Types of bank loans in South Africa
The credit market has grown dramatically over the last few decades, with banks making great strides in the variety of loans and personal service they are able to offer their clients. Among the types of bank loans available to consumers in South Africa, three are the most commonly sought: Personal loans, home loans, and vehicle financing. Where most consumers are simply unable to purchase a new car or home out of their own pockets, personal loans are more flexible, in that the consumer can put the money to any use they see fit. The minimum requirements for a bank loan are usually South African ID and proof of income.