Interestingly, a Capitec Bank loan can be obtained with or without a pay slip, albeit with a somewhat different application process and set of prerequisites. In addition, there are requirements that must be met before a bank can approve a loan application without a paycheck.
Capitec is one of the largest banks in South Africa, and it takes great satisfaction in the fact that it serves more than 15 million people. The bank takes great satisfaction in its reputation as a helpful partner for its clientele. This is why there are numerous types of loans available, including bridge loans, mortgages, and new construction financing. Paystubs are a primary prerequisite for qualifying for such a Capitec loan. Given that they do not have a regular paycheck, this has led many self-employed people and business owners to wonder where they might turn for financial assistance.
You can apply for a Capitec Loan without submitting a payslip.
When a customer wants a loan from Capitec, one of the first things they need is a payslip that shows at least the last three salary payments and the most recent one. This is important to show the bank that you will be able to pay back the money you are asking for.
But if you don’t work or have a paystub, you can still get a loan as long as you have a way to pay it back, like a business you own or run.
You will need to prove that you have a business and make money from it. You will also have to show that the company has been registered properly. If it isn’t properly established or doesn’t have a business to show the bank, you must have a payslip. If you don’t have either of these things, the bank will not process your loan request, no matter what. This means that the bank gives businesses money, but it doesn’t finance companies.
If you do not have a payslip, please follow these procedures:
Knowing that applying for a Capitec loan with or without a payslip is essentially the same with the exception of a few papers is the first step. To get a loan, you’ll have to fill out paperwork that’s specific to business owners.
Here is the procedure to be followed:
- Visit the bank’s webpage dedicated to applying for credit.
- Find the right lending option for your situation.
- Complete the form with the rest of the required data.
- When you’re done, click the “next” button.
- When you are finished, click the “Results” button to be directed to the page where you will be informed of your loan’s status.
- Those who are currently without a job or who are trying to launch a business must follow the procedures outlined above if they want a loan from the bank.
Before You Can Apply For A Capitec Loan Without Your Payslip, You Will Need To Fulfill These Requirements
Before Capitec bank can look at your application, you will need to register your business as one of the following:
- Public (Ltd) or Private company (Pty Ltd).
- Association not for gain.
- Close Corporation (CC).
- Incorporated (Inc).
How much does Capitec charge for a loan without a payslip?
The interest rates on the various loans provided by Capitec vary. Because, as previously indicated, only business loans can be obtained from a bank without a payslip, the interest rate on loans obtained without a payslip is the same as the interest rate on a business loan and other term loans, which starts at 12.9% and can go considerably higher.
The interest rate is determined by a variety of factors, all of which are summed under your creditworthiness. This could include your job, earnings, and banking history, among other things; personal and financial information.
The repayment plan is another significant factor to consider when applying for a loan. This is also highlighted when the interest rate is addressed. For example, if you apply for a loan with the intention of repaying it in 84 months, the interest rate will be higher than if you apply for a loan with the intention of repaying it in 12 months, 24 months, or even 48 months.
When obtaining a loan without a payslip, collateral may be required.
Capitec loans, whether secured or unsecured, may need security regardless of whether a borrower provides a payslip as proof of income. In addition, the interest rate on the loan will be lower than it would be for a loan without collateral.
There are two main categories of loans: secured and unsecured. Student loans and credit card debt are two examples of unsecured loans, in contrast to the secured loans used to buy a home or automobile. Since the former requires collateral and the latter does not, the former carries a lesser risk for the lender and thus a lower interest rate, and the latter carries a larger risk for the lender and thus a higher interest rate.
The bank will categorize your application for a business loan as a personal loan regardless of whether you intend to use the funds for business or personal purposes. The bank also offers a variety of loan services, such as a “access facility,” a “home loan,” and a “vehicle finance,” each of which has its own set of restrictions and methods of access.
Since these are only broad instructions on how to apply for a Capitec loan without a payslip, you can alternatively choose to visit any branch of the bank that is closest to you or contact the bank by phone or email for more detailed instructions:
- Phone number: 0860 10 20 43
- Email address: ClientCare@capitecbank.co.za