To become eligible for a personal loan with Nedbank, you must be a South African resident with a valid ID and between the ages of 18 and 65. You also need a monthly income equal or greater than R3,500 which must be paid directly into your bank account. You’ll be asked to provide your most recent payslip and stamped bank statements from the past 3 months.

Nedbank allows customers to earn R200 in cash back every month when they take out a personal loan as long as they meet the qualifying criteria. That is applying for a loan using their online channels and filling out the call-me-back form. Then, opening a Savvy or Savvy Bundle account and keeping it active. You must also pay your loan installments using that account and pay at least R5,000 into your account monthly.

By taking out a personal loan with Nedbank, you’ll have to pay a one-time initiation fee along with a monthly fee and interest rates according to your financial profile. Nedbank does not charge early settlement or late penalty fees.