Getting a personal loan is a very delicate process and it is important to understand everything about the service you take out in advance. Finding a lender that offers a combination of low interest rates and long payment terms is almost like a dream. Perhaps, DirectAxis Loan could be the solution!
When you apply for a DirectAxis personal loan, you’ll get the money within 48 hours in your account, with up to 14 days to make your first payment. You can use the money you receive as you wish, whether it is to renovate your home, take a special trip, buy new appliances, or finance your business.
Loan repayment terms range from a minimum of 24 to a maximum of 72 months, with an interest rate of 26.5% per year and a starting rate determined according to your personal risk profile.
Pros and Cons of using the DirectAxis Loan
Direct Axis personal loan ranges from R5,000 to R150,000 with longer repayment period compared to other loan providers. You can choose from 2 years to 6 years to repay the amount borrowed, plus interest.
Check out other interesting advantages:
- Interest rates never go up
- Feedback is given quickly
- The money can be in your bank account within 48 hours
- Repayments are over a term of 24 months up to 6 years
- Payments fixed at the current interest rate for the full term
- It is safe and simple to fill out your online loan application
Fees for the DirectAxis Loan
Since the DirectAxis Personal Loan is an unsecured type of loan, there are some fees that will be charged and you need to know.
The first of these is the fixed monthly service charge of R68.40, in addition to the fixed interest rate of 27.75% regardless of the repayment term.
Another important fee to highlight here is the minimum initial fee of R600 and maximum of R1,197, depending on the amount borrowed. Finally, you need to know that the rate is based on your financial profile, which means it can be higher or lower.
Requirements for DirectAxis Loan
To finally get DirectAxis loans, you have to meet the minimum requirement listed below:
- Having a good credit record is a must
- Monthly income should amount to at least R5 000
- Have to provide the details of your bank account where your salary is deposited
- Any document that confirms your residential address
- A copy of your government-issued ID proving you’re a South African citizen
- Bank statements showing your monthly salary or a copy of your payslips for the last 3 months
Once this is done, the next step is to go ahead and secure your loan.
How to Apply
To apply for this personal loan, you can apply via the DirectAxis online form or call the call center at 087 350 6020 Monday through Sunday, 8am to 8pm.
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