Loans from banks in South Africa can be hard to negotiate, but once the conditions are finalised you’ll find that they offer great value for money. When you want to apply for a home improvement loan, a personal loan to finance your holiday, or simply make an application for car finance, there are certain documents that you will have to take with you. These documents are pretty standard across all banks, but may vary depending on the type of loan you want to take out. It is always a good idea to call ABSA, Standard Bank, Nedbank or FNB before you go down to the bank to make sure you have all the necessary documentation.
In some cases you can take loans from banks in South Africa from your ATM or online. This process can only be used for very small loan amounts, and the system used to generate whether or not you qualify is extremely complicated. The best thing to do for larger amounts like those needed for car finance or home improvement is to call the bank and find out what you need before. In all cases you need bank statements, normally for the previous 3 months, and you need your ID book. In some cases you need proof of address and the details of the bond or lease on your home. For vehicle finance they will also ask to see your drivers license. These documents simply allow ABSA, Standard Bank, Nedbank or FNB to calculate the risks in lending you money based on your credit record.
Keep yourself informed about what to take with you to the bank to ensure smooth sailing when you need to borrow money. Although it’s not impossible, without the proper documentation it can be difficult to take loans from banks in South Africa.