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.
Nedbank personal loan FAQs
What are Nedbank’s personal loan interest rates?
Interest rates vary depending on your credit score. Interest rates start from 10% and go up to a maximum of 27.5%
What costs do Nedbank personal loans have?
In addition to the interest rate, you can expect to pay a loan initiation fee of R1 207.50 and a monthly loan administration fee of R69.
What if I fail to pay back my loan?
Certain unforeseen circumstances can stop one from paying off a loan. To safeguard against this, Nedbank offers you the option to take out a personal loan protection plan. This insurance will help pay off your loan in the event of death, disability, or retrenchment. If you fail to repay your debt for other reasons not covered by the loan, your account will be taken to debt collectors. This can negatively affect your credit score, and you may face legal action.
What other types of Nedbank loans can I get?
Nedbank also offers vehicle loans, home loans, student loans, overdrafts, and credit cards.
Can I use a Nedbank personal loan for debt consolidation?
Yes, you can use the personal loan to pay off your debts, which leaves you with a single debt. Find out more about debt consolidation
Can I get a Nedbank loan if I’m unemployed?
Unfortunately, a Nedbank personal loan application requires you to be either employed or self-employed. You should also be earning a minimum of R3500 per month.
Nedbank personal loans video