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.
A closer look at HBZ bank loans
There are a lot of reasons why one might consider taking a loan from HBZ bank. You might be looking to make a big purchase, do some home maintenance, or fund a holiday trip. Whatever the reason could be, you can get a loan solution that fits your needs from HBZ.
When it comes to personal lending, HBZ can offer you one of the following:
HBZ personal loan
You could choose an HBZ personal loan if you wish to use the money for anything personal that requires more cash than you have at the moment. An HBZ personal loan usually has a fixed interest rate and fixed monthly instalments.
If you bank with HBZ bank, it is possible to withdraw more cash than the balance in your account. This sum then gets deducted the next time you fund your account. It is also a convenient option for when you need to use more money than you currently have.
If you feel the need to take out a business loan, HBZ bank limited also offers several lending options for businesses as well. They include the following:
A business overdraft is the same as the personal overdraft in concept. This banking option allows you to withdraw more money than you have in your HBZ bank account.
Trade Finance Loan
An HBZ trade finance loan is a secured loan that allows businesses to buy stock and fund the operational cycle, without taking money from cash reserves. This allows the business to access cash without sacrificing the funds required for rent, salary, and equipment maintenance.
A commercial loan is awarded to businesses by HBZ bank. It can be used to fund the day to day running of a business or provide cash for significant capital expenditures.
Cheque & Bill Discounting
This allows businesses to cash cheques before their maturity but at a lower value than its par value.
What information is required by HBZ bank for them to consider a loan application?
When you apply for an HBZ loan, the bank will ask that you provide proof of income and a statement indicating your assets, liabilities, and other debts that you have.
The bank will use this information to assess whether you will be able to pay back the loan amount. If the bank decides not to offer you a loan for any reason, they will decline your application, and they will provide you with the reasons why it was not successful.
Advantages of HBZ bank loans
- The bank offers loan solutions for personal and business needs. Therefore, whatever your need, there is a higher chance of getting a tailored and matching solution to meet your exact requirements. You only have to choose an option that will suit your needs.
- Affordable prime interest rate.
- You can get access to cash in times of emergency with the bank’s overdraft option since it allows you to withdraw a lot more than what is in your account
How do HBZ bank loans work?
Before your loan application is applied, and any agreements are signed, the bank will supply you with a pre-loan agreement. This document will contain the main features of the loan and the total costs involved. You will only have 5 days to check out the document and determine if you agree with the terms.
If the bank approves your loan or overdraft, they will proceed to report your loan details to the credit bureau. During the life of the loan, the bank will also supply monthly reports about your account to the credit bureau. The bank will make sure the information provided is as accurate as possible.
Are the loan terms different for married couples?
If you are married and your loan application is approved, you will have to obtain your partner’s written consent before the money is made available. Most married partners are in community of property, and whenever one partner takes out a loan, they might be putting assets at risk of being possessed.
If the partner doesn’t consent, it means that the bank does not have anything to use as security for the loan. Therefore, the application is likely to get declined.
How to apply for an HBZ loan
HBZ personal loan applications are made online. To apply for the loan, click the HBZ loan link, and you will get redirected to the bank’s page where you can complete the application.
How to get the most benefits from an HBZ bank personal loan
- Make sure you are only borrowing an amount that you can afford to pay back. If you manage to pay the monthly instalments on time, it will positively impact your credit score.
- Get a loan amount that suits your particular unique needs. Do not take more money than you need. Loans are expensive to pay back, and if you don’t really need the money, it’s best not to take out one.
Frequently asked questions
Are HBZ loans safe?
Yes. HBZ loan operates under the South African National Credit Act.
Can I get a loan from HBZ if I have bad credit?
Banks usually shy away from giving loans to individuals with bad credit. However, the bank treats each loan application differently and assesses a combination of things before deciding if they should approve your loan.
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