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Getting a loan is very vital for those who have different tasks at hand to accomplish. A loan will help you give you that financial boost you need for your house renovation, your car payments, or for your debt consolidation. However, you need to submit some documents before these banks can approve your loan.

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The type of requirements you need depends on your working category (employed or self-employed).

If you are an employed individual:

❖ Proof of income: your latest salary advice.

If you earn commission or overtime, please provide the latest three salary advice (for both applicants if applicable).

❖ Latest three months personal bank statements (for both applicants if applicable).

❖ Personal Assets & Liabilities Statement for loan amounts over R1 500 000.

❖ Copy of your ID document (for both applicants if applicable).

❖ Copy of Marriage Certificate or ANC Contract (if applicable)

If you are a self-employed individual:

● Proof of income: Letter of Drawings from an Accountant (for all applicants if applicable).

● Latest six months personal bank statements (for all applicants if applicable).

● Personal Assets & Liabilities Statement.

● Latest six months business account bank statements.

● Latest two years’ Annual Financial Statements.

● Where Annual Financial Statements are older than six months to date, current Management Accounts not older than two months signed by the applicant and accountant must be provided in addition to the Annual Financial Statements.

● Copy of your ID document (for all applicants if applicable).

● Copy of Marriage Certificate or ANC Contract.

● Copy of Registration Documents or Trust Deed.

If you can provide these requirements, you should get a loan from some of the banks listed below.

You should know that these requirements may vary from bank to bank.

If you aren’t employed, it might be tough to get a loan because there’s no way for the banks to evaluate your ability to pay back.

Now that we’re done with the requirements section, let’s move on to the banks that offer the best low-interest personal loans:


As of 2013, Absa is British owned and part of the Barclays Group.

It is a well-known bank in South Africa with a good reputation.

A personal loan from Absa will have an offer available for a Credit Protection Plan offered by Absa.

Absa also makes opportunities available for loan holders to make extra payments during the loan to pay off the debt faster.

This allows less interest to accumulate on debt.


Nedbank is a South African owned Bank. It has a good track record in South Africa.

If you want to get a Nedbank personal loan, you only need to follow these requirements.

● To be permanently employed or employed under a contract or be self-employed.

● To earn a net salary of at least R3 500 a month, with a minimum basic wage of R3 500 a month deposited electronically into your bank account.

● Your valid barcoded South African identity document or smart card ID.

● Your most recent payslip(s) for one month or your letter of employment if you are a contract worker.
● Your stamped bank statements for the last three months (reflecting your salary).

● Your proof of residence, such as a utility bill or any statement of account.

African Bank

African Bank personal loans are a favorite for many South Africans.

African Bank is a locally controlled bank, and it is currently under the curatorship of the South African Reserve Bank.

African Bank has an offer called “Choose your Break.”

Personal loans at African Bank that qualify can choose a break from payment for a month.

These banks are some of the best in the country, and they offer the best personal loans for any working-class citizen.

You should be able to find suitable loan plans with them.

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