Get a Capitec Bank personal loan verified by our specialists. As of 25.03.2025 there are options available. Increase your chances of approval - fill out an application with a free credit rating check.
Author
Denis Galkin
Fact Checked
Update 01.02.2025
Capitec Bank provides personal loans with flexible terms for various needs, from home improvements to large purchases, offering loan amounts up to R500,000 and repayment terms from 7 to 84 months. Interest rates are personalized, starting at 13.50%, based on each client’s credit profile and affordability, making payments predictable and easy to plan. The loan application process is conveniently completed online through Capitec’s website or mobile app, with funds accessible immediately upon approval. Credit insurance is required to protect in case of income loss or disability, adding extra security for the duration of the loan.
Key Features
Flexible Loan Terms. Capitec personal loans allow for flexible repayment terms, ranging from 7 to 84 months, enabling clients to choose a term that fits their financial needs and goals.
Fixed Interest Rates. Interest rates are personalized, starting at 13.50%, based on a client’s credit profile and affordability, offering predictable monthly repayments throughout the loan term.
Early Repayment Option. Borrowers have the flexibility to repay loans early without any penalties, potentially saving on interest costs over time.
Instant Access to Funds. Once approved, loan funds are available immediately, providing quick access to cash for clients with pressing financial needs.
DebiCheck Debit Order Approval. Capitec uses DebiCheck for secure debit order approvals, allowing clients to control payments directly via their card and PIN upon loan approval.
Credit Consolidation Option. Clients can consolidate multiple existing loans into one Capitec loan, simplifying repayments with a single monthly installment.
Pros and Cons
Pros
Accessible Application Process. Capitec Bank offers a streamlined loan application process that can be completed online, through the app, or at a branch, providing flexibility and ease of access for clients looking to secure a personal loan quickly and efficiently.
Tailored Loan Offers. Loan terms and amounts are customized to each client’s affordability and credit profile, ensuring that borrowers receive offers suited to their unique financial circumstances and repayment capabilities.
Competitive Interest Rates. Capitec provides competitive personalized interest rates, tailored to clients’ profiles, which makes it an appealing choice for affordable financing.
Cons
Mandatory Credit Insurance. Capitec generally requires credit insurance for personal loans, adding an extra cost. Borrowers must either opt for Capitec’s insurance or provide an approved alternative policy.
Strict Eligibility Criteria. Borrowers must meet stringent requirements regarding income, affordability, and credit standing, potentially limiting access for those with less stable financial profiles.
Additional Loan Fees. Capitec’s personal loans come with initiation and monthly service fees, which increase the overall cost of the loan across its term.
How to Get a Capitec Bank Personal Loan?
Through Our Website
Open your web browser and navigate to finanso.com.
Use the search function on the website to locate information related to the Capitec Bank.
Select Capitec Bank from the search results to access their lending services.
Look for the "Apply" button on the Capitec Bank page and click on it to initiate the loan application process.
After clicking "Apply," you will be redirected to the official Capitec Bank website. This is a secure transition to ensure your personal information is handled within the Capitec Bank system.
Visit the Capitec Bank website and go to the personal loan section.
Choose your loan preference: either specify a loan amount and term or select a specific purpose from Capitec’s partners to potentially qualify for a reduced interest rate.
Enter the desired loan amount or partner-based need, and complete the online credit estimate to view the loan offers available for your profile.
Provide your personal information, including your SA ID, employment details, and contact information.
Confirm your identity by answering verification questions and reviewing the terms.
Submit your application for review.
Within 48 hours, a Capitec consultant will contact you to verify and complete your application.
Through the Bank's Website
Visit the Capitec Bank website and go to the personal loan section.
Choose your loan preference: either specify a loan amount and term (up to R500,000 over 84 months) or select a specific purpose from Capitec’s partners (such as a vehicle or education loan) to potentially qualify for a reduced interest rate.
Enter the desired loan amount or partner-based need, and complete the online credit estimate to view the loan offers available for your profile.
Provide your personal information, including your SA ID, employment details, and contact information.
Confirm your identity by answering verification questions and reviewing the terms.
Submit your application for review.
Within 48 hours, a Capitec consultant will contact you to verify and complete your application.
At the Bank's Office
Find your nearest Capitec branch using the locator on the bank's website or mobile app.
Bring a valid South African ID, three recent salary slips, and a bank statement showing three consecutive salary deposits (if your salary is not paid into a Capitec account).
Begin by discussing your loan preference with a consultant: specify the loan amount and term, or select a purpose-based loan through a partner for potentially reduced rates.
The consultant will guide you through the credit estimate and application steps, recording the necessary details.
Complete the application with the consultant’s help, who will submit it for processing.
The consultant will then inform you about the approval status and any additional steps required.
Via Mobile App
Open the Capitec Bank mobile app and go to the credit or personal loan section.
Start by choosing a loan amount or selecting a purpose-based option with a Capitec partner to qualify for reduced interest rates.
Enter your required personal information, including contact details and income, directly within the app.
Review your application and agree to a credit check before submitting it.
After submission, track the application status within the app.
A Capitec consultant will reach out within 48 hours to verify your information and complete your application.
Requirements and Conditions
Requirements
South African Citizenship. Applicants must be South African citizens aged 18 or older, with a valid South African ID.
Proof of Income. Provide the latest three consecutive payslips to demonstrate consistent income.
Bank Statements. Submit a bank statement showing the last three salary deposits if your salary is not paid into a Capitec account.
Quotation or Invoice. If applying for a loan with a Capitec partner (e.g., for a vehicle loan), provide a quote or invoice dated within the last 30 days.
Conditions
Loan Amount. Capitec offers personal loans up to R500,000, subject to the applicant's credit profile and affordability.
Repayment Term. Flexible repayment terms are available, ranging from 7 to 84 months.
Interest Rate. Personalized interest rates range from 13.50% to 29.00%, depending on the loan term, loan amount, and the client’s creditworthiness.
Initiation Fee. A once-off initiation fee of up to R1,207.50 applies to each loan agreement.
Monthly Service Fee. A monthly service fee of R69 is charged throughout the loan term, adding to the total cost of the loan.
Credit Life Insurance. Credit life insurance is required and costs between R2.58 and R4.50 per R1,000 of the outstanding balance per month. This insurance provides coverage for events like death, disability, or retrenchment.
Ways to Receive the Money
Upon approval, Capitec disburses personal loan funds directly to the applicant’s bank account, providing quick and secure access to the funds. For loans intended for specific purposes, such as vehicle or medical loans through Capitec’s partners, the funds can be transferred directly to the partner’s account, ensuring immediate access for the designated purpose. This flexible approach allows for easy management of funds through Capitec’s online banking or mobile app.
How to Repay a Capitec Bank Personal Loan?
Automatic Debit Orders. This is a standard debit order that automatically deducts a specified payment amount from your bank account on a scheduled basis (usually monthly) for loan repayment. Once set up, it continues to deduct payments on the agreed dates without additional confirmations.
DebiCheck Debit Orders. DebiCheck is a more secure debit order system that requires you to electronically confirm the details of your debit order — such as the amount and payment frequency—before it begins. This ensures that the debit order matches the agreement and prevents unauthorized deductions. Each DebiCheck debit order is linked to a specific transaction, and if any changes occur, it may require re-confirmation by the account holder.
Things to Pay Attention to
Credit Life Insurance. Credit life insurance is required and covers death, disability, and retrenchment events. The premium, calculated based on the outstanding loan balance, costs between R2.58 and R4.50 per R1,000 monthly.
Monthly Service Fee. A monthly administration fee of R69 (VAT inclusive) is charged, which adds to the overall cost of the loan.
Initiation Fee. Capitec charges a one-time initiation fee for processing the loan application. This can be paid upfront or added to the loan amount and financed over the loan term.
Repayment Flexibility. Loan repayment terms range from 7 to 84 months, allowing borrowers to adjust repayment duration based on affordability.
Payment Methods. Repayments can be made through DebiCheck debit orders, offering a convenient way to manage regular installments.
Editorial Opinion
Capitec Bank’s personal loans excel in flexibility and quick accessibility, making them well-suited for clients who prioritize convenience and transparent terms. Notable features like easy online applications secured DebiCheck payments, and the benefit of penalty-free early repayments give borrowers strong control over their finances. However, applicants should factor in the mandatory credit insurance, service fees, and eligibility requirements when assessing costs. Clients are advised to carefully select loan terms to balance affordability with interest savings and make use of Capitec’s digital tools for tracking and managing payments, ultimately ensuring efficient loan management and minimizing long-term expenses.
Do I need to be a Capitec client to apply for a personal loan?
No, you do not need to be an existing Capitec client to apply. Non-clients are welcome to apply for a personal loan, but they will need to provide standard identification and income documents.
What could cause my application to be declined?
Common reasons include not meeting the minimum income or affordability criteria, a low credit score, or being under debt administration. Additionally, previous loan defaults may affect eligibility.
How can I make additional payments on my loan?
Additional payments can be made through Capitec’s mobile app or online banking platform, giving you the flexibility to reduce the principal balance faster.
If I take a partner-specific loan, like a vehicle loan, can I adjust the repayment term?
Yes, Capitec allows flexible repayment terms even for partner-specific loans. You can choose terms from 7 to 84 months depending on your financial situation and loan type.
Does Capitec offer any special support if I encounter financial difficulties?
Capitec encourages clients facing financial hardship to reach out for assistance. Options such as debt restructuring or reduced payment plans may be available to help clients manage their repayments.
What options do I have for managing my repayments if I don’t want a debit order?
Capitec supports various repayment methods, including manual payments through the app or online banking, which allows you to pay at your convenience.
