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Capitec SASSA Loans

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Capitec Sassa Loans

In this time of financial crisis in South Africa, it is hard to catch up with the monthly expense even if you have an average income source. Therefore, it gets especially hard for those people who only rely on social grants to fulfill their daily dues. However, if you are one of these people and use Capitec Bank to receive your SASSA grant, you can apply for a loan at this bank.

Capitec Bank offers loans to SASSA beneficiaries to help them manage their finances. Moreover, it has an interest rate that must be kept in mind before considering this loan. So, continue reading this blog until the end to learn more about this loan and how to apply for it.

What is Capitec SASSA Loans

Capitec Sassa Loans

The South African Social Security Agency (SASSA) is one of the leading agencies in the country that is helping millions of people with their financial situation. It offers grants, bursaries, and even loans to needy people to improve the country’s economic well-being. Moreover, there are different ways through which you can receive SASSA grant money, like banks and ATMs.

Similarly, Capitec Bank users who are also SASSA beneficiaries do not have to worry much about their out-of-monthly budget expenses. This bank is willing to give you a loan with a certain interest rate.

Additionally, Capitec Bank is one of the leading institutions in South Africa. It can assist SASSA beneficiaries financially by giving them extra cash to meet their monthly expenses. Similarly, this loan can be a helpline for those who need instant money as a loan.

You must know this is a short-term loan and return it to the bank as soon as possible. You will get a maximum of six months to return the loan money and the interest.

Capitec SASSA Loan Amount

The amount of money you can get from Capitec Bank as a SASSA beneficiary depends on several factors. Therefore, the exact amount can vary from person to person. However, you can manage to get a maximum of R250000.

Your credit profile and the type of grant that you are receiving play a huge role in determining the loan amount. You can contact the bank to learn more about the amount of money you can get as a loan.

Capitec SASSA Loan Interest Rate

No specific interest rate or percentage can be applied to all the beneficiaries. Likewise, it depends on the amount you borrow, your credit profile, and your SASSA grant type. The interest rate for Capitec SASSA Loan is usually lower than the other unsecured loans.

Additionally, you can get an interest rate of 12.9%, but it is not fixed for everyone else. Likewise, whatever the interest rate, you must watch out for the amount of money you will return. Therefore, visiting the Capitec Bank or their official website is suggested to find out more about the interest rate before applying.

Capitec SASSA Loan Application Process

Check the Eligibility Criteria: Step 1

Before applying for anything, the first step is always to ensure that you fit their requirements. Likewise, there is an eligibility criterion for this loan as well. So, read the following points carefully to judge your eligibility for the loan.

  • You must be a SASSA grant recipient/beneficiary.
  • You must possess a valid South African Identity Document.
  • An active bank account at Capitec is required.
  • Capitec Bank credit criteria must be met.
  • You must be 18 or older.

Compile the Documents: Step 2

To apply for the loan, you must gather some documents to submit during the application. So, compile the following documents;

  • A copy of your South African ID.
  • A proof of your last three months’ salary deposit in the form of a stamped 3-month bank statement.
  • Your address proof that shows your name and street address.
  • Copy of your latest payslip.

Apply for the Loan: Step 3

You can apply for this loan through different methods. So, the following are all of the ways that Capitec Bank offers to apply for a SASSA loan.

The first one is through Capitec Bank’s official website. You can click here at www.capitecbank.co.za/ and log in with your username or account number to access the Capitec SASSA Loan option. Moreover, you can also download the Capitec mobile app to submit your application.

Another method is to visit the nearest Capitec Bank branch, take the documents, and talk to the officials. Furthermore, they will ask you about your income, monthly installments, and other information and guide you on how to apply for this loan.

Additionally, Capitec Bank has a separate helpline number for the loans department. You can call on 0860 66 77 89 and start the application process over the phone. Furthermore, you can also use the SMS service to send a message on 44773 saying ‘CREDIT.’

The bank’s officials will respond instantly, and you can proceed with the application process. Moreover, you can also send a message on their WhatsApp number to initiate the application process. Capitec Bank WhatsApp number is 067 418 956.

Perks of Opting for Capitec SASSA Loan

There are a few advantages to taking this loan. However, you must consider the interest rate before anything else to return the money easily. The benefits of this loan can still not be ignored.

Capitec SASSA Loan:

  • Is easy to access
  • Has fast disbursement policy
  • Simple application process
  • Can get you personalized credit

What happens if I cannot return the Capitec SASSA Loan?

If you fail to return the Capitec SASSA Loan, it will cause damage to your credit score, and you will not be able to obtain loans easily in the future. Furthermore, you might be charged some other fines by the Capitec Bank depending on your loan amount and credit profile.

In short, Capitec Bank offers a short-term loan to SASSA grant recipients. It is a personalized loan, and the amount of money you get to borrow depends on your credit profile and the type of grant you are receiving. Furthermore, the application process is very easy, gather all the required documents, and you will be able to apply through Capitec Bank’s online website, USSD, WhatsApp, or by visiting the bank.

Additionally, please remember that this loan money is not free, and you must return it as soon as possible. So, clear yourself on the interest rate policy before opting for Capitec SASSA Loan.

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