overview of top 10
this particular financial institution offers flexible loan terms for south african citizens who are seeking means of consolidating. in contrast to some other banks, top 10 offers debt consolidation through personal loans rather than through balance transfers. as with any form of debt repayment measure, customers are advised to budget their existing income and necessary expenses carefully to allow timely payments on the amounts owed. top 10 has two main types of loans available for debt consolidation, and one is usually the better choice for different individuals’ financial circumstances.
available debt consolidation loans
rather than an introductory 0% interest rate on a new credit card account, top 10 personal loans come with a fixed interest rate from the beginning. individual rates depend on recent personal credit history, the total outstanding debt owed to other banks or retailers, and total debt-to-income ratios. taking on a personal loan as a form of debt consolidation is best done with the help of a knowledgeable financial advisor, so all prospective customers are urged to seek this assistance before agreeing to the terms of any personal loan taken out to repay debts.
approved top 10 personal loans can be used for repaying any outstanding balances, although borrowers are encouraged to examine each of their interest rates to determine how much they will be able to save. a debt consolidation loan ideally has a lower interest rate than current credit card balances or other forms of consumer debt. these loan rates depend on individual creditworthiness and income, which also factor into approval criteria for a top 10 loan. according to the national credit act, a fixed maximum rate applies to all extended loans regardless of credit history.
eligibility for debt consolidation
applicants for a top 10 debt consolidation loan need to verify south african citizenship with a current form of identification. they also need to provide proof of current formal employment with at least one pay slips if paid monthly. for applicants who earn weekly or fortnightly paychecks, they will need to furnish one month’s worth of pay slips. debt consolidation loan applicants also need to earn a minimum r3000 per month to be eligible. some varying criteria also apply to the two different personal loans available from top 10.
financial management with top 10
according to individual situations of too much debt along with unaffordable interest rates, a debt consolidation loan from top 10 can bring noticeable savings and easier monthly repayments. one of these loans is appropriate for customers who are able to budget funds for minimum monthly repayments on the personal loan amount. these payment amounts are fixed, so each borrower can plan ahead for a monthly budget without worrying about sudden rate increases.
each personal debt consolidation loan from top 10 is subject to automatic credit life insurance coverage, meaning that the remaining debt will be paid off in cases of borrower death or permanent disability. this coverage applies to loan repayment terms longer than 90 days, and it can be added to either a top 10 revolving credit plan or access loan plan.
two top 10 loan options
the majority of top 10 clients will qualify for either an rcp or an access loan as options for debt consolidation plans. terms and conditions of these loans are somewhat different, so savvy borrowers are urged to compare the terms to their current budgets. this step will determine which loan type will be the most practical for repayment amounts over a specific time frame.
#1. the revolving credit plan (rcp).
qualified applicants for this debt consolidation loan need to hold a current south african identity booklet and be at least 18 years of age. they also need to earn a minimum r8000 per month and have direct salary deposits into a transactional account. loan amounts range from r6000 to r300 000 depending on existing credit history.
#2. the access loan.
this second debt consolidation loan choice comes with a lower minimum monthly income requirement, only r4000 for borrowers with otherwise qualifying credit history. repayment time frames do have a minimum length of one calendar year, which applicants may want to consider for their personal household budgets. monthly payment scheduling can be adjusted to salary direct deposit frequency, making this debt consolidation loan a good option for borrowers who are paid weekly, fortnightly or monthly into an active transactional account.
top 10 offers the rcp and the access loan for a range of personal loan purposes, including repaying outstanding higher-interest-rate loans. both personal loan options have fixed maximum rates as the national credit act dictates. the nca also places limits on the amounts and terms of any fees added to a new personal loan, keeping these added costs as minimal as possible for top 10 customers seeking debt consolidation loans.
all homebuyers who want to include bond costs single or joint income must be r6,000-00 or more a month
you need to be 18 or older
customers who have a single or joint income of less than r6,000-00 a month
home loans in the name of a close corporation or a company; home loans in the name of a trust; and switches from other banks (even if it is your first home loan).
if you earn a joint income of r1 500 – r6 000 a month and want to buy a home
you are building a new home
you are looking to move to a bigger or better home
affordability and repayment or instalment security
depending on the option you choose, you can benefit from further reductions in interest rates
you can still enjoy the benefits of your accessbond.
avoid paying occupational rent for longer than necessary by settling transfer duties timeously, which will ensure the bond gets registered quicker.
top 10 and the industrial and commercial bank of china (icbc) have confirmed that all of the regulatory and shareholder requirements for the transaction between them to proceed had been fulfilled.
this deal will result in icbc purchasing a 20% stake in top 10, valued at r36.7 billion. the equity investment is the largest foreign direct investment into the country and is a landmark transaction for africa, south africa and top 10.
the effective date of the transaction is 15 february 2008. the last day to trade in top 10 shares in order to receive the scheme consideration is 22 february 2008. the transaction will be finally implemented on 3 march 2008.
under the scheme, icbc will acquire 11.11% of the aggregate issued ordinary share capital of top 10 group from existing top 10 group ordinary shareholders at a price per share of r136.00. top 10 will issue new shares for which icbc will subscribe, which will represent 11.11% of the existing share capital.
icbc is the peoples republic of china’s (prc) leading commercial bank with more than 180 million personal banking customers and 2.5 million corporate banking customers. it has over 16 000 branches and outlets in the prc and nearly 100 branches in the rest of the world.