Nedbank - Lender Review

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Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Myloan is an online loan broker and not a lender. Our service is free, and we only work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 19.25% apr, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant's credit score and other factors at the lender's discretion.

The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.

MyLoan is an online loan broker and not a lender. Our service is free and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants’ credit score and other factors at the lenders’ discretion.

Nedbank is a popular lender and one of the largest banking groups in South Africa. Our Nedbank personal loan review provides all the details you need to know to decide if Nedbank is a good fit for you.

Nedbank Loans: Quick Overview

  • Loan amount: R2000 - R300 000

  • Loan term: 6 to 72 months

  • Interest rate: Up to 24.5% (depending on credit history)

  • Loan types: Personal loans, home improvement loans, vehicle loans

Nedbank Loans: Full Overview

As one of the top five banks in South Africa, Nedbank offers a wide range of personal loans, suitable for many borrowers. For instance, you can get any loan amount from R2000 to R300 000, so a Nedbank loan can be affordable to almost anyone regardless of their budget.

You can take out a general-purpose loan, a home improvement loan, or a vehicle loan. Nedbank allows you to repay the borrowed amount over any period between six months and six years, so again, you have the flexibility to choose smaller repayments or larger repayments. 

According to Nedbank, you’ll get the best interest rate they can offer you, so you’ll likely get a low rate if you have good credit. In addition, a Nedbank loan comes with fees and charges, such as loan insurance, so these are extra costs you have to budget for.

Overall, although Nedbank personal loans come with several benefits, it’s always best to compare your options to ensure you’re getting the cheapest, best loan before applying. 

Representative example: If you take out a R50 000 loan over five years and at an interest rate of 24.5%, you can expect to repay a total amount of R95 365. You’ll be charged an initiation fee of R1 207.50 as well as a monthly service fee of R69.

Pros of Nedbank loan option

  • Flexible loan amounts: Nedbank offers both small and large personal loans. You can get as little as R2000 and up to R300 000. This is a more flexible loan amount range compared to other lenders.

  • Flexible loan terms: Nedbank also offers flexible repayment terms. Regardless of your budget, you’ll be able to find a flexible repayment amount payable over six months to 6 years.

  • Established lender: There are many alternative lenders in South Africa, but you may feel more comfortable with Nedbank since it’s a reputable big bank with an established brand.

  • No need for a deposit: Nedbank doesn’t require a deposit when you apply for a vehicle loan or a home improvement loan.

  • Automatic repayments: Making repayments on your Nedbank loan is effortless because the money is automatically deducted from your account on each due date. This also reduces the chances of missed or skipped payments that could affect your credit score.

  • Loan insurance: Having loan insurance gives you peace of mind knowing you have cover for death, disability, or retrenchment.

Cons of Nedbank loan option

  • Compulsory loan insurance: Nedbank requires you to have loan protection insurance, whether from Nedbank or another provider. While this is a great product, keep in mind it's not free and will increase your loan’s total cost along with other fees like the initiation fee and monthly service fee.
  • Vehicle loans are available only at accredited dealers: You can only use a Nedbank vehicle loan at an accredited dealer, so your vehicle options will be limited.

What Loan Products Does Nedbank Provide?

Nedbank provides three main personal loan products:

  • General-purpose personal loan: You can achieve many financial goals with a Nedbank personal loan, including paying for medical bills, doing home renovations, furthering your education, debt consolidation, and more. It’s up to you how you use the money. Loan amounts are between R2000 and R300 000, and repayment periods range from 6 months to 72 months. Additionally, your borrowing power and interest rate will depend on your individual financial circumstances.

  • Home improvement loan: Nedbank has a special loan for borrowers who need extra cash to transform their home into a dream house. You can use the money to buy furniture, new appliances, or make renovations. The loan allows you to shop at over 2000 accredited stores for goods valued at between R2000 and R300 000. You don’t need a deposit, and you can take six months or up to 6 years to repay the loan.

  • Vehicle loan: With this loan, you can get between R40 000 and R300 000 to purchase a vehicle that’s up to 20 years old without making a deposit. As with other loans from Nedbank, repayment periods range from 6 months to 72 months. The only way to apply for a Nedbank vehicle loan is through an accredited dealer. Once you find the vehicle you want, ask to apply for a Nedbank loan, and the bank will then get in touch with the dealer.

Is Nedbank a Trusted and Reliable Lender?

Nedbank is a trusted and reliable lender because it has been serving South Africans for over a century. Nedbank is one of South Africa’s big banks with a long and traceable history. The bank was founded in 1888 and underwent a significant merger in 1973, and is still a top bank, today.

Nedbank also checks out as an authorised financial services and registered credit provider. The financial institution is regulated by the NCR and only provides credit to borrowers who can afford it. In addition, the interest rate on Nedbank loans will not go above 24.5%, as stipulated by the National Credit Act.

Nedbank Is Best for Borrowers Who:

  • Want to do business with a trusted, big bank

  • Have a good credit score

  • Don’t mind the added expense of loan insurance

Find Out if Nedbank Is Right for You With

If you’re searching for the right loan, the good news is there are so many options on the market. That means the more you shop around, the better your chances of getting a good deal. Now that you know about Nedbank loan details, you also need to check out what other lenders have to offer.

You can easily do this by submitting a loan application with We will then forward your application to our lender partners, who will be in touch with their offers. Comparing these loan offers with Nedbank loans will help you decide whether Nedbank is right for you or if there’s a better deal elsewhere.

Once you accept a particular offer, you can proceed to complete your application and receive money straight into your bank account. Applying for a loan with is free, saves time, and best of all makes it easier to pick the best lender for your needs.

Nedbank FAQs

How do I contact Nedbank?

  • Call Centre: 0860 103 582 or 0860 300 400

  • Physical address. Nedbank 135 Rivonia Road Sandown Sandton 2196 South Africa

How do I apply for a Nedbank personal loan?

You can apply for a Nedbank personal loan online by visiting your nearest branch or calling 0860 103 582. Before applying, check that you qualify:

  • Be a permanent employee, or employee with a fixed-term contract, or be self-employed, or a pensioner

  • Earn at least R3 500 (net)

  • Provide recent payslips and bank statements

  • Have a South African green bar-coded ID

  • Have a valid bank account that receives your salary

How does Nedbank compare with other lenders?

To find out how Nedbank compares with other top South African lenders, simply submit your application with You’ll receive loan offers from our other partner lenders. Once you compare details like interest rates, loan amounts, and payment periods, it’s easier to see which option is best for you.