Loans

Nedbank Personal Loan: find out how to apply!

Discover the basic requirements to apply for a personal loan from Nedbank. Earn R200 cash back monthly with this lender. Understand how!

by José Gonçalo

Published on 02/04/2023

Nedbank Personal Loan: get up to R300,000 for several purposes

Nedbank Personal Loan: find out how to apply! Source: Foster the Money

Apply for Nedbank Personal Loan and borrow up to R300,000. Also, count on cashback of R200 with each monthly payment and no late or advance fees.

Personal Loan

Nedbank

Online Fast Funding

R200 monthly cashback after payments! Flexible repayment terms.

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Below, understand how you can request this service without leaving home! We’ve made the application process simple for you! Then check it out!

Online application

Firstly, visit the company’s official website to apply for a Nedbank personal loan. Select the options “borrow” and “personal loan” in the main menu.

Then press the “Get Start” button to access the request form. In addition to filling out this form, you will need to submit the following documents:

South African identity card or document (valid);
Most recent paycheck or letter from your employer;
Proof of pension payment (for retirees);
3 most recent bank statements.

What are the requirements?

Enjoying Evening at Home — Find out the Nedbank Personal Loan requirements. Source: FreePik

As you might know, applicants must meet eligibility criteria to qualify for this lender. So check below the basic requirements to apply for a Nedbank personal loan:

Being South African;
Be between 18 and 65 years old;
Minimum monthly income of R3,500 received in your bank account;
Be self-employed, have a steady job, or be a pensioner.

Your credit score and history will also be evaluated to issue a final response to your submission.

Apply on the app

You can also register via the mobile app on your smartphone or tablet. So download the “Nedbank Money” application for free.

Then, go to the “Products Offered” menu on the home tab and scroll down to “Apply for Loan or Credit”.

Further, press the right arrow on the “Personal Loans” option. Then you can select two options:

Apply online

Here, you will be directed to answer an online questionnaire and submit documents if requested.

Thus, the application process is the same as on the official website of that bank.

Call me back

Select this option if you want to receive a call from a Nedbank bank agent.

Simply provide your telephone number, name, and identification number to request this service.

Finally, press the “submit” button. You will receive a call as soon as possible, and you can apply for a loan.

Compare the Nedbank Personal Loan to other options: ABSA Personal Loan

Indeed, in the following table, you will see a comparison between the loan services of the largest banks in the country.

Therefore, consult it before deciding whether to apply for Nedbank Personal Loan!

	Nedbank Personal Loan	ABSA Personal Loan
Interest Rate	From 10.75% to 28.25%;	A minimum of 13.75% per annum;
Loan Purpose	Debt consolidation (with extra cash optional), purchases of second-hand cars, and improvements in your home;	Personal loan, express loan, instant loan, ABSA home loan, building home loan, loyalty home loan, beat load shedding, for a car and study loan;
Loan Amounts	From R2,000 to R300,000;	Up to R350.000;
Credit Needed	Not specified;	600 or better;
Repayment Term	From 6 to 72 months (6 years);	Personal loan: over 12 months to 84 months; Smaller personal loan: over 2 to 6 months;
Initiation Fee	From R304.75 to R1,207.50 (variable according to loan amount).	Loan up to R250: R25 fixed rate; Between R250 and R10,000: a fee of approximately 10% on the loan amount; Above R10,000: a fixed fee of R1,207.50.

Does ABSA Personal Loan seem like a better option? To be sure of your first impression, access the full review in the following post!

Absa Personal Loan: find out how to apply!

Apply for ABSA Personal Loan and enjoy the best interest rate on the market and the longest repayment period. Find out how here!

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About the author

José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.