Capitec loans and alternatives

Capitec Bank offers personal loans from R1,000 to R250,000 with terms from 1 to 84 months. Interest rates start at 12.9% per annum and are capped at the NCR maximum of repo plus 21%. The bank uses your transaction history with Capitec, your salary deposits and your credit profile to set the rate and limit.

You can apply on the Capitec app, on the website or at any branch. App applicants with a salary credited to a Capitec account often get an instant decision and same-day payout. Branch applications need an ID, three months of bank statements (if not banking with Capitec) and the latest payslip.

Capitec credit life insurance covers the outstanding balance on death, permanent disability and retrenchment. The premium is included in the monthly repayment and varies by age. The bank also offers a credit card with a separate limit and a Global One account that combines savings, credit and a debit card in one product.

If Capitec declines your application, common reasons are a low credit score, recent late payments or insufficient affordability after deductions. Check your TransUnion credit report (one free report per year) for errors before reapplying. The bank does not reconsider for six months from the date of the first decline.

Frequently asked questions

What is the lowest Capitec personal loan rate?

Capitec rates start at 12.9% per annum for clients with strong credit profiles and a salary credited to a Capitec account. The maximum is repo plus 21%, currently around 29.5% APR.

How long does Capitec take to approve a personal loan?

App applications with a Capitec salary deposit can be approved and paid out the same day. Branch applications usually take 1 to 2 working days while statements from other banks are verified.

Can I apply for a Capitec loan online?

Yes. The Capitec Bank app and website both support online applications. You will need to upload your ID, three months of bank statements (if you bank elsewhere) and the latest payslip.