Looking for a personal loan, but unsure which bank to go with? Old Mutual Personal Loan can offer you a personal loan up to R250, 000 with fixed interest rates, so you don’t have to worry about the constantly increasing repo rate by the reserve bank.
What is the repayment plan for Old Mutual Personal Loan
Depending on the amount you want to borrow with Old Mutual, the repayment terms start from a minimum loan term of 3 months and a maximum loan term of 72 months. If you are looking to apply for a loan over a period of 1 – 12 months, you need to be permanently employed at the same employer for at least 3 months, while you must be employed at the same employer for at least 12 months if you wish to apply for a loan over a period of 13 to 72 months.
One of the important factors about the Old Mutual loan is that the interest rate that would be applied is based on how much you can afford and your personal credit profile. This means with a good credit score your chances of approval of R250 000 are higher.
Because Old Mutual cares for you, they also offer an opportunity to insure the loan with credit Life Insurance which will help you against death, disability or retrenchment. Credit Life Insurance is compulsory for loans with a term of 12 months and more.
How does a personal loan work? you can apply online, over the phone or at your closest Old MUTUAL branch.
What documents do you need to apply for a Old Mutual Personal Loan
- A valid South African identity document (ID).
- A current payslip not older than one month.
- Your bank statements for the last three months indicate three consecutive monthly salary deposits (the statements must not be older than 7 days).
for more on other personal loans head here
