get credit

quick checklist

make the right choices cost of credit

Look at your options to make the best choice. Use the table as an example to compare credit offers yourself. Important
The longer the term you choose, the
lower the monthly repayment, but the more the loan will cost you in total The real cost of credit is therefore the total repayment over the term When buying from furniture stores, always negotiate the best cash price; then shop for the lowest cost of credit Most unsecured credit providers include credit life insurance in their loans (at an extra cost). We include retrenchment and death cover on all loans 6 months or longer for FREE

If you answer Yes to ALL of the following, you could qualify for credit

Strict requirements for credit

Youre 18 years or older? You have a recent bank statement, and a salary slip or pension letter? Youre employed or you earn a pension? (Not selfemployed) Youve been at your current employer for 2 months or longer? You earn a salary or pension paid into your bank account? (Not just commission) You havent been handed over, sequestered or placed under debt review or administration?

credit examples
You want Loan amount Term (Months) You pay Interest rate (%) Credit life insurance (%) Once-off initiation fee Monthly service fee Your repayment Monthly repayment Total repayment 1 089 13 067 1 204 14 450 1 578 75 744 2 239 107 490 20 FREE 1 140 57 31 10 1 140 57 18.7 FREE 1140 57 31 10 1 140 57 Capitec Bank 10000 12 Other 10000 12 Capitec Bank 50000 48 Other 50000 48

compare your credit offers

Capitec Bank Other

Note: Some credit providers quote low interest rates, but charge high credit life insurance fees. Compare all the fees to nd out what the total cost of your credit is.

affordability
Can you easily afford the monthly repayments of your loan?
Determine what money you have available after all your expenses. Plan your budget and consider your commitment for the full term of a new loan. Always have extra money for unexpected expenses.

improve your credit score

These factors could help you get a loan at more favourable terms: Having enough money available after all your deductions and expenses to easily afford your monthly repayments Having a history of keeping your repayments up to date (see below) Limiting your use of short-term, unsecured credit

affordability calculation
Income Salary/Wages/Pension Expenses Home loan/Rent Water/Electricity Transport (fuel/taxi/train) Cellphone Groceries School fees/Childcare Clothing Insurance/Funeral policy Debt repayments (excluding home loan) Medical Other Surplus (Income Expenses) Money available Extra money for unexpected expenses Money available for a new loan repayment Please use credit responsibly When doing your affordability calculation, provide for extra money for any unplanned/emergency expenses (i.e. money left over for medical treatment) Its less stressful and better for your credit prole (which determines how much credit you qualify for) to be turned down now for a loan than to face the consequences of a loan you cannot afford Taking credit that you cannot afford always causes more problems than it solves Leave space for price increases (e.g. electricity) and unexpected expenses in your budget so that you can meet your debt commitments in the future

Cost of not making your monthly repayments

Arrears are recorded at the credit bureaus, which gives you a bad payment prole Youll qualify for less credit and a shorter credit term from credit providers Youll be charged higher interest rates on future credit applications from all credit providers A number of defaults will result in no further credit offered from credit providers and handover If you are handed over, you may never be offered credit again Extra legal costs when handed over

capitecbank.co.za
Fees include VAT. Conditions apply. All information correct at time of going to print, 12/09/2013, and subject to change. A registered credit provider. NCR Reg. No.: NCRCP13 Capitec Bank Limited Reg. No.: 1980/003695/06

2130 A5 Credit Leaflet