Capitec Student Loan

Capitec was founded in 2001 in Stellenbosch, South Africa by four businessmen who recognised the need for a more accessible and inclusive banking system.

Initially, the company offered only savings accounts and unsecured loans to low-income earners, but it quickly expanded its product offerings to include a wide range of financial services.

Over the years, it has grown to become one of the largest retail banks in South Africa, serving over 15 million customers with more than 850 branches and 6,000 employees across the country.

The bank has received numerous accolades for its innovative business model and commitment to financial inclusion, and it has been recognized as the best bank in South Africa by many industry experts.

How Capitec has evolved over the years

As expected by such a large FSP, its products and services have continued to evolve to ensure your changing needs are met. In the beginning, they offered only savings accounts and unsecured loans to low-income earners, but quickly expanded to include a wider range.

Today, they offer personal loans, home loans, credit cards, insurance, and investments, among other products.

Throughout its history, it has remained committed to its founding mission of providing accessible and affordable banking services to all South Africans, and it continues to innovate and expand.

Current position in the baking industry

Capitec has grown to become one of the largest retail banks in South Africa, with a market share of over 10% in the country's banking industry. Its success can be attributed to its focus on providing simple and affordable banking products and services that are accessible to all.

It has also leveraged technology to make banking more convenient for its customers, with a range of digital banking services that allow customers to manage their finances from their mobile devices.

With over 15 million customers, more than 850 branches, and 6,000 employees,  it’s well positioned to continue its growth and expansion in the years to come.

You can access a student loan if you’re registered at any accredited tertiary institution in the country.

The loan can be used to cover tuition fees, textbooks, accommodation, and other study-related expenses. You’ll enjoy competitive interest rates and flexible repayment terms, with loan amounts ranging from R1,000 to R500,000.

Student loan repayment terms

You can choose to repay the loan over 1 month to 84 months, depending on the loan amount and your affordability.

How is the interest rate calculated?

Capitec's student loans come with competitive rates, calculated based on the prime lending rate. The rate will depend on a variety of factors, including the amount borrowed, the repayment period, and your creditworthiness.

Rates are fixed for the duration of the loan, which means that your monthly payments will remain the same throughout the repayment period.

They also offer you a 1% interest rate discount if maintain an average of 60% or higher in your studies. The student loan interest rates are competitive and can help you finance your education in a way that’s affordable long-term.

Summary of Capitec’s student loans

• Loan amount: R1,000 to R500,000
• Loan term: up to 84 months
• Interest rate: personalised based on the credit profile and affordability
• Initiation fee: up to 10% of the loan amount, maximum of R1,190
• Service fees: none but penalty fees for missed repayments

Other services you can enjoy

Capitec's personal lending services offer a wide range of options for individuals looking to finance various goals or unexpected expenses. These services include unsecured loans, home loans, vehicle finance, and debt consolidation loans, among others.