Who can apply?
Nedbank assesses every application under the National Credit Act, with a bureau check and an affordability calculation. You will need to:
✔️ Be 18 years or older with a valid South African ID
✔️ Earn a regular monthly income paid into a bank account (Nedbank has historically asked for at least R3 000 a month)
✔️ Have a clean credit record: no judgments, no debt review, no recent defaults
✔️ Pass the affordability assessment on your income, expenses and existing credit
✔️ Approve a DebiCheck debit order for the instalment
What are the rates and fees?
✔️ Interest rate: personalised, up to a published maximum of 29,25% a year
✔️ Maximum annual percentage rate, including fees: 34,05%
✔️ Initiation fee: R1 207,50 once-off, added to the loan; monthly service fee: R69
✔️ Early settlement fee: none; late penalty fee: none (interest still accrues)
✔️ Loan amount: up to R400 000; term: up to 84 months
✔️ Representative example published by Nedbank: R50 000 over 84 months is R1 923,47 a month and R115 408,20 in total
All fees include VAT. Nedbank updates its pricing guide every year; the binding numbers are in the quotation you receive before signing.
What documents do you need?
✔️ South African ID
✔️ Your latest payslip
✔️ Bank statements for the last three months if your salary is not paid into a Nedbank account
✔️ Proof of residence not older than three months
✔️ Self-employed: recent financial statements or a tax assessment
A piece of advice for you!
If you are a Nedbank client, open the Money app and go to Borrow, then Personal loan. Existing clients often have an offer waiting, and the money can be in your account the same day.
Decide about the MiGoals account before you apply. The R200 monthly cash back only works if the loan instalment runs through a MiGoals Plus or Premium account, so compare the account fee with the R200 to make sure you come out ahead.
Use the consolidation calculator if you are combining debts. It shows the single instalment and the saving against your current payments; make sure the old accounts are closed once they are settled.
And keep your Greenbacks in mind: paying on time every month earns points you can use for bank fees, so set the debit order for the day after your salary lands.
Apply now on the official Nedbank website!
On the official page you can use the calculators, apply through the Money app or Online Banking, or leave your number for a consultant to call you back. Have your ID, payslip and bank statements ready. Tap the button to go there.
Photo: Vireshpr00123 · CC BY-SA 4.0 · Wikimedia Commons
