Personal Loans
Calculate the total cost of a personal loan
Payment options range from 3 to 72 months. Interest is calculated monthly. A once-off initiation fee and admin fees apply. The maximum interest rate is 28% annually. Below is a representative example of the cost of a personal loan.
Loan amount: R5 000
Loan term: 3 months
Total interest payable over loan period: R348.16
Once-off initiation fee: R649.75
Monthly admin fee: R69
Total amount payable: R6 204.91
A personal loan is a once-off lump sum of money which you borrow and then pay back in fixed monthly instalments over a set term, typically at a fixed interest rate.
While a revolving loan is a flexible form of credit that allows you to borrow, repay, and borrow again up to your approved credit limit. Unlike a personal loan, which provides a one-time lump sum, revolving loans offer continuous access to funds without needing to reapply each time you want to borrow.
To qualify for a personal loan at Old Mutual, you need to be at least 18 years old and a South African citizen. You will also need the following to apply.
- ID document
- 3 months' bank statements not older than seven days
- Latest payslip
Whatever your need, there’s a loan for that. Whether you need to finance a dream home, consolidate your credit accounts, or pay for an unforeseen expense, there's an Old Mutual loan that can help turn your goals into reality.
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Knowing your credit score helps you take better control of your financial future. Get your free credit report at your nearest Old Mutual branch or online with our CreditView tool.
We answer frequently asked questions about Old Mutual Personal Loans.
- With a personal loan, you can borrow between R2000 and R250 000
- Loans are repaid over a period between 3 and 72 months
- Interest rates are fixed. This way you know what your instalment will be for the duration of the repayment period irrespective of any changes in the repurchase rate set by the Reserve Bank.
- A personal loan is a once-off, lump-sum amount of money that you borrow and pay back in fixed monthly instalments, usually with fixed interest rates.
- A revolving loan is flexible credit that gives you ongoing access to funds up to a certain limit. You can borrow money, repay it, and then borrow again whenever you need it without having to apply for a new loan again.
- A debt consolidation loan is a type of loan that combines multiple debts into a single loan. This allows you to close other credit accounts and leaves you with just one loan account to make repayments on.
- Interest – your interest rate will depend on your affordability and personal credit profile. The maximum interest rate is 28%.
- Monthly service fee – a standard monthly service fee of R60 (excluding VAT) is applied to all loan accounts.
- Credit life premium – a credit life premium is charged monthly (for loan terms of 12 months and longer). This premium is based on the Rand value of your loan at the time of application.
- Initiation fee – a once-off initiation fee is applied to new loans. This is R165 plus 10% of the loan amount in excess of R1,000 (capped at R1,050 excluding VAT).
- You need to earn at least R2500 per month
- You need to be between the ages of 18 and 60 years old
- You need to be a South African citizen
- To apply for a loan, you need to have been permanently employed at the same employer for at least 3 months
If your loan application is successful, we will pay out the loan within 24 hours* after it has been approved.
*Disbursement times may vary
Requesting multiple loan quotes in a short period of time may impact your credit score.
Old Mutual loan requirements:
Customers use the online calculator at their own discretion and accept that calculations are estimates. Old Mutual Finance gives no warranty, express or implied, regarding the accuracy of such estimates and does not accept any liability for loss or damage of any kind whatsoever, which may result from the use and/or reliance of estimates provided by the calculator. All loans are subject to a full credit assessment.
Old Mutual loan offerings are made available through Old Mutual Finance (Pty) Ltd, a Licensed Financial Services and Registered Credit Provider (NCRCP35). Terms and conditions apply.
Payment options range from 3 to 72 months. Interest calculated monthly. A once-off initiation and admin fees apply. The maximum interest rate is 28% annually. Representative Example: Credit of R5 000 borrowed for 3 months. Total interest payable over loan period: R348.16. Once off initiation fee: R649.75. Monthly admin fee R69. Total Amount Payable: R6 204.91.
*Extending your loan term lowers your monthly instalments, but it also results in you paying more interest and fees over the life of your loan. Use the online debt calculator to calculate the total cost of your loan.
Customers use the online calculator at their own discretion and accept that calculations are estimates. Old Mutual Finance gives no warranty, express or implied, regarding the accuracy of such estimates and does not accept any liability for loss or damage of any kind whatsoever, which may result from the use and/or reliance of estimates provided by the calculator. All loans are subject to a full credit assessment.
Old Mutual loan offerings are made available through Old Mutual Finance (Pty) Ltd, a Licensed Financial Services and Registered Credit Provider (NCRCP35). Terms and conditions apply.
Payment options range from 3 to 72 months. Interest calculated monthly. A once-off initiation and admin fees apply. The maximum interest rate is 28% annually. Representative Example: Credit of R5 000 borrowed for 3 months. Total interest payable over loan period: R348.16. Once off initiation fee: R649.75. Monthly admin fee R69. Total Amount Payable: R6 204.91.
*Extending your loan term lowers your monthly instalments, but it also results in you paying more interest and fees over the life of your loan. Use the online debt calculator to calculate the total cost of your loan.