Old Mutual’s Personal Loan is designed for South Africans looking for flexibility and transparency in their borrowing. You can access amounts from R2 000 up to R250 000 depending on your needs, with repayment periods between 3 and 72 months. The maximum annual interest rate is 29.25%, with a fixed rate to ensure predictable monthly payments. Applicants undergo an affordability assessment, and fees include an initiation fee and a monthly admin fee.

How to apply for an Old Mutual Personal Loan

To get started, you need to be a South African citizen, at least 18 years old, earning R2 500 or more monthly. Prepare your ID, latest payslip, and three months’ bank statements not older than a week. Applications can be completed online, by phone, or at a local branch. After approval, loan disbursement usually happens within 24 hours, letting you manage emergencies quickly.

Pros of the Old Mutual Personal Loan

One clear advantage is the flexible repayment terms, letting you manage your monthly budget effectively. Fixed interest rates mean you avoid surprises and can plan ahead confidently. There’s also transparency in fees—Old Mutual explains all costs up front, adding trust.

Cons of the Old Mutual Personal Loan

On the downside, fees such as the initiation charge (R649.75 in the example) and monthly admin fees can add up, especially for small loans. Additionally, the maximum interest rate is relatively high. Strict eligibility criteria may limit access for some.

Verdict

Old Mutual’s Personal Loan stands out for its straightforward application process, wide range of obtainable amounts, and clear, fixed terms. It’s ideal if you value predictability and transparency. However, always consider all costs before committing to borrow.