Revolving Loans
- Borrow up to R250 000
- Make additional payments whenever you want to
- Get access to credit without having to reapply
- Control how much you withdraw
- Earn Rewards points
Once your revolving loan has been approved, you don’t need to apply for credit again. As long as you keep up with minimum repayments, you can withdraw funds again by using the personal loans portal on the Old Mutual website to transfer money to your primary account.
Log into the Old Mutual portal and follow the prompts.
You can apply at your nearest Old Mutual branch, get a call back, or contact us on 0860 445 445. You will need to bring the following documents with you:
- A valid South African identity document
- Latest payslip not older than one month
Three months' bank statements not older than 7 days showing salary deposits for three consecutive months
Besides ensuring that you have access to credit when you need it, a Revolving Loan also allows you to earn Old Mutual Rewards points just by keeping up with repayments and having a debit order on your Money Account. And if you only need one more Old Mutual product to go up a Rewards tier, you will be bumped up a tier and earn even more Rewards points when you make repayments.
Whatever your need, there’s a loan for that. Whether you need to finance a dream home, consolidate your credit accounts, or pay for unforeseen expenses, there's an Old Mutual loan that can help turn your goals into reality.
- A personal loan is a once-off lump-sum amount of money that you borrow and pay back in fixed monthly instalments with fixed interest rates.
- A revolving loan is a flexible line of credit that gives you ongoing access to funds up to a set 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 your other credit accounts and leaves you with just one loan account to make repayments on.
- You need to be at least 18 years old
- You need to be a South African citizen
- You need to earn at least R4 000 per month
- The term of your loan must end before you turn 55 years of age
- A valid South African identity document (ID).
- Latest payslip not older than one month.
- Your bank statements for the last three months indicating three consecutive monthly salary deposits (the statements must not be older than 7 days).
- The minimum revolving loan amount you can apply for is R6 000
- The maximum revolving loan amount you can apply for is R250 000.
- Once-off initiation fee - The once-off initiation fee is linked to the loan amount. The amount will vary depending on the size of the Revolving Loan.
- Monthly administration fee - A standard monthly administration fee is applied to all revolving loan accounts and is charged on a monthly basis at R69.
- Old Mutual website.
- Service Centre – Customers can call us on 0860 445 445.
- Branch - Customers can visit their nearest Old Mutual branch.
- National: 0860 445 445
- International: 021 533 0030
A revolving loan is a financial product that gives you access to credit that can be withdrawn as funds when needed so long as the account holder keeps up with repayments. In this way, revolving loans are similar to credit cards or overdrafts, which can be withdrawn from and repaid repeatedly.
You can apply at your closest Old Mutual branch, get a call back, or via our call centre on 0860 445 445.
Old Mutual Revolving Loan requirements:
A revolving loan gives you access to your money whenever you need it without having to reapply for credit, as long as you are not in default under the revolving loan agreement or any other Old Mutual credit agreement. Only pay what you use.
Step 1: Approval of your credit limit:
These amounts are subject to change without prior notice.
Step 2: Withdraw and repay your funds whenever you need, with interest only charged on the amount of credit you use. The money you repay becomes available again.
Step 3: You must pay your minimum each month.
Step 4: You don’t need to reapply for a loan. You have access to the full approved loan amount whenever you need it with your revolving loan from Old Mutual.
The cost of a revolving loan depends on the approved loan amount. Interest is calculated monthly on the outstanding balance, with a maximum interest rate of repo + 14%. In addition, there are once-off initiation and monthly admin fees. The fixed instalment is calculated based on a 60-month term, even though the revolving loan itself has an indefinite term.
Your revolving loan consists of the following initiation and administrative costs:
Once your revolving loan has been approved, the amount you have selected to be paid out will be paid into your primary bank account.
Access to the credit is granted via the Old Mutual Finance website. You can transfer money from your Revolving Loan to your primary bank account using one of the following methods:
No, it will be paid into a customers primary bank account out.
No, approval is not required to payout funds again. The funds are readily available for payout through the Old Mutual Finance website, depending on your available credit. Alternatively, you can visit an Old Mutual branch to transfer funds.
Your revolving loan will be paid into your primary bank account.
The Old Mutual Finance website will display the credit available to you. This amount is calculated as the total credit limit approved minus the total outstanding balance.
Payout of funds usually takes 30 minutes but can take up to 48 hours over weekends and public holidays.
Debit orders are collected from the bank account where your salary is paid into.
Yes, a revolving loan can be used to settle or consolidate an existing loan.
You can have an existing personal loan along with a revolving loan. However, once you take up a revolving loan, you will not qualify for another long-term Old Mutual Personal Loan.
Currently, it is not possible to have more than one revolving loan.
You can view your statement and balance on the Old Mutual Finance website, request it from an Old Mutual branch, or call the Service Centre.
The application for a revolving loan impacts your credit score similarly to that of a personal loan. The approved credit limit is reported to the Credit Bureau, and any payments and arrears are also communicated to the Credit Bureau.
Currently, it is not possible to increase the revolving loan limit. However, if eligible, you can settle and close an existing revolving loan and apply for a new one with a larger credit limit.
You can access the revolving loan funds once you receive an SMS confirming that the revolving loan is reactivated. These SMS notifications are sent every hour between 7am and 7pm.
The Service Centre can make arrangements for arrears 0860 445 445.
To close or settle a revolving loan, you need to contact your nearest Old Mutual branch or get in touch with the Service Centre to make the necessary arrangements.
Yes, credit life insurance is compulsory for a revolving loan. Credit life is an insurance policy that provides cover in respect of your loan in events such as death, disability or retrenchment.
A revolving loan is repaid through a monthly debit order from your primary bank account.
You are required to repay the revolving loan in fixed monthly instalments. If the outstanding balance is less than the agreed fixed monthly instalment, you must pay the full outstanding balance.
Example: Let's say the available revolving loan amount is R100 000 with a specific monthly instalment mandate of R5 000. If you only use R3 000 this month, your bank account will be debited with R3 000 plus interest and fees on your agreed payment date. If you use an amount above R5 000 (for example R60 000), your bank account will be debited with the mandated amount of R5 000 (inclusive of interest and fees) on your agreed payment date. If you use R5 500, your account will still be debited by R5 000 (inclusive of interest and fees).
If you miss a payment on any Old Mutual loan, including a revolving loan, a warning SMS will be triggered within the grace period, which is 5 days from the due date of the instalment. However, if the grace period lapses and the payment remains unpaid, you will be considered in arrears and your revolving loan will be suspended.
You will receive an SMS notification informing you of the suspension. During this time, you will not be able to access or payout/transfer further funds from the revolving loan. It's important to note that you will still be liable for any fees due, even though you cannot access additional funds.
If you suspend a DebiCheck mandate on any Old Mutual loan, access to available funds will be suspended. You will receive an SMS notification, and you will still be liable for fees due, even though you will not be able to disburse further funds.
To reinitiate a suspended DebiCheck mandate, customers need to visit their nearest Old Mutual branch or contact the Service Centre.
Learn more about DebiCheck.
For any queries related to your revolving loan, please contact the Service Centre.
Customers can also reach out via email at OMFClientServices@oldmutual.com. Alternatively, you can visit your nearest Old Mutual branch for assistance.
For the Old Mutual Revolving Loan Terms & Conditions, please refer to the following link:
Old Mutual loan offerings are made available through Old Mutual Finance (Pty) Ltd, a Licensed Financial Services and Registered Credit Provider (NCRCP35). Ts & Cs apply.Old Mutual Rewards (Pty) Ltd. is a company in the Old Mutual Group. Terms, Conditions and Programme Rules apply.
Some recommended reading to help you understand loans, credit and credit scores.