How can I qualify for a bank loan in South Africa?
Now that the National Credit Act has been created, South African banks are subject to very strict approval procedures when assessing potential applicants. This means that a number of restrictions apply to who may and may not qualify for a bank loan in South Africa. You generally need the following to apply for a loan successfully:
- Be over 18 years old
- Have a South African ID umber
- Have a good credit score, and no pending judgements
- Full-time employment
- A sufficient nett salary to make monthly repayments
- A relatively low amount of (or zero) existing debt