Important disclosure

Mercantile Bank Personal Loans

Mercantile Bank is a South African commercial bank, founded in 1965. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. Mercantile Bank personal loans let you pay for unexpected expenses, holidays or debt consolidation and much more.

To help you compare your loan options, simply input the loan amount and use the toggle to adjust the loan term. Once you click calculate, you will see how much the loan will cost you overall. Go ahead and give it a try!

Compare loans

Get a principal decision within 24 hours if all necessary documents have been provided.

Overview

Minimum loan amountR30,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)240 months

Personal loan interest rates (base)12.25%

Personal loan APR12.25%

Monthly repayments (approx)R1,098

Total repayments (approx)R39,528

Total interest repayments (approx)R9,528

Rate typeFixed

Secured or unsecuredSecured

Initiation feeR1,207.50

Minimum monthly incomeUnknown

GO TO Mercantile Bank

Other Fees & Information

Monthly feeR57.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 11 99 25

Data accurate as of18.01.2020

GO TO Mercantile Bank

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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.

Overview

Minimum loan amountR50,000

Maximum loan amountR100,000

Minimum term (months)1 month

Maximum term (months)84 months

Personal loan interest rates (base)14.20%

Personal loan APR14.20%

Monthly repayments (approx)R1,139

Total repayments (approx)R41,004

Total interest repayments (approx)R11,004

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,000

GO TO Capitec Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 66 77 89

Data accurate as of12.07.2020

GO TO Capitec Bank

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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%.

Overview

Minimum loan amountR2,000

Maximum loan amountR250,000

Minimum term (months)12 months

Maximum term (months)60 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R1,142

Total repayments (approx)R41,112

Total interest repayments (approx)R11,112

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR936.50

Minimum monthly incomeR2,000

GO TO RCS

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityUnknown

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0861 729 727

Data accurate as of18.01.2020

GO TO RCS

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Loans up to R250,000. Terms between 7 months and 72 months.

Overview

Minimum loan amountR10,000

Maximum loan amountR250,000

Minimum term (months)7 months

Maximum term (months)72 months

Personal loan interest rates (base)15.00%

Personal loan APR15.00%

Monthly repayments (approx)R1,152

Total repayments (approx)R41,472

Total interest repayments (approx)R11,472

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO African Bank

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feeUnknown

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Telephone0861 111 011

Data accurate as of18.01.2020

GO TO African Bank

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Tired of those expensive repayments? Then switch your personal loans to Absa. It’s easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum loan amountR15,000

Maximum loan amountR350,000

Minimum term (months)12 months

Maximum term (months)84 months

Personal loan interest rates (base)18.82%

Personal loan APR18.82%

Monthly repayments (approx)R1,211

Total repayments (approx)R43,596

Total interest repayments (approx)R13,596

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR2,000

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Quarterly feeR0.00

Annual feeR0.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Early repayments feen/a

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Telephone0860 100 372

Data accurate as of12.06.2020

GO TO Absa

Hide info -

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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.

What type of loan are you looking for?

Mercantile Bank loan: finance your personal needs today

If you’re looking for a one-time funding solution to cover your expenses, Mercantile Bank offers you a wide range of personalised loan products. Mercantile Bank loan rates are very competitive and flexible to suit your individual needs.

You may be searching for a small amount of quick, extra cash. Or, perhaps you want to finance a large asset such as a car. We look at what this South African commercial bank provides and how you can benefit from their loans. Read on for more Mercantile personal loan details.

Types of loans offered at Mercantile Bank

While Mercantile Bank can help you grow your business through their business loans, they also have several borrowing private banking options at your disposal. These include the following:

Overdraft

This option is available for existing clients of the bank. You are allowed to withdraw more money than your bank balance and repay at a later date. The overdraft features a prime linked interest rate that can change from time to time. You can either use the overdraft facility via cheques, internet banking, or debit card.

Below are some other features of the Mercantile Bank overdraft option:

  • Revolving facility:  You can use the overdraft facility again after each repayment. The facility is reviewed annually.
  • Instant access:  You get instant access to extra funds whenever you need additional cash.
  • Tailored limits:  You can discuss your requirements with the bank’s business manager to determine favourable borrowing limits for yourself.
  • Interest: The interest is calculated daily and charged on your account monthly.
  • Cash flow:  You can access extra working capital if and when you need it.
  • Attractive interest rate: You will only pay interest on the amount you used.

Term loan

The bank offers personal loans that you can use for several purposes, like paying school fees or even paying for a holiday. You can also get a Mercantile Bank debt consolidation loan. The term loan allows you to borrow a specific amount of money that is paid off using an agreed schedule.

Asset finance

You can choose from several options to cover vehicle, fleet, and capital equipment expenses. The bank offers highly competitive rates. The vehicle finance option allows you to buy a car through a private sale or a dealership.

Property finance

Mercantile Bank offers property finance options that are tailored to meet your unique needs. There are several property finance packages that you can use to build your house or real estate project.

If you are a private borrower and are interested in building or buying a home, Mercantile Bank has you covered. The bank offers up to 100% finance if you wish to acquire a home. There is also an insurance option available with the property finance package.

Features of Mercantile Bank personal loans

  • You can borrow from R500 to R200 000;
  • Mercantile Bank Interest rates range from 10,5% to 28;
  • The bank offers flexible financing periods with a maximum of 72 months repayment period; and
  • You can get a decision within a day if you manage to supply all the required details for the loan application.

The Mercantile Bank loan calculator

CompareLoans provides you with a loan calculator. The calculator comes in quite handy when it comes to helping you find out how your repayment will be structured. To make use of the calculator, you have to enter the following details:

  • The amount you want to borrow
  • The length of the repayment period

It is advisable to first use the calculator before applying for a Mercantile Bank loan to get an idea of the overall loan costs involved. Please note that the calculator only gives approximate numbers, which might differ from the bank’s actual terms.

Is Mercantile Bank trustworthy?

If you go through the internet, it is quite clear that Mercantile Bank enjoys a clean reputation. By all means, the bank strives to address every customer’s needs as personally as possible, starting from the application process. They boast a kind service record and attention to detail.

The bank is a legally registered credit provider with highly competitive interest rates as well.

Understanding Mercantile Bank loan charges

The bank offers several loans, but general charges that may apply are listed as follows:

  • Monthly Service Fee: R 69.00
  • Overdraft fee: R 69.00

An initiation fee might also apply. Mercantile Bank also partners with CommRisk Insurance Brokers to offer insurance for your home, car, and personal loan at an additional fee.

How to apply for a loan at Mercantile in South Africa

The loan application process at Mercantile Bank is quite different from other banks. The bank aims to provide specialized services that suit your unique requirements. As a result, the loan application is structured so that all you have to do is leave your contact details online. The bank will then assign a staff member who will guide you every step of the way.

To begin the application process, all you have to do is click the “Go to Site” button on the comparison tables above. Next, fill in a simple online form with your personal details. When you are done, you can wait for the bank to call you or visit them.

Advantages of Mercantile Bank loans

Flexible terms: You can discuss favourable borrowing terms with a Mercantile Bank business manager to manage your loan repayments without struggling.

Competitive interest rates: The bank offers competitive interest rate for all your loan needs.

Peace of mind: With Mercantile Bank, you will know your interest rates and repayment terms before borrowing. This allows you to plan and avoid unnecessary surprises in the future.

Loans that meet your individual needs: When it comes to loans, Mercantile Bank has a good understanding of business and your unique needs. The bank will design perfect business or personal loan terms for you.

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