What do bank loan applications require in South Africa?
Many consumers who are searching for their first loans are worried about what bank loan applications require in South Africa. These criteria may vary, but there are generally a few documents you may need when applying for your loan to prove that you meet the requirements of the lender. These are:
- A green, bar-coded ID to prove that you are a South African Citizen 18 years or older
- Your most recent payslip for proof of employment
- A three-month bank statement to show your current income and expenditure, and prove that you can afford the monthly loan repayments