What are Finbond Loans? How to get?

Looking for an online source of loan but do not want to pay the high interest rate on the loan, right? You should look no further than Finbond, an online source of loans that offers various loan programs. Whether you need a loan to pay the fees of your university or you are worried about the monthly budget instability, Finbond is here to help you. Come with me to explore the types of loans, the eligibility criteria, and how you can avail of the Finbond loans.

Basics of Finbond Loans  

Finbond is a South African mutual bank that offers a list of financial products in which its online loan programs are on the top. Finbond offers a list of loans commonly known for helping financially to people who are in crisis. The reason why people prefer Finbond is because of its low interest rate and friendly policies which make it one of the best loan providers in South Africa. Here are the types of loans Finbond offers: 

Types of Loans Offered by Finbond  

Personal Loan

Finbond personal loans are designed to provide financial assistance to people who are unable to manage the crises. The amount of the loan can be used to pay educational fees and utility bills, one can invest in a business, or manage the monthly budget. Finbond offers both, short-term, and long-term personal loans as well as you can apply for immediate personal loans. 

Features of Finbond Personal Loan

• Loan Term: The loan term is determined when you select the program; for example, long or short. However, the short-term program loan term is about 3 to 18 months whereas the long-term loan program term expands to 5 years. 
• Interest Rate: Finbond interest rate is low compared to the other mutual banks. The personal loan interest rate is 10%.
• Loan Amount: The personal loan amount varies depending upon the type of program you choose, normally it is R500 to R25,000.

Eligibility Criteria of Finbond Personal Loan 

• An applicant must be at least 18 years old. 
• An applicant must have a consistent income source. 
• An applicant must be a resident of South Africa. 
• An applicant must have a valid ID document or passport. 
• An applicant must have a clean loan history. 

Finbond Personal Loan Application Process  

• Step 1: Go to the official website of Finbond. 
• Step 2: Tap on the Borrow option in the top left. 
• Step 3: Click on the Complete Application Form button. 
• Step 4: Provide all the personal details, including the ID number, bank account, etc. 
• Step 5: Upload the required documents. 
• Step 6: Verify your details and then enter the amount of loan you are willing to borrow. 
• Step 7: Submit your application form and you will receive a confirmation message that your application has been received.
• Step 8: If you meet the eligibility criteria, the bank agent will contact you for further legal process. 

Short-Term Unsecured Loans 

Another type of loan that you can get is short-term unsecured loans which have a low interest rate, but are suitable for the immediate financial crisis solution. An unsecured loan refers to a type of loan in which you do not need to show any asset to the bank; instead, the bank will allow you to get a loan on the basis of your income. 

Features

• Loan Term: The loan term is short compared to the other types of loans as one needs to repay the amount within 3 to 6 months. 
• Approval Speed: The short-term unsecured loans are immediately approved by the Finbond and you can get them within a single working day.
• Interest Rate: The interest rate of the unsecured loan is high nearly 13%. 

Eligibility Criteria of Finbond Short-Term Unsecured Loan 

• An applicant must be a resident of South Africa. 
• An applicant must have a consistent and permanent income source. 
• An applicant must be at least 18 years old. 
• An applicant must provide proof of residency. 
• An applicant must have an active bank account. 
• An applicant must have a valid ID document. 
• An applicant must have a clean history of the loan. 

Application Process 

• Step 1: Visit the official website of Finbond. 
• Step 2: Click on the Complete Application Form. 
• Step 3: Choose the type of loan you intend to apply for. 
• Step 4: Provide all the information from name to ID document and the bank account number. 
• Step 5: Upload the required documents and then verify your details. 
• Step 6: Enter the amount of loan you are willing to get and choose the repayment term. 
• Step 7: Submit these details and you will receive a message of confirmation that your application has been received.
• Step 8: If you meet the eligibility criteria, you will get the loan. 

Micro Credit Products 

The last option you have is the Finbond micro-credit products which are designed for small businesses. These products include short-term loans, small loans, and instant loans. The micro-credit products are offered at Finbond 272 branches across South Africa.

SMME 

It refers to the small, micro, and medium enterprise loans designed for small businesses. Micro enterprises are for people who intend to initiate a new small business as well as medium enterprises are for people who are interested in investing in businesses. The loan amount varies depending on factors, such as which type of the program you intend to select and what are your business plans. 

Payday Loans

As the name suggests, a payday loan is paid on a fixed date when the borrower’s salary arrives. Payday loans are instant loans that are provided within a few minutes but one cannot get more than the ceiling amount. Normally, the payday loans are offered only for a single month term. 

Emergency Micro Loans 

In case, you face an emergency, such as a medical expense, or urgent repair, you can apply for emergency micro-loans at Finbond. These loans are designed for people who need immediate loan amounts; therefore, a long process of paperwork is not required. However, the interest rate on the emergency micro-loan is high and the borrower has to repay the amount on a fixed date. 

Features of Micro Products 

• Quick Approval: All the micro products are quickly approved by the Finbond. 
• No Collateral Required: The micro products offered by Finbond are unsecured, so you do not need to show any assets to the bank. 
• Flexible Repayment: A borrower can repay the micro-loans effortlessly as the terms of the loan are flexible. 

Eligibility Criteria 

• An applicant must be at least 18 years old. 
• An applicant must have a consistent and permanent source of income. 
• An applicant must be a resident of South Africa. 
• An applicant must have a valid ID document or passport. 
• An applicant must provide a valid reason to apply for a loan. 
• An applicant has a clean loan history. 

Application Process

• Visit the nearest branch of the Finbond. 
• Address your purpose of visit at the reception and the servant will send you to the relevant office. 
• Discuss the problem you are facing and the need for a loan with the loan officer. 
• Fill out the application form and attach all the documents. 
• Submit the application form and wait until the loan department confirms that you are eligible for the micro-loan. 

Note 

There is no method to apply for micro-loans online or via SMS. If you need a micro-loan, you need to visit the Finbond nearest branch and discuss the need for a loan with the officer. Do not provide personal details and banking details to unknown people and if you face any problem then contact the Finbond helpline. 

Finbond Contact Details 

For General Enquiries: 0860 004 249

Gmail: [email protected] 

FAQs

How do I contact Finbond Loans?

You can contact Finbond through SMS, or call the hotline. You can also send a mail for loan enquiries. 

How long is the Finbond loan?

The term of the Finbond loan is 24 months. 

What are the interest rates at Finbond?

The interest rate at Finbond is 8.50% for 11 months and 10% for 72 months loan. 

Is Finbond a bank?

Finbond is a mutual bank that was started in 2012. 

Final Thoughts 

Finbond loan program is the light of hope for the people who are unable to pay the tuition fees of their universities, waiting for salary to pay expenses of medical bills, and looking for a assistance in order to combat immediate emergencies. Finbond is the only savior that will not only provide you assistance in the beginning but will also cooperate throughout the period you repay the loan amount. There are various loan programs offered by Finbond, so if you are interested in applying for a loan, you should see the guide explained above.