Capitec has a new flexible credit option - Here are all the details
The facility can be fully managed from their app allowing clients to decide how much of the facility they want to use at any given point in time, as well as select a monthly repayment amount or period they are comfortable with.
Francois Viviers, Executive of Marketing and Communications at Capitec says, “The Capitec Access Facility allows South Africans to get funding for specific long-term purposes or projects. It gives you instant access to money, which can be used as it is required to renovate your home, purchase equipment needed to start a side business or pay for education.”
Capitec has continued to refine its credit offer in recent years to appeal to the needs of all income segments, while driving down the cost of credit. Viviers added, “In just over a month we’ve seen over 17 000 Access Facilities sold, with the majority of clients being middle to higher income earners. A significant number of clients are using the facility for home improvement, which, given the current lockdown, has become a priority for people.”
After a once off in-branch credit assessment clients get access to the revolving credit, over a period of up to 60 months and once an amount is repaid it can be accessed again should the need arise.
Competitive interest rates, based on a client’s credit profile, are linked to prime and range from 12.4% to 17.25%. Initiation fees are charged once off and the monthly fee of R69 is only payable when the client has an outstanding balance.
“If a client doesn’t use the facility no fees are charged, which means no interest or monthly admin fees are payable. This flexibility makes the Capitec Access Facility great for unplanned life events.” explained Viviers.
Unlike traditional revolving loan facilities, which usually have a fixed monthly instalment, the Capitec Access Facility offers increased flexibility. It allows clients to make additional repayments that can be used to lower monthly instalments or reduce repayment periods, which leads to a saving in interest. Should a client face unplanned life events and need additional disposable income, the repayment period can be extended (up to a maximum of 60 months) to reduce the amount paid back each month. To ensure the best and most affordable use of the product clients are provided with tips and insights during the in-branch application and through further direct communications.
“When designing the Capitec Access Facility we wanted to offer our clients a credit solution that was affordable and flexible enough to cater to each person’s needs. We believe we’ve created a product that will enable our clients to realise their goals and ultimately live better.” says Viviers.
How to apply:
Get a free online estimate on our website or your Capitec app in a couple of minutes to see what you could qualify for.
Then visit a Capitec branch with your valid SA ID document/smart ID card (only required for new clients), latest three consecutive salary slips and a bank statement showing your latest three consecutive salary deposits (only required if your salary is not paid into your Capitec account).
When approved, the money will be available immediately.