A personal loan is an important aspect of banking. It helps you improve your business or make important payments or purchases that are needed urgently when you do not have enough money right now. Nedbank offers NED Bank Personal Loan that range from R2,000 to R250,000.
The repayment period varies from 6 months to up to 72 months and interest rates are between 10-27.5%. Monthly repayments are debited directly from your bank account.
To apply for a loan, one must have a valid South African ID or a smartcard ID, proof of residence that is recent for example a utility bill, recent payslip not older than 3 months or a letter of employment and bank statements for the last 3 months that have been stamped. Additional requirements are that you should be employed with a permanent or a fixed-term contract and earn at least R3, 500 per month that is credited to your bank account electronically.
Moreover, you should have loan insurance that covers for death, disability and retrenchment and the bank offers a loan protection cover specifically suited for this loan application process.
So, for example, you wanted to apply for loan of R20,000 with a repayment period of 60 months. The interest rate will be a minimum of 10% and a maximum of 27.5%, with a maximum APR of 32.21%. The monthly installment will be minimum R524.82 and maximum R740.04. total repayment will be minimum R31,489 and maximum R44,403. Extra fees include an initial administration fee of R1207.50 and a monthly administration fee of R69. These are some of the things the bank gives to its clients to achieve their goal without struggling a lot.
Nedbank also offers the option of an online loan application. This makes the process easy, fast and convenient that it can be done at the comfort of your own home. Once the loan is approved, it is then instantly added to your bank account and you can access it at any time. To apply for a loan at NED Bank Personal Loan go to their website or visit any of their branches in South Africa.