Bank Personal Loans
Compare 9 major South African banks offering the most competitive personal loan rates in the market. Lowest APR from 19.5%.
Why Choose Bank Personal Loans?
South African banks offer the most competitive personal loan rates in the market, backed by decades of financial expertise and regulatory oversight. With established reputations, extensive branch networks, and the lowest APRs available, banks are the preferred choice for borrowers seeking large loan amounts with favorable terms.
Advantages
- β Lowest interest rates (from 11.75% APR)
- β Highest loan amounts (up to R350,000)
- β Longest repayment terms (up to 84 months)
- β Established trust and security
- β Branch network for in-person support
- β Regulated by SARB and NCR
- β Benefits for existing clients
Considerations
- β Stricter credit requirements
- β Longer approval process (24-48 hours)
- β More documentation required
- β May require existing banking relationship
- β Minimum income requirements
The Big Four Banks
South Africa's Big Four banks collectively hold over 85% of the country's banking market share and offer comprehensive personal loan products.
FNB Personal Loans
Standard Bank
Nedbank Personal Loans
Absa Personal Loans
Other Major Banks
Sanlam Personal Loans
Old Mutual Personal Loans
Quick Comparison
| Bank | Amount Range | APR From | Max Term | Trust Score |
|---|---|---|---|---|
| Capitec Bank | R1,000 - R250,000 | 19.5% | 60 months | 4.7 β
|
| Sanlam Personal Loans | R10,000 - R200,000 | 19.5% | 73 months | 4.4 β
|
| Momentum Money | R5,000 - R150,000 | 20% | 60 months | 4.5 β
|
| Old Mutual Personal Loans | R10,000 - R250,000 | 20.5% | 73 months | 4.4 β
|
| Absa Personal Loans | R3,000 - R250,000 | 21% | 73 months | 4.5 β
|
| Standard Bank | R2,000 - R300,000 | 21.5% | 73 months | 4.6 β
|
| FNB Personal Loans | R3,000 - R250,000 | 22% | 73 months | 4.6 β
|
| Nedbank Personal Loans | R5,000 - R250,000 | 22.5% | 73 months | 4.5 β
|
| African Bank | R1,000 - R350,000 | 25.5% | 73 months | 4.5 β
|
How to Choose the Right Bank Loan
1. Compare Interest Rates
APR is the most important factor. Capitec offers the lowest starting rate at 11.75%, potentially saving you thousands over the loan term.
2. Check Eligibility
Banks require good credit scores (typically 650+) and stable income. Existing clients often get preferential rates and faster approval.
3. Consider Loan Amount
If you need over R100,000, African Bank offers up to R350,000. For smaller amounts, all banks are competitive.
4. Review Repayment Terms
Longer terms mean lower monthly payments but higher total interest. Most banks offer flexible terms from 6 to 84 months.
5. Evaluate Branch Access
If you prefer in-person banking, the Big Four have the most extensive branch networks across South Africa.
Frequently Asked Questions
What is the lowest bank loan interest rate in South Africa?
Capitec Bank offers the lowest personal loan APR starting from 11.75% for qualified applicants. However, your actual rate depends on your credit score, income, and relationship with the bank.
Which South African bank offers the highest personal loan amount?
African Bank offers personal loans up to R350,000, the highest among major South African banks. FNB and Standard Bank also offer substantial amounts up to R300,000.
Do I need to be an existing bank client to apply?
No, most banks accept applications from non-clients. However, existing clients often receive preferential interest rates, faster approval, and may skip certain verification steps. Some banks like Capitec have simplified processes for existing account holders.
What credit score do I need for a bank personal loan?
Most South African banks require a credit score of at least 650 for personal loan approval. The Big Four banks (FNB, Standard Bank, Nedbank, Absa) typically have stricter requirements, while banks like Capitec and African Bank may be more flexible for clients with slightly lower scores.
How long does bank loan approval take?
Bank personal loan approval typically takes 24-48 hours once you've submitted all required documents. Existing clients may receive faster approval, sometimes within the same business day. The funds are usually deposited within 48-72 hours after approval.
Can I apply for a bank loan online?
Yes, all major South African banks offer online personal loan applications through their websites and mobile apps. You can complete the entire process digitally, though you may need to visit a branch for identity verification or document submission depending on the bank's requirements.
What documents do I need for a bank personal loan?
Typical requirements include: South African ID or passport, proof of residence (utility bill or bank statement), latest payslips (usually 3 months), bank statements (3-6 months), and proof of employment. Self-employed applicants may need to provide additional financial statements.
Are bank personal loans better than other lenders?
Banks typically offer the lowest interest rates (11.75%-30% APR) and highest loan amounts, making them ideal for large loans and long repayment terms. However, they have stricter credit requirements and slower approval. Fintech lenders may be better for speed, while microfinance suits those with bad credit or urgent small loan needs.
Which bank is best for personal loans in South Africa?
The "best" bank depends on your needs: Capitec for lowest rates (11.75%), African Bank for highest amounts (R350k), FNB for digital banking convenience, Standard Bank for established trust, and Nedbank for flexible terms. Compare offers based on your credit profile and loan requirements.
Can I get a bank loan if I'm self-employed?
Yes, most banks offer personal loans to self-employed individuals, though requirements are stricter. You'll typically need to provide business financial statements, tax returns, bank statements showing regular income deposits, and proof of business registration. Some banks require a minimum trading period (e.g., 2 years).
Find Bank Loans in Your City
All banks listed have branches across South Africa. Find local loan options in major cities:
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Important Information
Banking Regulation: All banks listed are registered with the South African Reserve Bank (SARB) and comply with the National Credit Act (NCA). Deposits are protected up to R100,000 per depositor per bank.
Interest Rate Disclosure: APRs shown are indicative starting rates for qualified applicants. Your actual rate will depend on your credit score, income, debt-to-income ratio, and relationship with the bank.
Credit Requirements: Bank personal loans typically require good to excellent credit (650+ score), stable employment, and sufficient income to service the debt. Credit checks will be performed and may impact your credit score.
Comparison Service: Credizen.net is an independent comparison platform. We may earn affiliate commissions from lenders, which helps keep our service free. Rankings are based on APR, loan amounts, trust scores, and user feedback.
Emergency Financial Help
If you're experiencing financial difficulties, contact your local financial counseling service.
- South Africa: National Credit Regulator - 0860 627 627
- Romania: ANPC - 0213142200
- Colombia: Superintendencia Financiera - (571) 594 2222
- Poland: KNF - 22 262 5000