Access Bank Personal Loan Overview
Loan Amounts:
- Minimum: R2,000
- Maximum: R350,000
Loan Terms:
- Minimum Term: 6 months
- Maximum Term: 72 months
Payout Structure:
- Settlements paid first; remaining funds deposited into the applicant's specified bank account.
Credit Life Insurance:
- Mandatory at R4.50 per R1,000, covering death, disability, and retrenchment.
Loan Criteria
Eligibility Requirements:
- Minimum Salary: R10,000 (self-employed must pay themselves this amount).
- Credit Score: Minimum 592 (Transunion).
- Age: 18 to 60 (loan term must end six months before age 60).
- Citizenship: South African or permanent resident.
- Employment: Full-time or valid contract (expires at least 6 months post-loan).
- Affordability: Debt must not exceed 40% of gross income.
- Financial Standing: No legal judgments, administration, debt review, or recent credit inquiries exceeding 4 in 14 days. Must not be over-indebted.
- Documentation Required
General Requirements:
- Valid ID and proof of address (not older than 2 months).
- Latest bank statements (covering 3 consecutive months).
- Recent payslips (not older than 45 days).
For Foreign Nationals:
- Valid passport and work permit (minimum 3 months validity).
Self-Employed Applicants:
- Must show regular salary payments into a personal account (minimum R10,000).
- Those without a registered company are ineligible.
Commission Earners:
- Basic salary must meet the minimum; variable commissions considered in affordability.
Married Applicants:
- Must obtain spouse's consent if married in community of property.
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