How to Apply for a Temporary Loan at Capitec?
South Africa is one of the countries that are developed in the world. Capitec Bank makes it much easier to take loans. Since then, it has been managing different financial services, including loans, etc, since 2001.
Temporary loans is one of the services that this bank provides. This article has everything you need to know about this bank and its services. You can also go through the application process for short term loans.
About Capitec
Capitec is a retail bank in South Africa. It has its offices in South Africa. It provides different financial services, including temporary loans.
As I mentioned, it is a retail bank. Therefore, it offers services for individuals and businesses but does not offer services for business banking for close companies or partnership trusts.
What Are Capitec Temporary Loans?
Since it is a retail bank, it manages numerous loans. One of the most significant loan services this bank offers is temporary loans. A temporary loan is a loan give for a short duration. You can get this loan when you face an unwanted situation. Additionally, it has a repayment policy where a person has to repay the loan to Capitec. Another significant benefit of taking loans from this bank is that it allows you to reapply for the loan to get it again.
How Does a Capitec Temporary Loan Work?
Initially, I thought this bank did not have a specific loan policy like other banks, but I was wrong. Capitec has a specific temporary loan policy offering short-term loans to individuals for emergency use.
The best thing I loved about this bank when I applied for a loan is that it does not require much documentation. Hence, it has an easy application process.
This bank ensures quick deposits for loan. Remember, you must repay your loan to apply for the next one. Capitec keeps a check on your loan and reviews it every 12 months to increase your temporary loan amount.
Application Process
The application process for this loan is easy. You can apply for Capitec loan in different ways. The following are the most effective ways to apply for a temporary loan at Capitec.
Capitec Loan Eligibility Criteria
Capitec temporary loans are short-term loans that one can use in emergencies until his next payday. As I stated above, this bank offers an easy application process.
You must be presently a customer of Capitec Bank to apply for this loan. You should also have a good credit history along with a steady income.
Last but not least, people above 18 years old are eligible to apply for a temporary loan. Since this bank offers temporary loans for sudden situations, it does not require documentation, such as ID cards, residence proof, etc. In other words, being an existing customer of the bank is the proof itself.
Required Documents
As I stated, you do not require many documents to apply for temporary loans at Capitec. A few essential documents required for this loan application are mentioned below.
- Original ID
- A bank statement showing proof of your consecutive last three salaries.
- Latest salary slip
Online Application
Via Website
With changing times, Capitec online loan application make one’s life easier. Online procedures allow you to apply for university scholarships, financial aid programs, and more. The same is the case with applying for a temporary loan at Capitec.
To apply online for a temporary loan, you must visit the bank’s official website. You can save the application by checking out the website. Remember, you need to submit your application within 14 days. Give the correct details in the application form. Make sure to check it again and submit it. You must also provide your email address that is necessary to verify your application.
Via App
You can also use the bank’s app to send your request for a temporary loan. The procedure remains the same as for online applications. You can get the Capitec loan app download of your application and fill in the required details. After that, you can check all information and submit your form.
Branch Application
As I mentioned earlier, the application process for the temporary loan at Capitec has numerous methods. You can personally go to the bank’s nearby branch to apply for the loan.
To apply through the branch, all you need to do is visit your nearest bank’s branch and request an application form.
Fill out the form manually with the correct information, recheck your details, and submit your application to the bank. One of the best parts of applying for a loan at Capitec is that it does not require application fees. In simple words, applying for a loan at Capitec is free of cost.
One of the differences between online and branch application is that online application requires an instant supply of one’s monthly income and other details. In contrast, for branch applications, you must take some essential documents with you to fill in the details.
How Much Loan Do I Qualify For At Capitec?
The minimum loan amount for a loan at Capitec is R1500. Remember, the loan amount for every individual differs and is based on one’s affordability and credit profile. The following are some essential factors Capitec considers when deciding one’s loan amount.
- Banking and credit history
- Income and expenses
- Chosen credit amount
- Chosen monthly installment amount
Your details of bank and details of your past loans are other important things you should know. If you have a good credit history, Capitec provides you with the loan amount you chose in your form. Furthermore, the number of monthly installments you will pay in the future to repay your loan plays a vital role in the approval of your application for the loan.
How Much I Must Earn To Apply For A Temporary Loan At Capitec?
There are no strict rules regarding the income, you should have to apply for a loan at Capitec. You must be employed while requesting for the loan. You can either be self-employed or permanently employed.
You must have a reliable source of income to get the loan. If you are self-employed, you should keep at least R5000 to 10000 in your account in this bank. This is essential to get the amount of loan in your account.
FAQs
How long does Capitec take to approve a loan?
You should have a good credit history to get a loan at Capitec. It takes five working days for Capitec to approve and add the sum of money in your bank account after the verification is done.
Which loan is easiest to qualify for?
Capitec, as a retail bank, manages numerous financial services, but its most successful service is in managing temporary loans. Compared to other banks, temporary loans and Capitec are the easiest to qualify for because of the easy application process.
Can you make a temporary loan at Capitec?
Capitec offers services for short term loans. You can get these loans if you need money for a short period of time. It is suitable if you need to pay for your unexpected expenses.
This was all about Capitec Bank’s temporary loan. These loans can help you to overcome your financial difficulties.
The above article contains detailed information about Capitec Bank’s temporary loan, eligibility criteria, and application procedure. Temporary loans are short-term loans that one needs in emergencies.
You can apply for this loan and repay it on your next payday. Furthermore, the repayment process has monthly installments that enable you to pay off your debt in installments.
