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Borrow money from the bank without the need for collateral.

Do you need to borrow money from the bank yet you cannot offer any collateral? A micro loan may be the solution. For a micro loan, Nedbank will not require any collateral - only that the loan is linked to your salary together with a Letter of Guarantee from your employer and/or a Letter of Comfort.

A micro loan can be used for any major financial commitments.

Features & Benefits

  • Get a budget based on equal installments
  • Interest rates are linked to Prime
  • The facility may be allowed to revolve after at least 50% of the initial loan has been repaid without default. 

Considerations

  • Loans range from E5 000.00 (minimum) to E15 000.00 (maximum)
  • The total repayments of all your loans cannot exceed 35% of your gross monthly salary
  • The facility must be secured by a Letter of Comfort and/or Guarantee from the your company
  • Level Term Insurance must be taken
  • Micro loans are repayable over a period of up to 36 months
  • Repayments may be deducted directly at source by your employer, or via a stop order 
Assistance for your financial commitments

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