Find what banks give the lowest interest rate on personal loans in South Africa. If you want to know which banks offer low fees and interest charges then read on. The following list is a list of the banks in South Africa that offer low personal loan interest rates.
- Standard Bank
- ABSA Bank
- African Bank
- Capitec Bank
So those are 6 of the best banks for the lowest interest rates on personal loans in South Africa. Now let’s briefly break down each one.
Who Gives the Lowest Interest Rate Personal Loans in South Africa?
Standard Bank Personal Loans
Standard Bank in South Africa offer personal loans that are easy to get. You can apply online for a term loan. Or use their banking App to see how much you qualify to borrow. Their interest rates depend on your circumstances.
Therefore the better your financial circumstances. Or the better your credit record is, the lower the interest rate will be on a personal loan at Standard Bank.
FNB (First National Bank)
Personal loans from FNB can be fixed from as low as 12.75% per annum. They offer a personalized loan of up to R300 000 and fix your repayments. So your repayments stay the same every month. Therefore no nasty surprises.
In addition, First National Bank won’t charge you any extra fees if you settle your loan before you’re supposed to. Some banks apply charges for this.
ABSA Bank Personalized Loans
Personal loans on offer at ABSA bank in South Africa are worth a look. As well as easy to apply for online. Because they offer flexible amounts to borrow up to R350 000 on an ABSA personal loan.
ABSA can offer customers some of the lowest interest rates on personal loans in South Africa. They claim on their website if you’ve had an offer of a lower interest rate anywhere else… They will beat it.
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More Banks that Give Low Interest Rates on Personal Loans
African Bank Personal Loans
You can apply online for a personal loan with African Bank and get the money in your account today. They offer flexible repayments as well as loans up to R250 000.
Interest rates on a personal loan with African bank can be as low as 15% per annum. Up to 27.50% per annum depending on your personal circumstances and credibility.
Capitec Bank Personal Loans
Capitec Bank personal loans (Term Loan as it is known) are available in South Africa. The lowest interest rate available on a Capitec Personal loan is currently 12.9%. Therefore this is certainly an option worth considering if you want to borrow for personal reasons.
Furthermore you can apply for a Capitec personal loan up to R250 000 either by using their banking App or online.
Nedbank Personal Loans
Personal loans from Nedbank are another good option in South Africa.
We couldn’t find information on their lowest annual interest rates but their maximum rates are 24.50% per annum.
They will offer you lower interest rates when you apply and they can see your credibilty and affordability. As well as your income and monthly expenses.
How to get low Interest Rates on Loans
In order to get the lowest interest rates on personal loans in South Africa you have to first apply.
Because everyone’s financial circumstances are different. All the banks above want to see the following:
- You have a good credit record
- Your income is regular and stable
- You don’t have too many other debt commitments
- Age Identification and other personal details
The South African banks all offer competitive fees and rates to suit people wishing to take out personal loans.
Providing you meet the criteria above you should have no problem getting the lowest interest rate possible on personal loans.
Banks adhere to certain rules for borrowing. In South Africa the primary regulator is The South African Reserve Bank. Visit their website Here.