Guide to Old Mutual Personal Loans in South Africa (2025)
Old Mutual offers unsecured personal loans from R1,000 to R250,000, with flexible repayment terms of 1 to 84 months, designed for emergencies, debt consolidation, or education funding.
Table of Contents
Loan Products and Amounts
Old Mutual offers personal loans ranging from R1,000 to R250,000, tailored to your affordability and financial profile. Repayment terms are flexible, spanning 1 to 84 months (7 years), allowing you to choose a term that suits your budget. Loan amounts depend on your income, expenses, and creditworthiness. First-time applicants may qualify for smaller amounts, while repeat customers with good repayment records can access higher limits.
Eligibility Criteria
To qualify for an Old Mutual personal loan, you must meet the following requirements:
- Be a South African citizen or permanent resident with a valid green bar-coded ID or Smart ID card.
- Be at least 18 years old.
- Earn a minimum monthly income of R2,500 (permanent employment or self-employed with verifiable income).
- Have an active South African bank account for debit order repayments.
- Pass Old Mutual’s affordability assessment and credit check via credit bureaus.
- Not be under debt review, sequestration, or have a severely impaired credit history.
- Provide proof of income (e.g., latest payslip or 3 months’ bank statements) and proof of residence if requested.
Old Mutual’s affordability assessment ensures compliance with the National Credit Act (NCA).
Check Application Status
Track your loan application status to stay updated on its progress.
Steps to Check Status:
- Log in to your Old Mutual account at https://www.oldmutualfinance.co.za/login.
- Navigate to the “Loan Status” section on the dashboard.
- Contact Old Mutual at 0860 000 886 or visit a branch.
- Expect SMS or email updates during the process.
Pre-approval is often instant, with full approval and payout within 24–48 hours if documents are complete.
Interest Rates and Fees
Old Mutual’s loans have fixed interest rates, compliant with NCA regulations:
- Interest Rate: Up to 27.5% per annum, personalized based on your credit profile.
- Initiation Fee: Up to R1,207.50 (once-off, added to the loan).
- Monthly Service Fee: Up to R69.
- Credit Life Insurance: Optional, approximately R20–R30 per month (covers death, disability, or retrenchment).
Example: For a R10,000 loan over 12 months, total repayment could be R12,500–R13,000, including fees and interest (use Old Mutual’s calculator for exact figures).
Application Process
Applying for an Old Mutual loan is straightforward, with multiple channels available:
Step-by-Step Guide:
- Choose Your Method:
- Online: Visit https://www.oldmutualfinance.co.za/apply and complete the form.
- Phone: Call 0860 000 886.
- In-Branch: Visit an Old Mutual branch with documents.
- Submit Documents: Provide a valid ID, payslip or 3 months’ bank statements, and proof of address.
- Affordability Check: Old Mutual assesses your credit and affordability.
- Approval and Payout: Sign the agreement; funds are deposited within 24–48 hours.
Repayment Options
Repayments are fixed monthly installments via debit order. Options include:
- Choose a term (1–84 months).
- Estimate payments using Old Mutual’s calculator (e.g., R1,000–R1,200 monthly for R10,000 over 12 months).
- Make early repayments without penalties.
- Reschedule payments if needed (fees may apply).
Missed payments may incur fees, credit damage, or legal action.
Customer Support and Tips
Contact: Call 0860 000 886 (weekdays 8 AM–5 PM, Saturdays 8 AM–1 PM), email [email protected], or use live chat.
Tips:
- Compare rates with lenders like Capfin Personal Loans or African Bank Personal Loans.
- Borrow only what you need.
- Maintain a good credit score for better rates.