What are bank loan repayment terms in Cape Town?
Every consumer who applies for a loan and is approved will be required to sign a contract of agreement with their bank stating that they understand and will comply with the terms of the loan. Bank loan repayment terms in Cape Town set out terms applicable to the interest rate, period of repayment, and consequences of defaulting, to name a few. The interest rate you are offered on your loan will depend on your personal risk profile, which varies from consumer to consumer based on their credit score and income level. Always try to repay your loan over the shortest term possible to reduce debt.