Nedbank offers personal loans at the right amount and at the most preferred interest rates. The easy to manage loans allow you to have peace of mind while maintaining a good credit standing.
Features of Nedbank Personal Loans
- Flexible repayment terms ranging from 1 to 5 years
- Available loans from R1,000 to R250,000
- Easy application process
- Monthly repayments through auto-debits from your bank account
- Direct deposit of loan proceeds to your bank account upon loan approval.
Representative Loan Example
For a R50,000 payable over 5 years:
- Annual interest rate maximum at 27.75%
- Initiation fee is R1,197
- Maximum APR is 32.44%
- Monthly admin fee is R68.40
- Total amount payable is R101,613
How to Apply for a Nedbank Personal Loan
To apply for a loan with Nedbank, you must meet the following criteria:
- You must be employed permanently or under a contract with a fixed term (not self-employed.
- You must have a monthly net salary of R3,000 or more, with a basic minimum salary of R3,000.
- Your monthly salary must be electronically deposited to your bank account.
Documentary Requirements for Loan Application
- Valid barcoded South African smart card ID or identity document.
- Most recent 1 month payslips or a letter of employment in case of contract workers
- Last 3 months’ stamped bank statements that reflect borrower’s salary. Nedbank will arrange it for you if you are an existing client of Nedbank, Standard Bank, or ABSA.
- Proof of residence that is not more than 3 months old like a utility bill or a statement of account bearing your name and address.