What are Old Mutual Loans? How to get?

There is a list of platforms offering loans but not all of them suit a person as well as one should not rely on the online financial services provider without understanding the basics of their loan process. The majority of the online platforms offering loans have high interest rates and their repayment term policies are tough. Therefore, I never recommend anyone to get a loan from online platforms except a few ones in which Old Mutual is the top one. 

Old Mutual is trusted by all national institutes and approved by the government. Its interest rates are low, and this online platform offers several loan programs. If you intend to apply for a loan, then you should look no further than Old Mutual. Come with me to explore the loan programs offered by Old Mutual and learn about the process of getting a loan.

Personal Loans 

Old Mutual offers various loan programs in the personal loans category. For example, you can get a quick loan, apply for a payday loan, or take advantage of micro products. Personal loans can be used to pay utility bills, buy groceries, buy devices, such as mobile phones, or buy kitchen appliances. 

You can use a personal loan to purchase a car or motorbike as well as you can use it for managing your monthly budget. One needs to apply for a personal loan on the website of Old Mutual. Ensure that you do not apply for the loan using any other third-party website because third-party websites can steal the data of a person and use it to financially harm him. 

Features 

• Loan Amount: The amount of the loan in their personal loan program is R2,000 to RR250,000. 
• Loan Term: A borrower is required to repay the loan within 3 to 73 months depending upon the amount of the loan.
• Approval Speed: The loan is approved within 24 hours after one applies for it. 
• Interest Rate: The interest rate on the loan amount is fixed and it does not fluctuate overtime. 
• Maximum Interest Rate: The highest interest rate on the long-period programs is 21%. 

Eligibility Criteria

• An applicant must be at least 18 years old and the maximum age limit is 60 years. 
• An applicant must have a consistent source of earnings. 
• An applicant must earn R2,500 minimum. 
• An applicant must be a resident of South Africa. 
• An applicant must have a valid ID document. 

Required Documents 

• You need to provide proof of your employment. 
• You need to provide the utility bills to prove your residence. 
• You need to give a bank statement for the last three months. 

How to Apply for an Old Mutual Personal Loan?

1. Online Application
2. In-branch Application

Online Application 

• Step 1: Visit the Old Mutual official website. 
• Step 2: Tap on the Personal Loan. 
• Step 3: Click on the Apply Now button.
• Step 4: An application form will appear, enter your personal details in the application form. 
• Step 5: Upload the required documents and then click on the Next button. 
• Step 6: You will receive an OTP on the registered phone number, enter it in the bar to verify your account.
• Step 7: Select the loan program and enter the required amount. 
• Step 8: Choose the repayment method and then submit the application. 
• Step 9: If you meet the eligibility criteria, you will receive the loan amount. 

Application for Loan In-Branch 

Visit the branch of the Old Mutual and address your purpose of visit at the reception. The receptionist will direct you to the loan department where you need to submit the application. Provide all the details present your documents to the loan officer and then answer the asked questions. It is possible that the loan officer held an interview. 

Do not provide inauthentic answers and attach the certified documents. Fill out the application form and then attach the required documents. Submit the application form and the loan officer will inform you about the status of your application. If you meet the eligibility criteria, the loan amount will be transferred. 

Why do you Choose Old Mutual?

Majority of the people underestimate the significance of a reliable source of loan providers, such as Old Mutual. The reason why you choose Old Mutual is because of a consistent policy and fixed interest rate. Additionally, the interest rates are low and the repayment schedule is simple. Furthermore, you do not need to show any assets and the loan approval chances are 100%. 

Final Words 

Old Mutual is one of the best financial services providers, and it offers a list of loan programs. The positive part is that one can apply by using the website of Old Mutual, as well as visiting the branch for application submission. If you are unable to manage the monthly budget, worried about the semester fee, or want to buy a car, apply for an Old Mutual loan.