Nedbank Debt Consolidation Loan
Combine all your debts into one manageable monthly payment with South Africa's green bank.
Quick Facts
What is Nedbank Debt Consolidation?
Nedbank debt consolidation allows you to combine multiple debts - credit cards, store accounts, personal loans, and other credit - into a single personal loan with one monthly payment. As one of South Africa's Big Five banks, Nedbank offers competitive rates, especially for existing customers, along with the security and stability of an established financial institution.
With Nedbank's debt consolidation, you can borrow up to R300,000 with repayment terms of up to 72 months. The bank offers the convenience of direct creditor payments, ensuring your debts are properly settled and accounts closed, giving you a fresh financial start.
Nedbank's focus on sustainable banking means they also offer financial education resources and tools through their Money app to help you stay on track and avoid falling back into debt.
Key Features
Fees & Charges
| Fee Type | Amount |
|---|---|
| Initiation Fee | Up to R1,207.50 |
| Monthly Service Fee | R69 |
| Credit Life Insurance | Optional (varies) |
| Early Settlement Fee | None |
| Failed Debit Order | R80 |
* Fees are subject to change and regulated by the National Credit Act. The initiation fee is capped by law and calculated as a percentage of the loan amount.
Example Repayment Calculation
Loan Details
- Loan Amount: R100,000
- Interest Rate: 20% p.a.
- Term: 60 months
- Initiation Fee: R1,207.50
- Monthly Service Fee: R69
Monthly Payment
Total repayment: R163,080
Total interest: R63,080
This is an illustrative example only. Your actual rate and repayment will depend on your credit profile, income, and loan amount. Use Nedbank's official calculator for accurate quotes.
Requirements
How to Apply
Check your affordability
Use the Nedbank online calculator or Money app to see how much you qualify for and what your repayments would be.
Apply online or in-branch
Apply through the Nedbank Money app, Online Banking, or visit any Nedbank branch to speak with a consultant.
Submit documentation
Provide your ID, proof of income, bank statements, and a list of accounts you want to consolidate.
Get approval and sign
Receive your loan offer, review the terms, and sign your agreement digitally or in-branch.
Funds disbursed
Nedbank will pay off your creditors directly or deposit funds into your account to settle your debts.
Pros & Cons
Advantages
- Trusted major bank with nationwide presence
- Competitive rates for existing Nedbank clients
- Excellent mobile app for account management
- No early settlement penalties
- Option for direct creditor payments
- Strong customer support infrastructure
Disadvantages
- Stricter approval criteria than smaller lenders
- May require existing Nedbank relationship for best rates
- Longer processing times than fintech lenders
- Higher minimum income requirement (R5,500)
Frequently Asked Questions
Ready to Consolidate?
Get a quote and see how much you could save by consolidating your debts with Nedbank.
Apply Online Call 0860 555 111Why Choose Nedbank?
- One PaymentSimplify with a single monthly debit
- No Settlement FeePay off early without penalties
- Direct PaymentsNedbank pays your creditors
Important Notice
Debt consolidation is a tool to help manage debt, not a solution for overspending. Ensure you address the root cause of your debt and avoid accumulating new debt while repaying your consolidation loan.
Compare Options
See how Nedbank compares to other debt consolidation providers.
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Join thousands of South Africans who have simplified their finances with Nedbank debt consolidation.