Nedbank’s personal loan offers up to R400 000 over up to 84 months, and its pricing is among the clearest in the market. The page publishes a maximum interest rate of 29,25%, a maximum APR of 34,05%, an initiation fee of R1 207,50 and a R69 service fee.
Why we recommend the Nedbank Personal Loan
The cash back is unusual. Run the instalment through a MiGoals Plus or Premium account and Nedbank pays R200 into it every month of the loan, provided you pay on time. Greenbacks adds rewards for each on-time instalment, redeemable as cash.
There is no early settlement fee and no late payment penalty fee, although interest still runs on a missed payment and it is reported to the bureaus.
Several loans can be consolidated into one with a single debit order, and existing clients often find offers pre-loaded in the Money app.
Author’s opinion
We see it as the best fit for someone who wants transparent pricing and is happy to bank with Nedbank to collect the monthly cash back. If your salary stays elsewhere, the cash back may not cover the account fee, so judge the loan on its rate alone.
A weak profile will be quoted near the maximum rate, and over 84 months the service fee alone adds up to R5 796. The calculator is illustrative; the binding figures are in the pre-agreement quotation.
Nedbank’s own guidance is that South Africans typically pay between 18% and 28% on unsecured loans, with your quote depending on payment history and risk profile.
I want to learn more about the Nedbank Personal Loan!
Check the next page for the documents, the full fee table and the ways to apply with Nedbank. Tap the button below.
Photo: Vireshpr00123 · CC BY-SA 4.0 · Wikimedia Commons
