January 16, 2018

Nedbank loans for first time applicants

Applying for a loan for the first time can be confusing, but banks do their best to make it easy for you. Nedbank loans for first time applicants have been developed to give you flexibility when it comes to repayment. This means getting installments that best suit your budget.

When you apply for Nedbank loans, you need to keep the following in mind:

  • Ensure that you have regular income to repay the loan.
  • Use the loan calculator available on the Nedbank website to find out how much money you qualify for, what the interest rates are and your monthly repayment installments based on the repayment period.
  • If you have previously been blacklisted by financial providers, your chances of getting a loan from Nedbank are less, but not impossible.
  • If you have a bad credit history, you may need to pay higher interest rates because you are a risky borrower.

When you make an application to Nedbank for a loan, they will need a few documents, which include:

  • Your latest 1 to 3 month bank statements from the bank where your salary is paid into.
  • Your latest payslip.
  • Your South African bar-coded ID book, or a valid work permit if you are a foreigner.
  • Proof of residence in the form of a bill no older than 3 months.

This information is required for several reasons. These include running a credit check, assessing income and expenditure, providing proof that you are employed and so have a regular income, as well as assessing the amount of money you qualify for based on this information.

However, if you are applying for a vehicle loan, study loan or business loan, you will need to provide specific supporting documentation required by Nedbank.

Included in your monthly installments will be the money borrowed, interest, administration fees and insurance in the form of loan protection cover. This is why the total amount you pay after all your installments have been paid will be more than the amount borrowed.
Nedbank loans are suitable for first time borrowers because of their flexibility. In addition, the knowledgeable consultants will give you advice on the best loan terms and options for your individual circumstances. At Approved we are able to facilitate your application from start to finish and with our expert assistance you can truly rest easy. Contact us today.

IMPORTANT: We do not give out financial advice. We operate an online referral service and we forward on all your requests and applications to qualified licensed third parties with whom we have pre-arranged agreements. You will deal directly with these advisers. We may also receive remuneration or commissions from these third parties for referring you to them. Remember to seek independent financial and legal advice from a qualified person before entering into any binding financial transactions.
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