Discovery Bank – online loan South Africa
Personal loans up to R350,000 with Vitality Money benefits
Applying does not commit you to a loan agreement.
Discovery Bank personal loan in South Africa
Discovery Bank is a digital bank in South Africa launched in 2019. The bank offers personal loans from R5,000 to R350,000 with terms from 12 to 84 months. Rates depend on your Vitality Money status and credit profile, with Diamond members getting the lowest tiers.
Apply on the Discovery Bank app after opening an account. Existing clients receive a pre-approved limit visible on the loan section of the app. New clients can apply by uploading three months of bank statements, a payslip and a copy of their ID. Approval is typically within one working day.
The loan can be paid out same day to a Discovery Bank transactional account. Credit life insurance is compulsory and is added to the monthly repayment. There is no early settlement fee on amounts below R250,000 if you settle within the first six months. Always read the cost of credit section in the quotation before signing.
✓ Pros
- Lower rates for Vitality Money members
- App approval within 24 hours
- Same-day payout to Discovery account
- No fees on early settlement under R250,000
✗ Cons
- Must be a Discovery Bank client
- Higher rates without Vitality Money discount
- Limited branch network
Loan example
A R100,000 loan over 60 months at 16% APR results in a monthly repayment of around R2,430, total cost R145,800.
Loan requirements
- ✓ 18+ years old
- ✓ South African ID
- ✓ Discovery Bank transactional account
- ✓ Three months bank statements
- ✓ Latest payslip
Loan features
- Loans from R5,000 to R350,000
- Term 12 to 84 months
- Vitality Money rate discounts
- App-based application
Frequently asked questions
24 hours after submitting your application.
The minimum amount at Discovery Bank is R5,000.