Nedbank Personal Loan
Money management made easy with Greenbacks
Nedbank offers personal loans with competitive rates and their Greenbacks rewards program. If you're already a Nedbank customer, you could get pre-approved offers with minimal paperwork.
With loan amounts up to R300,000 and flexible terms, Nedbank is a solid choice for debt consolidation, home improvements, or financing life events.
Quick Facts
Loan Amount
R2k - R300k
Based on affordability
Repayment Term
12 - 72 Months
Up to 6 years
Interest Rate
From 12%
Variable rate linked to prime
Key Features
Greenbacks Rewards
Earn Greenbacks on your personal loan that you can redeem for airtime, shopping, or cash back.
Pre-approved Offers
Existing Nedbank customers may have pre-approved loan offers waiting in the app - no documents needed.
Money App Integration
Manage your loan, track payments, and make additional payments through the Nedbank Money app.
Debt Consolidation
Combine multiple debts into one manageable payment with potentially lower overall interest.
Interest Rates & Fees
| Fee Type | Amount |
|---|---|
| Interest Rate | From 12% - 27.75% p.a. (prime-linked) |
| Initiation Fee | Up to R1,207.50 (once-off) |
| Monthly Service Fee | R69 per month |
| Credit Life Insurance | Included (compulsory) |
* Variable rates move with prime. Your actual rate depends on your credit score and banking relationship.
Example: What Will You Pay?
Here's an example of a R60,000 loan over 48 months at 15% interest:
Loan Breakdown
* Use Nedbank's online calculator for an accurate quote based on your profile.
Requirements to Qualify
Basic Requirements
- South African citizen or permanent resident
- 18 years or older
- Permanently employed
- Minimum income of R5,000 per month
- Good credit record
Documents Needed
- Valid SA ID document
- Latest payslip
- 3 months bank statements
- Proof of residence
* Pre-approved Nedbank customers may not need documents
How to Apply
Nedbank Money App (Fastest)
Check for pre-approved offers in the app. Go to Products > Apply > Personal Loan.
Online Banking
Log into Nedbank Online and navigate to Apply > Personal Loan to see available offers.
Website
Visit nedbank.co.za and use the loan calculator. New customers can start applications online.
Branch / Call Centre
Visit any Nedbank branch or call 0860 555 111 to apply with assistance.
Pros and Cons
Pros
- Competitive rates from 12%
- Greenbacks rewards on your loan
- Pre-approved offers for customers
- Excellent app for loan management
- Large branch network
- Credit life insurance included
Cons
- Higher minimum income (R5,000)
- Variable rate can increase
- Monthly service fee of R69
- Best rates require Nedbank account
- Strict credit requirements
Important Information
- • Nedbank is a registered credit provider (NCRCP 16).
- • Variable interest rates change when the Reserve Bank adjusts the repo rate.
- • You have 5 business days to cancel without penalty.
- • Never pay an upfront fee to secure a loan - this is a scam.
Frequently Asked Questions
How do I check for pre-approved offers?
Log into the Nedbank Money app and go to Products > Apply. If you have a pre-approved offer, it will show your available amount and rate.
Can I consolidate debt with Nedbank?
Yes, Nedbank offers debt consolidation. They can pay your other creditors directly and combine everything into one monthly payment.
How do Greenbacks work on loans?
You earn Greenbacks based on your loan value and repayment behaviour. These can be redeemed for airtime, shopping, or cash back into your account.
Can I make extra payments?
Yes, you can make additional payments anytime through the app or online banking. This reduces your balance and total interest paid.