Important disclosure

NedBank Personal Loans

Nedbank is one of the leading financial services providers in South Africa. Nedbank offers wholesale and retail services as well as insurance, asset and wealth management services.

A Nedbank personal loan can help you kickstart a home renovation project, buy your dream car or take a well deserved break.

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

Calculate repayments

Goods from R2 000 up to R250 000 can be purchased at accredited stores. Flexible repayment terms from 6 up to 72 months to suit your pocket. No deposit required. Straightforward application process. A loan from a trusted bank for the goods you need.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

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?No

Sponsored No

Telephone0860 103 582

Data accurate as of12.07.2020

GO TO Nedbank

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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.

Overview

Minimum loan amountR2,000

Maximum loan amountR350,000

Minimum term (months)6 months

Maximum term (months)72 months

Personal loan interest rates (base)24.75%

Personal loan APR24.75%

Monthly repayments (approx)R910

Total repayments (approx)R32,760

Total interest repayments (approx)R12,760

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

Minimum monthly incomeR3,500

GO TO Nedbank

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 103 582

Data accurate as of12.07.2020

GO TO Nedbank

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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)R796

Total repayments (approx)R28,656

Total interest repayments (approx)R8,656

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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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)R797

Total repayments (approx)R28,692

Total interest repayments (approx)R8,692

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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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)R805

Total repayments (approx)R28,980

Total interest repayments (approx)R8,980

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)R845

Total repayments (approx)R30,420

Total interest repayments (approx)R10,420

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?

About Nedbank personal loans

Are you looking for a personal loan from a place you can trust and which gives you peace of mind? Then Nedbank is a good option among popular South African lenders.

This bank understands that sometimes you need a little financial help to move forward. In addition, the beauty of personal loans is you can use them for any purpose. Whether you want to renovate your home, pay for an emergency, or take a holiday, Nedbank has got you covered.

Which documents are needed to apply for a Nedbank personal loan?

  • a valid South African ID with barcode or a smart ID card;
  • a most recent payslip showing your salary for one month. Alternatively, you can submit a letter of employment if you’re a contract worker;
  • a bank statement with a correct stamp showing your account activity for the last three months. (if you have a Nedbank, ABSA, or Standard bank account, this can be done for you); and
  • proof of residence e.g. a water or electricity bill from your local council. The proof of residence should not be older than 3 months.

What other Nedbank personal loan requirements are there?

Besides the documents mentioned above, the following requirements also apply:

  • you should be employed as a permanent or fixed-contract worker. Self-employed individuals also qualify;
  • your salary or income should be R3 500 and above. Furthermore, this income should be paid electronically into your account;
  • you should be at least 18 years old; and
  • a good credit score.

How much money can I get from a Nedbank personal loan?

Minimum amount you can apply for: R2000

Maximum amount you can apply for: R300 000

What are the interest rates?

In South Africa, the maximum interest rate you have to pay for your loan is 27.5%. However, the interest rate can also go as low as 10%. This is because interest rates rarely stay the same because of changing market conditions. Therefore, any interest rates provided are always an estimate.

They give you a general idea so you can budget accordingly. Also, your interest rate depends on how much money you borrow and how long you need to pay back the loan, plus other factors.

What other costs are involved when taking out a Nedbank personal loan?

Besides interest, there are also extra fees associated with a Nedbank loan. There’s an initial administration fee as well as a monthly administration fee. If you want to know how the total cost of a Nedbank loan is calculated here’s an example:

  • Loan amount: R50 000
  • Loan term: 60 months (5 years)
  • Initiation fee: R1 207.50
  • Monthly admin fee: R69
  • Maximum interest rate: 24.75%
  • Maximum APR rate: 29.3%
  • Total cost of the loan: R95 842

In this case, the APR (Annual Percentage Rate) includes interest plus all other costs associated with taking out the loan.

How do I apply for a Nedbank personal loan online?

Applying for a loan should not make you worry. This is why the Nedbank personal loan application is easy and fast. Follow the simple step-by-step process to get money in your bank account as soon as you need it.

  1. Use our Nedbank calculator to decide the best monthly repayment option for you
  2. Click on “Go to Site” to visit the website and begin the Nedbank online loan application.
  3. On their website, first click on Apply. Secondly, choose the Borrow option. Thirdly, click on the Personal loan option. Lastly, click on Start Application.
  4. Next, log in to your account with your Nedbank ID (username and password). If you don’t have one, you can register a new account within minutes.
  5. Finish the application process by supplying and submitting the required information.
  6. Once the loan is approved, the money is deposited directly into your bank account.

How do I pay back my Nedbank loan?

When you apply for your loan, you can choose any loan term that is between 6 and 72 months. The loan amount and loan term determine how much you’ll pay back each month.

For example, when you choose R20 000 (loan amount) and 36 months (loan term), our Nedbank personal loan calculator shows that the estimated monthly instalment is R754.05. Nedbank will automatically deduct this money from your account every month.

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 makes it compulsory to also take out a personal loan protection plan. This insurance will help pay off your loan in the event of death, disability, or retrenchment. You can take out the insurance from Nedbank or any other insurance as long as it fulfills the requirements from Nedbank.

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.

Benefits of Nedbank loans

  • You get the best possible interest rate to make your loan more affordable.
  • Easy and convenient online application process.
  • Once the loan is approved, you’ll receive money in your bank account in the quickest time possible (usually a few hours).
  • Flexible repayment terms.
  • Monthly instalments are debited from your account.
  • Nedbank offers authorised financial services and is a registered credit provider in terms of the National Credit Act.

Get more answers to commonly asked questions about Nedbank loans

Naturally, you should have more questions about Nedbank loans. After all, improving your financial education before getting a loan is very much encouraged. The following question and answer session will hopefully make things even more clear for you:

What other types of Nedbank loans can I get?

Nedbank also offers vehicle loans, home loans, student loans, overdrafts, and credit cards.

Is there a Nedbank personal loan calculator?

Yes. You can go here to find out more about how the calculator works.

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 here.

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 money app

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