Old Mutual Personal Loan
Get loans from R2,000 – R250,000 with terms from 3 to 72 months and a fixed interest rate of up to 28%. Quick digital process and clear costs.
Old Mutual’s personal loan offer is designed to provide South Africans with quick access to funds for emergencies, opportunities or home improvements. With flexible loan amounts ranging from R2,000 up to R250,000 and repayment terms between 3 and 72 months, it serves a wide range of needs. The interest rate is fixed, up to a maximum of 28% per annum, making it easier to plan monthly repayments. There are also a once-off initiation fee and a monthly administration fee, both explained upfront so you have clear cost visibility.
How to apply for an Old Mutual Personal Loan
- Check that you are a South African citizen, aged 18 or older, earning at least R2,500 per month and employed for at least three months.
- Get your ID, three months’ bank statements and your latest payslip ready.
- Apply online, at a branch, on WhatsApp or over the phone.
- Wait for your application to be assessed for affordability and approval.
- Once approved, funds are typically paid out within 24 hours.
Pros of Old Mutual Personal Loan
One major advantage is the broad range of loan sizes and repayment terms, giving customers flexibility according to individual needs. The fixed interest rate allows you to budget with confidence, as your instalments stay the same throughout the term.
Old Mutual also highlights responsibility by conducting affordability checks, aiming to grant loans only if the repayments are manageable for customers. The application process is modern and quick, offering multiple channels including online and mobile.
Cons of Old Mutual Personal Loan
There are some fees to consider: the initiation fee and monthly admin fee can add to the total cost of the loan, especially for smaller loan amounts. The maximum interest rate of 28% is on the higher side if your credit profile is not strong.
Additionally, eligibility criteria such as formal employment may exclude informal sector earners, and applications may be declined based on affordability or credit checks.
Verdict: Should You Apply?
If you need a transparent personal loan with flexible terms and fast payout, Old Mutual stands out as a reputable option in South Africa. Make sure you understand all costs involved and check eligibility carefully before proceeding. The application experience is simple and the lender is trusted, so it’s a valid choice for urgent yet sensible borrowing.
