Old Mutual Loans – Plans Designed for Specific Loan Needs
Overview
Recognised as among the oldest financial institutions in South Africa, Old Mutual has continued to grow its clientele; through innovatively designed products and services. The institution continues to revolutionize the industry by providing unique solutions to help clients with their financial obligations.
Loan products are offered as a personal loan option as well as a debt consolidation solution.
Old Mutual My Money Plan:
One of the most popular plans offered, this solution is a debt consolidation loan. Clients are offered up to R150 000 in finance to consolidate their loans. Debt consolidation is a way used by many individuals to keep track of multiple debts. Instead of having to run around at the end of the month paying various creditors, the consolidation loan by Old Mutual structures your debts into a single, merged payment. Old Mutual negotiates on your behalf to get you lower interest rates. Repayments are expected between 1 to 60 months. The Interest rate is fixed and is dependent on your individual credit profile. To qualify, you must be employed for at least a year at your current employment.
My Personal Loan:
This plan allows clients to borrow up to R100 000. Repayment terms range from 3 to 48 months. To meet the qualification requirements, you must be employed for a minimum of 3 months at your current employer. Credit Life Insurance is included on this product, ensuring that debts are paid up in the event that you are no longer able to as a result of permanent disability or death.
In addition to these loan options, Old Mutual gives clients a Back- to- School loan product. Up to R5000 is offered, which can be used to pay for your child’s education.
Qualification criteria:
You need to be 18 years or older
You need to have a valid South African I.D.
You must provide your current payslip (no older than one month)
You must provide your latest 3 months; bank statements
Call Old Mutual and speak to a consultant: 0860 000 886.
