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The Nedbank Revolving Credit Facility (RCF) lets you quickly borrow money whenever you need it by transferring available funds to your Nedbank transaction or credit card account.

 

To be eligible for the RCF, you need to:

  1. Be 18 years or older, and
  2. Have a minimum basic income of R25,000 per month
  3. Have a Nedbank Transactional account or a Credit Card account - if you do not have a Nedbank Transactional account or a Credit Card account, you will be able to choose a transaction account during your RCF application process.

You can apply for the RCF through multiple channels:

  1. Nedbank Money app
  2. Online Banking 
  3. Nedbank Contact Centre (NCC) 0800 555 111
  4. Nedbank branches

 

The RCF offers:

  1. Quick access to funds at a good interest rate
  2. The option to borrow up to your approved limit 
  3. Flexibility to move money to and from your RCF as needed
  4. Easy limit increase requests using self-service channels, like the Nedbank Money app or online banking.

You can request an RCF limit from R10 000 up to R1 Million, subject to a credit assessment.

The interest rate is Prime + a risk-based markup e.g. Prime + 1%.

 
  1. An initiation fee of R1207,50 (incl. VAT) will only be charged 5 business days after you have first used the RCF limit. You may pre-pay this amount into your RCF within the 5 days to avoid accruing interest on the amount. 
  2. A Monthly service fee of R69 (incl. VAT) will be charged for months where you have a debit balance of R350 or more on at least 1 day in your billing period. 
 
  1. You can request a limit increase through all self-servicing channels. 
  2. A full credit assessment will be conducted for limit increase requests.
  3. You can request a decrease of your limit via the Nedbank Contact Centre or our Branch channel.
  4. The limit can be decreased provided the lower limit is at least equal to the outstanding balance.

You can close your account by contacting the Nedbank Contact Centre, provided the outstanding balance has been settled in full.

The monthly payment (minimum payment) is R250 or 3.5% of the outstanding statement balance (after interest and fees are charged), whichever is greater.

You can manage your account through the Money app or Online Banking. Self-service options include transfers, viewing transaction history, statements, balances, and credit limits, as well as requesting limit increases.

No, you may only have one RCF at any given time.

Payment of your monthly instalment must be via a DebiCheck authorised debit order. Find out more about DebiCheck here.

No, this facility cannot have a physical or digital card linked to it.