Capitec offers credit in more than one form, and the differences matter. A personal loan is a fixed amount over a fixed term with set instalments. A credit facility is revolving: an approved limit you draw from and repay as needed. A credit card is different again.
Choosing between them is not a matter of preference. A fixed loan forces the debt down on a schedule; a revolving facility can sit at its limit indefinitely, which is convenient and, over time, considerably more expensive.
Eligibility Requirements at a Glance
The entry criteria are common across the credit range.
- Be 18 years or older
- Hold a valid South African ID document or smart card
- Have a regular, verifiable income paid into a bank account in your own name
- Hold a Capitec account, or open one as part of the application
- Not be under debt review, sequestration or administration
- Have a cellphone registered for verification
Income and Affordability Requirements
Whichever product you choose, the affordability rules are identical.
The Act requires an affordability assessment before credit is granted: the provider must verify gross income, subtract statutory deductions such as PAYE and UIF, subtract the minimum living expenses prescribed in the affordability assessment regulations, and subtract existing monthly debt repayments. Lending without that assessment is reckless lending and is prohibited.
Capitec verifies income from bank statements. If you bank elsewhere, three consecutive months of statements are needed; if your salary is paid into a Capitec account, the bank can already see it.
Fixed loan or revolving facility. A fixed loan has a defined end date and a total cost you can calculate in advance. A revolving facility has neither, because the balance depends on your behaviour. If the purpose is a specific once-off need, the fixed loan is almost always the better instrument. Revolving credit suits genuinely fluctuating needs, and only if you clear it regularly.
Credit and Financial Requirements
Your credit bureau record determines approval and the personalised interest rate, which Capitec quotes individually within the maximums the National Credit Act allows for unsecured credit.
The agreement is regulated by the National Credit Act 34 of 2005 and the provider must be registered with the National Credit Regulator (NCR). Verify registration free of charge at ncr.org.za before you sign.
Unused available credit counts against you across all applications, including at other lenders. An open revolving facility you never draw on still reduces what you qualify for elsewhere.
Credit life insurance is standard on unsecured lending and settles the outstanding balance on death, permanent disability or retrenchment. You may substitute your own policy of equivalent cover; ask for the premium quoted separately.
Documents and Verification Required
Requirements are lighter for existing clients whose salary is paid into a Capitec account.
- South African ID document or smart card
- Latest salary slip
- Three consecutive months’ bank statements, if you do not bank with Capitec
- Proof of residence, where requested
- For self-employed applicants: six months’ statements and financial statements
How to Apply and Improve Approval Readiness
Apply through the Capitec app, on capitecbank.co.za, or at a branch. The app route is fastest for existing clients because income is already visible to the bank.
- Choose a fixed loan for a specific once-off need
- Draw your free annual credit report from each bureau and dispute errors first
- Close revolving facilities you never use — at Capitec and elsewhere
- Ask for the total repayable amount, not just the instalment
- Take the shortest term you can comfortably afford
- Avoid several credit applications in a short window
Frequently Asked Questions
What is the difference between a loan and a credit facility?
A loan is a fixed amount over a fixed term with a known total cost. A facility is a revolving limit with no end date, which can remain drawn indefinitely and cost more over time.
Do I need a Capitec account?
Yes for its credit products, though you can open one as part of the application. Non-clients must supply three months of statements from their own bank.
Can I settle early?
Yes. Request a settlement quotation. Settling early reduces the interest and fees payable over the remaining term.
Does an unused credit facility affect other applications?
Yes. Available credit you never draw still counts as exposure when other lenders assess you. Closing dormant facilities can help.
Product features, maximum amounts and rates are set by the bank and change over time. Confirm the current criteria with Capitec and read the pre-agreement quotation before signing.