Nedbank
- Debt Consolidation Loans up to R300,000
- Low-interest starting from 10.25%
- Repayment up to 72 months
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[Accessed May 11, 2023]
About Nedbank
Nedbank was known as the Nederlands Bank of South Africa before 1971 and became the Nedbank Group in 1973 when it joined with Syfrets South Africa and Union Acceptances.
Since then Nedbank has been providing Southern Africans with banking solutions to make their lives brighter and easier.
A global presence and world-class facilities
Nedbank has more than 200 ATMs and over 100 branches in South Africa but also enjoys a presence across the globe. The international financial services provider has branches in Zambia, Swaziland, Lesotho, Zimbabwe, Angola and Kenya.
The Nedbank group is a registered financial services provider and boasts several impressive awards. Most recently “The banker deals of the year” award 2021.
The point of debt consolidation is to reduce your monthly obligations to one payment. Nedbank’s debt consolidation is a way to help their clients through the debt crisis that we are facing currently.
What is debt consolidation?
Simply put, Nedbank pays your creditors. With all the creditors paid, there is only one loan amount to repay. Not only is having one monthly payment more convenient but you potentially save on interest too.
It’s important to note that debt consolidation does not exclude you from applying for other loans, which could lead to credit score problems. Speak to Nedbank about responsible credit and lending habits.
Nedbank Services
Nedbank has a large variety of products available. Saving, investments, day-to-day banking, insurance and loans. Today we are focusing specifically on the debt consolidation loans offered by this institution.
- Nedbank will help you manage your loans by converting your multiple into a single personal loan that allows you to manage your budget better.
- A new personalised interest rate is calculated based on your lending profile
- You receive a structured payment plan so you can budget and work towards a brighter debt-free future.
- Combining your loans potentially frees up funds on a monthly basis to help with day-to-day costs.
- The loan calculator on the application page allows you to see how much your repayment will be on a monthly basis.
- Nedbank offers credit insurance on your loan. The insurance will kick in, should you not be able to honour your repayments due to loss of income.
Who qualifies for loan consolidation?
South Africans between the ages of 18 and 65 with a permanent income of R3500.00 or more could qualify for a debt consolidation loan.
Nedbank understands having your own business does not make you exempt from having a debt to repay. Self-employed South Africans can qualify for a debt consolidation loan too.
Credit and affordability are key to approval
Nedbank will run a credit check before approving the loan. It is important to take care of your credit health. If your credit score is too low you will not get a loan.
Affordability is a qualifying criterion and so you have to be able to afford the loan in order for it to be approved. Nedbank does not recklessly loan money to clients, they share the mission of the National Credit Regulator to provide fair and sustainable credit to consumers.
Nedbank – Consolidation Loan
- Loan Type Debt Consolidation Loans
- Interest Rate 10.25 – 29.34% p/a
- Loan Amount up to R300,000
- Repayment 6 months to 72 months
Benefits of Nedbank
- Lower interest rates
- Flexible repayment plans
- Quick online application
- Debt management
How to apply for a debt consolidation loan with Nedbank
Nedbank has made application easy. The entire process can be online.
Before applying you need to make sure that you have all your documents ready:
- Your South African Identity document.
- Your most recent payslip, proof of pension or a letter from your employer if you are a contract worker.
- 3 months' bank statements which must be stamped.
Once you have your documents ready, you can apply through Nedbank’s website. Before you apply you can do a quick credit check. You can get tips on maintaining or retaining a good credit score too. Once you have done our credit check you are ready to apply.
In an effort to make consolidation loans available to everyone, Nedbank has several ways to apply. The easiest is online, or you can request a callback, apply on the banking app or even go into a branch and see a consultant.
Nedbank strives to get back to you as soon as possible regarding your loan application. Their aim is to provide a turnaround time from application to payment in 24 hours or less.
This does obviously depend on your specific circumstances. For instance, if you are a Nedbank client your FICA documents should be on the record, if not these will need to be submitted. You can always follow up on the progress of your claim with a Nedbank loan consultant.
How much will the loan cost me?
A consolidation loan is designed to help you save money in the long run, and to get you to a financial position you want to be in. There are however interest charges and administration fees that will be for your account.
Luckily Nedbank has an example loan on their website. The transparency in their levied amounts will help you decide if debt consolidation is for you, and if you can afford it. Note that for current interest rates, you'll need to speak to a consultant or complete an application.
The initiation fee, interest and service fee are generally based on your loan amount. The loan agreement that you receive from Nedbank, on approval of your loan, will break down all your costs. Make sure you read this agreement carefully before accepting the loan contract.
Is a consolidation loan for everyone?
No. Consolidation loans are great tools to help reach financial freedom but they’re not for everyone. If you’re already over-indebted, a consolidation loan will not work for you.
Your income needs to be stable and you are committed to a fixed term to repay the amount. The repayment term is usually over 12 months with the monthly addition of interest.
Nedbank is a trusted & reliable provider of debt consolidation loans
In our review, Nedbank adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.
✅ Nedbank is a registered credit provider in South Africa: NCRCP16
Nedbank Contact
Contact Number
Website
Physical Address
- 135 Rivonia Road, Sandown Sandton Gauteng 2196 South Africa
- Get Directions
Nedbank Universal Branch Code
- 198765
Opening Hours
- Monday 09:00 – 16:00
- Tuesday 09:00 – 16:00
- Wednesday 09:00 – 16:00
- Thursday 09:00 – 16:00
- Friday 09:00 – 16:00
- Saturday 09:00 – 12:00
- Sunday – Closed