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Why Nedbank is the best bank for a personal loan
Borrow responsibly, get a R200 a month cash back, plus digital banking benefits.
If you need to borrow money, it goes without saying that you should be looking for the best loan to suit your needs. At Nedbank, we believe we’re the best bank for your personal loan.
Why choose Nedbank?
Our clients have always understood that cost alone does not measure the total value that any banking product offers. The full value includes the support, convenience and product benefits that the financial service provider offers you in return for the fees they charge. Our interest rates and admin fees are competitive, but no doubt if you shop around enough, you might find someone offering lower rates. However, cheaper isn’t always better.
What’s the full value of a loan from Nedbank?
With a Nedbank personal loan, you’ll have the benefit of a reputable lender who complies strictly with South African financial regulations. We always have your best interest at heart, and would never grant a loan for more than you can afford. We’ll conduct a thorough assessment of your financial position and your credit history to offer you the best loan for your needs.
We also offer different loan terms, which influence your monthly payments. You might not be able to afford the payments on a loan over 6 months, for example, but spreading it over 12 or 24 months would lower the monthly payment. We also believe in transparency, so we’ll lay out all the details in your loan offer – no hidden fees, just straightforward pricing and affordable monthly payments tailored to your budget.
Loan calculators and digital applications make applying easy
You can use our personal loan repayments calculator to see what you can afford. Enter the amount you need to borrow and then toggle the other controls until you find a monthly payment and term that suits you. We’ve made it easy to apply via our digital channels on the Money app or Online Banking.
Once you’ve accepted our offer, the processing time for your application can vary. Typically, the money will be paid into your account within 3 to 90 minutes if you are already a Nedbank client. If you submit your application in the evening, the transaction will be completed the next business day. The exact timing may differ based on the specifics of your application. If you bank with another financial institution, this could take up to 48 hours, again dependent on when your application is approved.
Responsible debt management can improve your credit score and overall financial health
To complete your application, you can do either of the following:
Ask us to call you back – If you want more personalised human assistance, simply answer 6 short questions (it will take you only a few seconds) and we’ll call you to complete your application. We will ask you for your personal details and you will need to email us certain documents. If you want to apply this way, please set aside about 15 minutes for our call.
Apply online – It is quick and easy to apply online, and you can do it in your own time. We’ll need a bit more information from you – for example, your personal and banking information, as well as your income and expenses details. You’ll also need to upload documents like your ID, payslip and, if you’re not a Nedbank client, stamped bank statements for the past 3 months from your current bank.
Get R200 cash back every month
Nedbank offers another great benefit with its personal loan. If you take up a personal loan and open a MiGoals Plus or Premium account, you could qualify for R200 cash back* every month during your loan term. You must arrange to have your salary paid into your MiGoals account, set up a debit order on that account to make your monthly loan payments, and make at least 1 other digital transaction on the account every month to continue receiving your monthly R200 cash back.
This money is yours to use for whatever you like. You could use it towards paying your account maintenance or banking fees, to pay back your loan faster, to open or top up an investment account, or simply to spoil yourself. You can treat your family to extra groceries when you shop, have a regular takeaway night every month, or buy extra airtime or data for yourself or your kids – an extra R200 a month could come in handy in many ways.
*Read the full terms and conditions.
More personal loan perks
Having a MiGoals account also means you can sign up to Greenbacks, our programme that rewards you for better money choices. In fact, taking out a personal loan will boost your rewards to the next level of Greenbacks, so you’ll earn even more on every spend. You can also earn Greenbacks on every loan payment and many other transactions – and redeem Greenbacks in a variety of ways, including withdrawing them as cash. You can also spend Greenbacks on our online shopping platform, Avo SuperShop, and enjoy special Avo promotional deals available exclusively to Greenbacks members. With benefits like these, we believe our claim to be the best bank for your loans is no idle boast.
Responsible debt management can improve your credit score and overall financial health. If you need a loan, Nedbank can help with an affordable plan that comes with perks like monthly cash back and access to all the benefits of digital banking.
Learn more about our personal loan options.
