Capitec Bank Review

April 22, 2022

Capitec Bank Ltd is celebrating its 19th anniversary this time. And coming into a banking business dominated by heavyweights, Capitec bank gave it everything it had to contend with the big boys. And Capitec Bank Ltd is now one of the country’s top five banks. And according to Consulta, Capitec Bank is South Africa’s second stylish bank in terms of client satisfaction, running only African Bank.

The bank is fleetly expanding, with 120 000 new accounts being opened for guests each month, according to reports. And it has further than 6.3 million active peoples. At the moment, the company employs roughly 12 000 people, the numbers are an introductory index of success for a company that opened its doors 19 times ago. And Capitec Bank doesn’t offer marketable banking services to pots, trusts, or hookups

What services does Capitec bank offer?

Capitec bank offers 6 types of services. And these services include Savings, Loans, credit cards, disbenefit cards, marketable banking, investment banking and investments.

Then are some of the services from Capitec Bank Ltd

1. Capitec Personal Loans

Capitec bank gives out particular loans to qualifying individuals. And you can apply for a particular credit of over R250. And the loan quantum is repayable between 1 – 84 months. But the choice is yours on how much you want to take and for how long you want to repay your loan. Though funds are available incontinently after being approved. And with interest starting from 12.9 per annum. The interest is personalised, so you can be charged further interest if you have bad credit.

Compared to other banks

The Capitec particular loan is analogous to term loans offered by other banks. And their particular loan, on the other hand, has longer payment terms than the other big 5 banks. But Capitec offers particular loans with prepayment terms of over 84 months. And this implies that advanced interest will be paid for the fresh time. And it’s simple to apply for a Capitec particular loan.

For mobile app users, the operation can take twinkles. And it may take a day or further for individuals who aren’t Capitec guests, depending on document vacuity. And being Capitec guests aren’t needed to give attestation when applying for a term loan. And as long as you admit your payment/ income from the same account.

2. Capitec Home loans

Capitec bank offers home loans to anyone between the periods of 18 and 60. And with over 100 % of home loan value financed. The Capitec bank works with SA home loans for home loan finance. And the loans start from R100, to an outside of R5,. But you can pay for your home loan for a maximum period of 240 months. And the interest on your home loan is subject to your credit profile and affordability.

3. Capitec Bank credit card

Capitec bank allows the use of one card to pierce savings and credit. And there’s no longer a need to carry multiple cards, you can now use one card for banking. And the Capitec bank credit card comes with low costs. But the yearly account figure is R35. And you get paid for holding a positive balance on your credit card. But the positive balance interest rate is 4.85 per time. And you get a credit of over R150,. Capitec credit card comes with an insurance cover that covers for retrenchment, death, and illness.

4. Capitec Bank Debit Card

Formally known as the Global one account, the Capitec disbenefit card is a low- interest savings regard. And this account is meant for making banking easy and affordable. With over 5.5 million of capital guests who hold the Capitec disbenefit card pay lower than R50 per month on bank charges. And in the process saving guests millions of rands. But charges on the global one account are low, with card purchases countrywide and worldwide at R0 per sale.

Recessions at till only cost R1. The Atm recessions on Capitec ATMs bring R6 per R1000 and R8 per R1000 at other banks ATMs in South Africa. And immediate payment cost R8 per sale to any bank account in South Africa. But there are numerous effects that you can do with the Capitec Bank disbenefit card. And you can use it to book breakouts, distribute online, pay at tills, withdraw at any ATM in South Africa and swipe anywhere in the world.

Making a payment to a Capitec customer is easy with just using their phone number to make a payment. And another added point is that you can send funds to anyone in South Africa with your global one account, collection of the money is at any checkers or Shoprite countrywide.

Investment banking

Capitec Bank has multiple types of investments. And investments are from savings similar to fixed- term, duty-free and normal savings accounts. And these accounts yield different returns since they’re for different purposes. The duty-free savings uses both nominal and effective interest rates. And the nominal rate is used for diurnal interest computation until it’s subsidized at the end of the month.

Effective interest rate is also used for interest earned over the 12 month period of the investment. But fixed- term savings plans allow you to invest for a period between 6 to 60 months. And this plan allows guests to reinvest interest from time to time. So, guests can earn an interest of over to8.5 from this account type. And Maximum quantum threshold is R20 Million that can be invested. And the minimal quantum that guests can deposit is R10,.

Capitec bank mobile app and internet banking

Capitec bank mobile app assists guests with their everyday banking. And one can send funds in real- time without going to a bank. And you can fluently apply for loans and credit cards on the app. Can also send funds to none Capitec bank Ltd guests to collect at Shoprite or checkers. And other functions include statement downloads, balance check, disbenefit order schedule, interbank deals and disbenefit card operations.

The Conclusion

Capitec Bank Ltd may be then to help the low class and middle class with affordable banking, still, there are numerous effects that the company does well. And with the loftiest client satisfaction in the country, it’s no surprise that the bank is doing so well locally. And having means of further than R63 billion, the company is now a banking mammoth.

The company’s branches grew from 550 in 2017 to 850 in 2020, a 35 increase in a space of 3 times. And during the same period, the share price increased from R700 to R1000. And the company is growing more briskly than anticipated. But perhaps we are looking at the coming banking leader in South Africa.

The issue of business banking is a commodity that capitec banks need to work on as there’s no business banking for companies. And a veritably serious issue for Capitec bank suckers. But the company does n’t have any private banking installations. And this may be due to the fact that the company promises low- interest rates and low service freights. And with private banking, all might change which will be a drift from the company’s core values.