What are bank loan repayment terms in South Africa?
The repayment terms offered to a consumer will depend on the type of loan that they have applied for as well as the interest rate offered by the financial providers. The amount you will qualify for depends on your monthly income and your credit risk, which will be determined by the bank upon checking your score with the credit bureau. Generally, interest fluctuates between 9% and 20% and repayment terms span between 12 and 60 months, with reduced repayment amounts sometimes being applicable when the consumer pays in excess of the minimum required amount. Be sure to read your repayment terms thoroughly before committing to your loan.