Personal loan FAQs

What is a personal loan?

A personal loan is a form credit that enables you to receive a lump sum (between R2 000 to R300 000) repayable over a fixed term (between six to 72 months).

The loan amount is payable in fixed monthly repayments and is debited from your bank account. It gives you the ability to budget while paying for unforeseen and unexpected expenses.

Here's an example of how a personal loan works:

  • You may want to purchase some office furniture to work from home because of COVID-19 restrictions, but you may not have the money to purchase the furniture as it is costly.
  • You can apply for a Nedbank personal loan up to a value of R15 000 and you can choose to repay the loan in the desired term selected.
Can I pay more on my installments?

Yes, you can pay more on your instalment.

You can make additional payments into your loan account via the Money app, on ATM or Online Banking.

Are there any penalty fees if I settle my loan early?

You can settle your loan amount at any time - we won't charge penalty fees.

What happens if the interest rate goes up or down?

Nothing will happen. Your interest rate will remain the same as it is fixed.

How do I get help or complain?

You can call us on 0800 555 111 or 0860 444 000.