Nedbank Loans are personalised credit solutions offered by Nedbank that offers you short and long-term personal loans that go as much as R250 000 in cash with affordable and flexible repayment terms of up to 72 months.
Nedbank is a commercial bank that is among the top five largest banking institutions in South Africa and is listed on the Johannesburg Stocks Exchange. It was established in 1888 and has a market capitalisation that exceeds $12 billion USD.
Nedbank products and services includes banking, personal and business loans, credit cards, wealth and investments, insurance just to mention a few. Like their motto “Make Things Happen” Nedbank has been at the forefront of providing innovative credit solutions that make their customers banking experience much pleasurable.
Their personal loans are unsecured loans which don’t need you to offer up any form of security against the loan but will only look at your credit profile and affordability to determine if you are eligible for their credit products. Whether you want money to start a small business, pay for a medical procedure, settle your accommodation expenses, renovate or extend your home the choice is entirely up to you.
Nedbank Loans Types available
Personal Loans are short-term and long-term credit solutions offered by Nedbank that gives you unsecured loans that range from R2 000 to as much as R250 000 with flexible repayments that range from 6 to 72 months. Interest rates are tailored to suit your financial status and are affordable compared to some of its competitors, and if your loan application is approved you will be able to receive the money straight into your bank account with a matter of a few hours. There are no restrictions of how to use these loans so you can use them to finance your studies, buy a new car, go on holiday, pay for a medical procedure and so on.
Home Loans are credit solutions offered by Nedbank that offers finance to help first-time buyers or property investors purchase their dream home. These loans can be used to purchase an existing property or to build one from the ground on up. There are three main home loan options namely the Building Loan, HomeVision and Ordinary Loan. The Building Loan like its name suggests gives you finance to build a home from the ground allowing you to design and build the home that you have always wanted. The HomeVision offers you a higher home loan than the property value so that you can be able to use the balance for future use on the property such as extending or renovating it. The Ordinary Loan offers you finance to purchase an already existing property and can be ideal for first time buyers or those that don’t want the challenges of building a property from scratch.
Vehicle Loans are personalised credit solutions offered by Nedbank through their association with the Motor Finance Corporation (MFC) that gives you credit to purchase a vehicle from an accredited dealership or private seller. You can apply for this type of finance from the dealership and they will handle all the paperwork on your behalf without you visiting a Nedbank branch. When your application is approved Nedbank will pay the dealership and the car will be registered in the bank’s name while you do your installments and will only be changed into your name when you have settled all your monthly loan installments.
Student Loans are credit solutions tailor-made for students studying at registered college or universities. Nedbank understands the importance of having an educated nation and also knows the challenges that most people in South Africa face especially with the ever-increasing costs of education. Their student loans are available to part-time or full-time students and can be used to pay for their tuition, study materials and accommodation. Students must pay the interest portion of the loan during their studies and upon completing their education they will be required to settle their loan balance.
Benefits of Nedbank Loans
Nedbank allows you to conveniently apply for these personal loans online by filling out the application form provided on their website. You don’t have to stand in long queues or visit your nearest Nedbank branch to submit your application but can do the entire process from the comfort of your home or office. If you wish to make your application at a branch you can do so, and their consultants will gladly assist you with the application process.
Nedbank offers affordable and flexible repayment terms that suits your financial affordability, and these come with favourable interest rates as well. Repayment terms are up to 72 months and can be paid back through a debit order that will deduct your monthly installment straight from your bank account.
No Restrictions of Use
With these personal loans from Nedbank you can use them for whatever financial obligations you may have. Depending on the loan type you can use them for purchasing a new or used car, extending your home, financing your studies, or even starting a business venture.
Nedbank offers their loans in accordance to the guidelines set out by the National Credit Regulator which means you will get a fair and transparent loan with no hidden costs. Nedbank will take into account your financial status and will offer you a loan that you will be able to repay back without putting a strain on your budget.
Nedbank Loans FAQ’s
What are the requirements to qualify for personal loans?
For your application for these loans to be successful you must ensure that you are an individual who is over the age of 18 years and a citizen of South Africa, must have your identity document and if you are a foreign national a valid passport and permit, must be employed on a permanent basis and provide proof of income such as your latest payslip, must provide your 3 months bank statements and also proof of residential address not older than 3 months.
How much money can I qualify for Nedbank Loans?
The amount of money you will be eligible for will be determined by your income and credit profile, but you can get loans that range from R2 000 to as much as R250 000 with flexible repayment terms of up to 72 months.
How long does it take to receive my money?
Depending on the type of loan you apply for getting a pay out from Nedbank shouldn’t take between 2 to 3 working days. This can also be affected by inter-bank transfer schedules and the day it was paid out.
How will my installments be paid back?
Nedbank will run a debit order that will deduct the monthly installments from your bank account on the pre-agreed date. The money is deducted from the bank account where you receive your salary payments.
At which dealership can I apply for Vehicle Loans?
Nedbank has several accredited dealerships that it works with that can assist you with the vehicle finance applications, all you need to do is see if the dealership you want the vehicle from has a Nedbank sign. These dealerships will handle all your loan application processes and will communicate with the bank directly on your behalf. Once you are approved the dealership will contact you to sign some documents and collect your vehicle.
Do I get Personal Insurance on my loan?
Yes, Nedbank does offer a Personal Protection Insurance Cover on your personal loan that will protect you and your family if you are no longer able to continue paying back your installments. Unforeseen circumstances can arise such as being retrenched from your job, suffering a permanent disability or even dying and this insurance cover will make sure that all your outstanding loan balances are paid up.
Contact Details for Nedbank Loans
For more detailed information about the various financial solutions offered by Nedbank and their various loans you can contact their customer care number 0860 111 263 and speak to their friendly consultants.
You can also go online and visit their website www.nedbank.co.za where you can read up more details from there. Another option will be to go to your nearest Nedbank branch and speak to their in-house financial consultants and they will gladly assist you with any questions you may have regarding their services.