South Africa, one of the most popular developed countries in the world, makes taking loans much easier through its well-known retail bank, Capitec Bank. This bank was founded in 2001. Since then, it has been managing different financial services, including loans, etc.
One of the most popular services offered by this bank is temporary loans. If you are new at this and don’t know much about this bank, its services, and the application process for temporary loans, the following article is all you need.
Capitec is among the most popular South African retail banks. This bank has more than 850 retail branches all over the country. Additionally, it offers different financial services, temporary loans being one of the most popular ones.
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.
Now the question arises, what are temporary loans? Well, I have an answer to your question. As clear from its name, a temporary loan is a short-term loan.
In other words, this loan is perfect for emergencies. 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.
Apart from its quick and easy application process, this bank ensures instant loan deposits. I won’t be wrong if I say Capitec is one of the best South African banks with exceptional online banking services.
As I mentioned above, this bank has a certain repayment method that enables you to repay your loan within the due date. 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.
The application process for this loan is easy. You can apply for this loan in different ways. The following are the most effective ways to apply for a temporary loan at Capitec.
Eligibility Criteria For Application Process
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.
To apply for this loan, you must be an existing customer of Capitec Bank. Furthermore, you should have a clear credit history and a stable and reliable 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.
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
With changing times, online services are available that 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. Download the application from the website.
Remember, you have a maximum of 14 days to fill out your application form. Fill out your application form with the correct information, recheck it, and submit it. Furthermore, you must enter a valid email address for the verification process.
Apart from the bank’s official website, you can also use its app to apply for a temporary loan. The procedure remains the same as for online applications. Download your application form, fill in the required fields, recheck your information, and submit your form for further processing.
As I mentioned earlier, the application process for the temporary loan at Capitec has numerous methods. Besides online application through the website and app, you can also apply for the loan by visiting the bank’s branch nearest to you.
As Capitec is one of the most popular South African retail banks, it has numerous branches around the country. 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
All the above factors determine your loan amount. One of the most essential factors to consider is your banking and credit history. If you have a good credit history, Capitec provides you with the loan amount you chose in your form. Furthermore, the amount 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 hard and fast rules regarding one’s income to apply for a loan at Capitec. The only thing that plays an essential role in the application process is that an applicant must be employed, whether self-employed or permanently employed.
In other words, an applicant must have an authentic source of income to apply for the loan. The minimum income to make an account in this bank for loan deposit and repayment ranges around R5000 to 10000 for self-employed individuals. In short, there are no such rules for one’s income to apply for a loan at this bank.
How Long Does Capitec Take To Approve A Loan Application?
The approval of one’s application depends on various factors. One of the most essential factors that affect your application’s approval is the loan amount requested.
Furthermore, an applicant’s credit history determines the further procedure of repayment because a person with a good credit history won’t have to pay more loans. Once your application undergoes the verification process, Capitec approves it, and it takes around five business days to deposit the loan amount in your bank account.
How long does Capitec take to approve a loan?
The approval of your application for a loan at Capitec depends on your credit history and the requested loan amount. Once the application is verified, Capitec takes around five business days to approve and deposit your loan in your bank account.
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?
One of the most significant features of Capitec is that it offers services for temporary loans. Such loans are known as short-term loans that one requires for emergencies until his next payday. It is one of the best ways to get out of tough financial situations.
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.