Whether individuals require extra cash for a holiday or a larger amount as a deposit on a new vehicle,Nedbank personal loans is the answer for you.
Nedbank offers both secured and unsecured personal loans to individuals.
What is the difference between secured and unsecured loans?
Generally a secured loan means that you have signed over some form of security, such as a mortgage, which the financial institution may sell if individuals do not repay their personal Nedbank loans as agreed.
With Nedbank some pension or provident funds have established agreements with Nedbank where the money available in an individual’s pension fund can be used as collateral by the particular individual to obtain a Nedbank personal loan. These individuals need to comply with the following strict criteria before a secured Nedbank personal will be offered:
- Must have permanent employment for at least 3 months by the same employer, or employed for 12 months with the same employer when earning weekly wages.
- Provide the latest salary slip.
- Must be able to proof a net salary or wage of at least R1500 per month which is electronically deposited into a bank account.
- Must provide a green South African bar-coded identity document.
- Provide proof of residence such as an electricity or rates and taxes bill.
Unsecured Nedbank personal loans are probably the most common form of loan given to consumers and can range anything from R2000 to R120 000. If approved the cash amount is deposited directly into the account in which you receive your salary; it doesn’t even have to be a Nedbank account! Payments are debited directly from your account over a repayment period of between 12 to 60 months.
The same criteria for secured loans exists with the exception that 3 months bank statements are required from the individual applying for the loan.
A unsecured loan usually is given at a higher interest rate because no collateral is required from the individual and therefore the risk to Nedbank is far greater. With unsecured Nedbank personal loans individuals are obliged to take out insurance on the loan amount which will pay off the loan in the unforeseen event of death, retrenchment or disability.
It is always good practice to pay your liabilities as agreed as your payment history is reflected at the credit bureau and influence your application process. In most cases interest rates charged is a direct result on how you manage your finances.
Why not step into a Nedbank branch to see if you would qualify for a Nedbank personal loan? Friendly and knowledgeable staff will guide and assist you through the application process, and will discuss the amount you can afford to repay on a monthly basis. Alternatively individuals may complete an online application.
Interested individuals seeking more information about Nedbank personal loans can enquire at their closest Nedbank branch.