Popular Bank Loans Available in South Africa

The common types of loans often sought after in the country are personal loans, home loans in the forms of mortgages, vehicle loans, payday loans, business loans, student loans, consolidation loans, bridging loans, secured loans and microloans.

Steps Involved In Loan Application Approval

Loan approval in South Africa involves several steps, and the process may vary depending on the type of loan and the lender. The steps usually involved are application, credit check, affordability assessment, documentation, loan processing, approval or rejection, loan terms or acceptance.

What is a free credit report?

The free My Credit Check and My Credit Expert services generate full free credit reports which provide comprehensive records of your financial history, detailed information on your borrowing and spending habits, payment trends and contact details. Information includes accounts you opened, payments you’ve skipped, judgments taken against you and what you owe your creditors.

Top Banks to Get Loans from

These are the most sought-after options to secure a loan for personal use. The top banks in South Africa that have been known for providing loans: Standard Bank, Absa Bank (formerly Barclays Africa Group Limited), FNB, Nedbank, Capitech Bank, African Bank, Investec, Standard Chartered Bank and Bidvest Bank.

Payments for Loans

Loan payments in South Africa are typically made in regular instalments, usually on a monthly basis. The payment structure may vary depending on the type of loan you have taken and the specific terms and conditions set by the lender. These are Equal Monthly Installments, Variable Installments, Amortization, Bullet Payments and Balloon Payments.