Old Mutual loans requirements depend on which of its four loan products you apply for. The personal loan sets the entry point at R2 500 a month, and the debt consolidation loan is applied for in much the same way; the revolving loan asks for more (R4 000 a month, and repaid before age 55); and the Old Mutual home loan is assessed on household income of at least R32 001 a month plus the property itself.
The three unsecured products also require you to be at least 18 and a South African citizen. Choosing the right product first saves you a declined application and an unnecessary credit enquiry.
Eligibility Requirements at a Glance
Here is how the published minimums compare across the range of Old Mutual loans:
- Personal loan (R2 000 to R250 000, 3 to 72 months, fixed rate): 18 or older, SA citizen, R2 500+ a month, term ends before age 60, permanent employment with the same employer for 3 months (12 months for terms over a year).
- Debt consolidation loan (up to R250 000, 3 to 72 months): 18 or older, SA citizen, the same documents as a personal loan, plus a list of the accounts you want settled.
- Revolving loan (credit limit R6 000 to R250 000): 18 or older, SA citizen, R4 000+ a month, term ends before age 55.
- Home loan (up to 100% of the property value, up to 25 years): a residential property in South Africa you are buying or already own, combined gross household income of at least R32 001 a month, a property value of at least R650 000 and a loan of R450 000.
One restriction links the products: once you take up a revolving loan, Old Mutual will not grant you another long-term personal loan, although an existing personal loan can run alongside it. Only one revolving loan is allowed at a time.
For the full personal loan checklist, including the employment-tenure rules and first-time borrowers, see our Old Mutual loan requirements guide.
Income and Affordability Requirements
Each product tests affordability in its own way:
- Personal and consolidation loans are priced on your affordability and credit profile, at a fixed rate with a published maximum of 28% a year. You repay fixed instalments for the whole term.
- Revolving loans have no end date, but the fixed instalment is calculated as if over 60 months. The maximum rate is the repo rate plus 14%, and interest is charged only on what you draw.
- Home loans follow a general rule that the bond repayment may not exceed 30% of gross monthly income. Another applicant’s income can be added, and all parties to a joint bond are assessed. The rate is variable, linked to JIBAR, and can change quarterly.
Consolidation is where affordability is easiest to misjudge. Spreading several short debts over one longer term lowers the instalment but can raise the total you pay in interest and fees, so Old Mutual itself advises keeping the consolidation term as short as you can afford.
Credit and Financial Requirements
Old Mutual personal, consolidation and revolving loans are provided by Old Mutual Finance (Pty) Ltd, a registered credit provider (NCRCP35), and every one is subject to a full credit assessment. Beyond the credit check, these are the cost and cover conditions you sign up to:
- Initiation fee on a new personal loan: R165 plus 10% of the amount above R1 000, capped at R1 050 (excluding VAT). The revolving loan’s initiation fee varies with the credit limit.
- Monthly fee: R60 excluding VAT on personal loan accounts; R69 a month on revolving loans.
- Credit life insurance: compulsory on personal loans of 12 months or longer and on all revolving loans. You may use your own policy if it gives at least equivalent cover.
- Home loan security: a bond registered over the property, with Old Mutual assessing your credit history, repayment ability and the property’s value. If you are married in community of property, both spouses’ credit records count.
Old Mutual’s representative example for a personal loan: R5 000 over 3 months costs R6 204.91 in total, made up of R348.16 interest, a R649.75 initiation fee and a R69 monthly admin fee (the fee amounts in the example include VAT).
If you are already missing payments, Old Mutual notes your score may be too low for a consolidation loan and that debt counselling may be the better route.
Documents and Verification Required
The unsecured products share a core pack, with small differences:
- Personal and consolidation loans: ID document, latest payslip, and three months’ bank statements not older than seven days. For consolidation, also the details of each account to be settled.
- Revolving loan: a valid SA ID, a payslip not older than one month, and bank statements for the last three months showing three consecutive monthly salary deposits, not older than seven days.
- Home loan: a copy of your ID, the offer to purchase, the latest municipal rates and utility statement (and levy statement where applicable), your marriage certificate or antenuptial contract if married, and proof of income and bank accounts. A property finance consultant confirms any extras for your employment type.
How to Apply and Improve Approval Readiness
Each Old Mutual loan has its own application channels:
- Personal loan: online on the personal loans page, via WhatsApp on 0860 933 333, by phone on 0860 000 866, or at a branch.
- Debt consolidation loan: online on the consolidation loans page, at a branch, or on 0860 000 866.
- Revolving loan: at a branch, by requesting a call back on the revolving loan page, or on 0860 445 445.
- Home loan: through the home loans page; Old Mutual appoints a property finance consultant to guide the application.
Know how repayment works before you sign:
- Personal loan debit orders run on your pay date. If the loan pays out within 14 days of your next salary date, the first debit order is deferred to the following month; if it pays out more than 14 days before, the first one runs that same month.
- Revolving loan funds are drawn through the Old Mutual Finance website, a branch or the Service Centre, and usually reach your primary account in about 30 minutes (up to 48 hours over weekends and public holidays).
- Miss an instalment and a warning SMS is sent during a 5-day grace period. After that, a revolving loan is suspended and you cannot draw funds, though fees still accrue.
- Home loan registration at the Deeds Office typically takes 8 to 12 weeks after lodgement.
Frequently Asked Questions
Which Old Mutual loan should I apply for?
Use a personal loan for a once-off expense with a fixed payoff date, a consolidation loan to replace several existing debts with one instalment, a revolving loan if you want reusable access to credit, and a home loan to buy, switch or refinance a residential property.
Can I settle an Old Mutual loan early?
Yes. Old Mutual confirms you can pay a personal or consolidation loan off before the agreed term, saving on the remaining interest and fees. To settle and close a revolving loan, contact a branch or the Service Centre on 0860 445 445.
Can I pay an instalment at a branch?
If you are in arrears, yes, with a debit card (not a credit card). The minimum branch payment is R50, and at most two instalments can be paid this way.
How do I get my loan statement?
Visit a branch or call 0860 445 445. Revolving loan statements and balances are also on the Old Mutual Finance website.
Can I increase my revolving loan limit?
Not directly. Old Mutual says you would have to settle and close the existing revolving loan and, if eligible, apply for a new one with a higher limit.
Can I switch my existing home loan to Old Mutual?
Yes, switching and refinancing are covered. Your current lender may charge cancellation fees, and Old Mutual advertises a discount of up to 50% on bond registration attorney fees through its approved attorneys (terms apply).
Rates, fees and limits on Old Mutual loans can change without notice. Confirm current terms on each product page or with the Old Mutual Service Centre on 0860 445 445 before applying.
See loan requirements and browse all finance and funding requirements.