Important disclosure

Engagement Ring Personal Loans

Engagement ring loans can help you take the next wonderful step in your life – getting engaged. South African lenders have a lot of loan options so our loan calculator will help you to compare loan their loan options.

Once you input the loan amount and use the filter to adjust the loan duration then you can click “Calculate” to see what your monthly repayment will be like. This is a great way to budget for this financial expense.

Calculate repayments

Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.
Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.
Get up to R250 000 over 1 – 84 months. Choose between the amount you want, the monthly installment that suits your pocket, or the option that gives you the lowest interest rate. Credit is approved in minutes and the money is available immediately. Pay fixed monthly repayments.

RCS General Purpose Loan

RCS
12 months
to 60 months
R2,000
to R250,000
15.00%
APR
A cash loan from R2 000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Free monthly statement via email or SMS. Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

African Bank Personal Loan

African Bank
7 months
to 72 months
R10,000
to R250,000
15.00%
APR
Loans up to R250,000. Terms between 7 months and 72 months. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

BayPort Personal Loans

BayPort
6 months
to 72 months
R20,000
to R250,000
15.00%
APR
It is easy to apply for a Bayport personal loan of up to R250,000 with our simple online loan application process and personalised service. Once you have registered, all it takes is a minute, to find out if you qualify for a Bayport personal loan. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

Direct Axis Personal Loan

DirectAxis
12 months
to 60 months
R1,000
to R250,000
15.00%
APR
A personal loan from R1000 up to R250 000. Fast, paperless application process. Decision in seconds. Cash in your account within 24 hours. Flexible repayment options; choose from 12 to 60 months. Fixed monthly repayments. Free monthly statement via email or SMS. Optional Customer Protection Insurance. Interest from as low as 15%. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Personal Loan - Average Credit

MoneyShop
12 months
to 72 months
R10,000
to R250,000
24.75%
APR
MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Nedbank Personal Loans

Nedbank
6 months
to 72 months
R2,000
to R350,000
24.75%
APR
Loans available from R2 000 to R300 000*. Flexible repayment periods from 6 up to 72 months. Monthly repayments debited from your bank account. The best possible interest rate that we can offer you. Easy online loan application process. Apply via MoneyShop, they will help to ensure you're matched the best lender suited to you.

CompareLoans.co.za provides factual information in relation to financial products. While CompareLoans.co.za attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on CompareLoans.co.za is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with CompareLoans.co.za. CompareLoans.co.za recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see CompareLoans.co.za's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

Engagement Ring

Find engagement ring loans in South Africa

Engagement ring prices can be as high as R150 000 or as low as R3000 according to a quick online search. If you don’t have enough rands to cover this purchase for your loved one, engagement ring loans are a good option.

After all, you can’t always plan when to meet the right person, and you can’t always wait when you do. Here are 3 ways to finance a ring, plus the advantages and disadvantages, as well as 4 tips to help you make the final choice.

4 ways to finance an engagement ring

Is your commitment deeper than what’s currently in your bank account? No worries – you can still invest in the ring your loved one deserves. Check out your financing options below:

Unsecured personal loan

Unsecured personal loans for engagement rings are easily available and have more flexible terms. You can borrow as much as R250 000 over a 7-year period or less depending on your preference and financial situation.

  • Advantages. Personal loans for engagement rings typically have an easy online application process and flexible monthly repayments.
  • Disadvantages. They’re not readily available to bad credit borrowers, and if they’re, they often have very high interest rates.

Secured personal loan

Secured personal loans require collateral, which can be your car, or the ring itself. Since there’s less risk to the lender, you might be able to access a larger loan amount and a longer loan term.

  • Advantages. Since the lender takes on less risk, they’re more willing to offer low interest rates on secured personal loans for engagement rings.
  • Disadvantages. You lose the ring or any asset you’ve used to secure the loan if you default.

In-house financing from a jewellery store

Some reputable jewellery stores offer in-house financing where you can set up a formal arrangement with monthly payments, due dates, and the number of months over which you pay for the ring.

  • Advantages. You can get a loan with a competitive or 0% interest rate and flexible repayment terms.
  • Disadvantages. Missed payments can result in high interest charges.

Credit cards

Paying for a ring with a credit card is expensive, but there are ways around this. If you have a card with a high limit, it can easily cover the full purchase price of your ring. Otherwise, you’ll have to top-up with your savings.

  • Advantages. Some credit cards start off with low or 0% interest rates for up to 12 months. This can be worthwhile if you pay off the loan quickly. It’s also an easy way to build up your credit score.
  • Disadvantages. Unless you can get an interest-free or promotional rate, credit cards otherwise have high interest rates.

4 tips to help you choose an engagement ring loan

  • Check out the Annual Percentage Rate. This is also the comparison rate and includes the interest rate plus other charges and fees that are bundled into the loan. While you can use the interest rate to compare loans, the APR gives you an idea of the total cost of your loan, which is crucial if you want to save money.
  • Go for flexibility and avoid restrictions. Read the fine print to make sure the loan has flexible terms and conditions. For example, you should be able to make additional or early repayments without extra charges. The loan should also have easy-to-meet requirements, and you should be able to choose between a fixed rate or a variable rate.
  • Consider the length of your loan carefully. Your loan term or repayment period affects the size of your monthly payments. Smaller payments are more affordable and comfortable, but keep in mind that the smaller your payments, the more interest you pay. It’s therefore important to keep things balanced and to find a loan that offers the term you want. An excellent way to do this is to use our loan calculator, as explained in the next section.
  • Look for loans with unique advantages. Some lenders offer promotional periods and extra services. These can include competitive interest rates, excellent customer service, discounted fees, or quick approval and transfer of money into your bank account. These advantages can be a huge bonus for you, so find out which loan favours you the most.

4 questions to ask before buying an engagement ring

  • How much should I spend? – The answer should be balanced between how much you can afford and your partner’s style. Also keep in mind that if your partner says yes, there are more costs to consider, such as a wedding, honeymoon, and more rings (wedding bands).
  • Have I explored all other alternatives? – An engagement ring loan should be the last option as long as you’re paying interest on it. Consider paying cash by waiting for a bit while you build your savings or borrowing from family and friends if possible.
  • Have I made the right investment? – Make sure to do your research and buy a ring from a reputable seller that will bring both sentimental and intrinsic value to you and your partner. Remember, good jewellery always retains its value over time, whether it’s a 2-carat or 5-carat diamond ring.
  • What if they say no? – While this may be uncomfortable to consider, find out if the seller has a return policy or exchange policy (in cases where your partner prefers another ring). Also, check to see whether you’ll be able to repay your loan quickly since you no longer need the funds.

Engagement ring loans – Plan for your monthly payments the smart way

The engagement ring loans calculator from CompareLoans is a free and easy-to-use tool that quickly calculates your monthly repayments for you. The monthly instalment results you get are based on your loan amount and loan term. This loan calculator is, therefore, important for several reasons.

You get to see how different loan amounts and terms affect your monthly payment which allows you to choose the most affordable option. Furthermore, the results appear in our comparison tables above, which will enable you to compare loans from different lenders. Give it a try! Use the sliding tools and enter your loan amount and term, then click calculate.

What you need to apply

  • Be 18 years and over;
  • Have a regular, monthly income;
  • Proof of income documents – payslips and bank statements;
  • Proof of residence; and
  • A good credit score.

How to apply

Our comparison tables above are a good starting place if you want to make a quick online application. To get started, click “Go to Site” for the lender you want. This link directs you to the lender’s website where you fill in an online application form and upload some documents.

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