Nedbank’s personal loan is an appealing option for South Africans seeking flexible, affordable credit. You can borrow between R2,000 and R400,000, with repayment periods from 6 months up to 84 months. Interest rates are personalised, starting from 10.5% depending on your credit rating and history; most customers pay rates between 18% and 28%. If you bank with Nedbank and pay via your account, you receive R200 cashback for every on-time payment—enhancing the loan’s overall value.

How to Apply: Step by Step

1. Complete the online loan application form, providing your ID, bank statements, and proof of income.
2. If you prefer, request a callback and a consultant can guide you through the entire process.
3. Alternatively, if you’re a Nedbank user, use the Money App or online banking to apply instantly and upload required documents.

Pros

The R200 monthly cashback on successful repayments is a notable benefit, offering real savings over your loan term. The application process is convenient and digital, or accessible through the app or by phone, making it user-friendly for different preferences. Another key advantage is transparent pricing—loan conditions and rates are clearly disclosed upfront, so there are no surprising charges.

Cons

Interest rates can be as high as 29.25% APR, especially for those with weaker credit profiles. While the loan consolidation option can be useful, it may not suit all borrowers, depending on their existing debts and repayment capacity. Additionally, the monthly service fees and initiation fees can add to the total loan cost if you borrow a higher amount.

Verdict

Nedbank’s personal loan stands out for its generous credit limits, flexible terms, and cashback incentive. If you are a responsible borrower and manage your repayments well, this loan can be a rewarding and cost-effective choice. However, always review the total cost, including fees and your actual offered interest rate, before signing up.