, businesses and cooperatives since 1845. 

Old Mutual is one of South Africa’s most trusted banks, eager to support the financial success of its customers. 

Old Mutual has various mechanisms in place to guarantee the smooth journey of loan customers, from your application to your repayment. This includes checking your loan balance easily. The loan balance is often provided in the form of a document known as your loan statement. Today, we shall discuss the diverse avenues by which you can check your Old Mutual loan balance without constraints. 

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Four Ways to Check Your Old Mutual Loan Balance 

Old Mutual provides a variety of ways for customers to check their Old Mutual loan balance. Their digital solutions provide ease and convenience for customers who wish to conduct their Old Mutual loan balance check from the comfort of their homes.

Note that your old Mutual loan balance (i.e your loan statement) is provided in the form of an Adobe Reader to ensure the safety of your information. Thus, to access the content of your statement, you would need to download Adobe Acrobat Reader.

How to Conduct Your Old Mutual Loan Balance Check Online 

The online Old Mutual loan balance check is one of the common ways by which customers check their loan balance. With a smartphone and swift internet, you can retrieve your loan statement in a couple of minutes. Visit www.oldmutual.co.za and follow the steps below: 

  • Click ‘Login’ at the top right corner of the website
  • Input your login details (from the account you created when making your loan application)
  • Click on “Old Mutual products and services”, and follow the instructions that follow.

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How to Conduct Your Old Mutual Loan Balance Check On WhatsApp 

Use these simple steps to check your Old Mutual loan balance through the bank’s WhatsApp support service:

  • Save their WhatsApp number, 0860 933 333, on your phone
  • Open the contact on your WhatsApp and send “Hi”
  • You will be presented with options. Select “View your Old Mutual products” and follow the instructions that follow. 

How to Conduct Your Old Mutual Loan Balance Check on the Mobile App

The Old Mutual Banking App is an innovative technology that helps customers keep track of products and services, make transfers, download policy documents, view and spend Old Mutual rewards, and conduct Old Mutual loan balance check, among other things. Follow the steps below to check your loan balance through Old Mutual Banking App:

  • Download and install “Old Mutual Banking App” from Apple App Store, Google Play Store or Huawei App Gallery 
  • If you already have a profile, login with your details 
  • If you don’t have a profile, register with the required details
  • You will be sent an OTP to complete the registration
  • Once you have successfully registered or logged in, click on your Old Mutual products and services, and follow the instructions.

How to Conduct Old Mutual Loan Balance Check in a Bank Branch 

Are you a traditional person? Perhaps internet banking is not your thing. You’d rather see an agent and sort out the matter face-to-face. Not to worry, the Old Mutual loan balance check is not 100% digital; you can also visit the nearest Old Mutual bank and request for your loan statement. The process is easy and fast. You can check the closest branch to you using their Branch Locator.

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What Documents Do I Need to Check My Old Mutual Loan Balance? 

You just need your reference number for an Old Mutual loan balance check. If you are conducting the check online or via the Old Mutual app, you will also need your login details. You can hit the password reset button if you’ve forgotten your password.

What Step Should I Take if My Loan Balance is Erroneous? 

If you check your Old Mutual loan balance and you find some errors in it, get in touch with your creditor as soon as possible. Give them the required information and evidence to point out the errors.

This is why it is important to know how to calculate your personal loan interest. This will give you an edge when checking your loan balance, as you will be able to easily spot any issues in your current balance, previous payments, or in your next Equated Monthly Installment (EMI). We have created a comprehensive explanation on how to calculate the interest on your personal loan, for situations such as this. Read the article here.

Why Old Mutual?

Perhaps you are a first-time customer, about to make an Old Mutual loan application. But you are still wondering if it’s the best decision. Here are some advantages of the Old Mutual loan to guide your decision:

  • You can loan as much as R250,000 with up to a 72-month repayment term.
  • Old Mutual adheres to regulations stipulated in the National Credit Act of 2005. They also prioritise your security and data privacy.
  • Transparency is key at Old Mutual. They give customers all the terms of engagement during the Old Mutual loan application process before funds are disbursed. 
  • The interest rate on a loan is fixed for the entire loan repayment duration; it does not fluctuate.
  • Interest rates and loans are personalised at Old Mutual – the interest on your loan, as well as the loan offering, is determined by your credit profile and your debt-to-income ratio. It doesn’t matter the amount you request on your Old Mutual loan application; they protect you by granting only what you can conveniently afford to repay, based on their assessment of your credit profile. There is also a maximum interest rate to which Old Mutual adheres, to avoid violating the National Credit Act. 
  • Old Mutual ensures that all customers who take a loan for a term of 12 months and above, have Credit Life Insurance. This way, your Personal loans can be insured against disability, death or retrenchment.

Frequently Asked Questions 

Can I Get My Old Mutual Loan Balance online?

Yes, you can receive your Old Mutual loan balance online via the website: www.oldmutual.co.za.

What is the Significance of Checking My Old Mutual Loan Balance? 

Checking your loan balance gives you a broad view of your remaining loan balance, what you have paid so far, and your next Equated Monthly Installment (EMI) dates. All these and more are usually printed on a document called your loan statement.

What Details are Contained in My Loan Statement?

The details contained in your loan statement include your next Equated Monthly Instalments (EMI) dates, your loan account number, loan disbursement date, loan tenure, any outstanding balance on your principal loan, interest, and other fees.

Old Mutual, New Generation 

Old Mutual Life Assurance Company (South Africa) Ltd. guarantees ease, security, and innovation in the provision of their services. Their services are always designed to fit into the new digital generation, while meeting the needs of customers. 

If you experience any issues in the course of your Old Mutual loan balance check, simply contact their support centre on 0860 445 445. They operate from Monday to Friday from 8am to 5pm, and on Saturdays from 8pm to 1pm. This excludes national public holidays. 

And for more financial insights, visit our blog. We are always excited to support your financial success. 

Follow us for more on X or Twitter, @SiliconAfriTech.

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Oluwajuwon Oladiti
Oluwajuwon Oladiti

Oladiti Oluwajuwon is an ardent reader and a voracious writer who is passionate about informing the public with first-hand, authentic information. His writing expertise has spanned over 5+ years, an odyssey that began in 2018. Over the years, he has crafted pieces across multiple domains, including religion, education, politics, and tech. There are two principles at the core of his writing: information must be genuine and accurate, and there is nothing erudite about speaking in terms people don't understand. While maintaining technicality, messages must be passed in a way that resonates with the readers.

Oluwajuwon is also a software engineer who specializes in backend development with Python, and he has an unwavering passion for music, pop genre especially.

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