Summary of Personal Loan
Sometimes a cash injection is just what you need to boost your financial stability in life. This loan could be needed for a wedding, extentions on your home or the holiday of your dreams. A personal loan could be the easiest and most affordable way to better your life and get your finances back on track.
A personal loan is different from a business or commercial loan. The personal loan option is available to suit an individual’s needs and provide financial security when needed most. Whereas a business loan can set your company on the right path to financial success, a personal loan can enable you and your family to redirect your lives to living a comfortable life.
Choosing the right term period, as well as the optimum repayment amount can mean that over the course of three to five years, you can find yourself in your preferred financial position. A fixed installment amount, as well as a fixed term can be agreed upon for you to repay your loan. This will mean that every month, a set amount can be allocated to paying off your personal loan as you carry on with your life.
Choosing a repayment scheme to match your life can mean that you are in control of your finances. With the fixed instalment, you will have the consistency you need in your life and be able to manage your income and expenses accordingly.
What is required for a Loan?
Personal Loans are granted in line with the National Credit Act and are available to individuals with a good credit rating. To open a personal loan account, you will need the following:
- A copy of your ID
- 3 Months Bank Statements
- 3 Months Payslips
- A monthly income of minimum R5000
- Proof of residence
- Banking Details
What makes up a Loan?
Loan terms are usually between 12 months to 72 months, depending on the company you choose to go with well as what suits your needs.
Interest rates can also vary between organisations and payment options. Rule of thumb is; the lower your installment, the higher the interest rate or the longer the term.
You will also be paying a once-off initiation fee as well as a monthly admin fee.
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