Ubank is one of the most popular personal loan providers in South Africa. The bank offers personal loan up to R180,000, with a maximum duration of 72 months.
Ubank’s “ULend” product allows customers who fullfil the loan eligibility criteria to make a personal loan application for any amount up to R180,000, with a flexible repayment option, extending anywhere from one month to 72 months.
Applying for the loan is an easy and straightforward process. The customer simply needs to submit the latest original payslip, proof of physical address, proof of identity, and bank statements for previous three months. The acceptable proof of identity includes the South African Identity Book containing a green bar-code, a valid passport with a valid work permit, or a smart card ID. Once approved, the customer can access the funds immediately from their bank account.
To be eligible to apply for a loan, the applicant should have a job and earn a salary. They also need a functional bank account, though it is not necessary the bank account should be at Ubank. The bank would undertake further checks, to make sure the applicant can afford to make the repayments.
The bank also charges an initiation fee, monthly service fees, and Credit Life Assurance premium, in addition to the applicable interest. The initiation fee is 16.50 percent for the first R1,000 and 10 percent for every thousand thereafter, with a maximum fee of R1,197 inclusive of VAT. The monthly service fee is R68.40, including VAT. Personal loans are unsecured loans, meaning there is no security or collateral required to secure these loans.
Ubank charges variable interest rates for personal loans, with the rates fluctuating depending on Prime rates. The indicative interest rate starts from 18.6%. You may apply via online since UBank guaranteed that they offer online technology along with the high level of customer service. They also have commitments to get back your application not longer than one business day.
For this reason, these loans cost high. However, Ubank’s loans are NCA complaint, and the rates are well within the maximum limits capped by the National Credit Advisor (NCA).
The ULend product is a great boon to salaried professionals to tide over emergencies and unexpected contingencies. The easy availability, transparent rates and policies, and fast processing make these loans very popular.