Capitec has launched new simplified credit solutions that go beyond the confines of traditional credit. The bank’s needs-based credit solution gives consumers access to up to R250 000 for education, medical expenses, home improvement or vehicles at some of the country’s top brands with affordable interest rates from prime (7.25%).
The industry-leading unsecured interest rates are made possible by linking the credit granted to responsible client needs or goals and paying the funds directly to the retailer or service provider.
Initial partners include CTM, MediClinic, WeBuyCars and the higher education providers Henley, University of Stellenbosch, Boston and Stadio which includes Millpark and AFDA.
“Clients expressed a need for credit to fund their home renovation, education, medical expenses and vehicles. Our data showed that consumers that made purchases within these categories were more likely to manage their credit well and repay on time, which allowed us to make our credit solutions for these needs more affordable.
“We also simplified the application process, making it possible for the credit to be granted at the point of purchase in only a few minutes.
“Whether it’s picking the ideal tiles to transform your home or purchasing an online course to boost your career, you can now get credit when you need it at one of our partner’s physical stores or online channels.” says Francois Viviers, Executive of Marketing at Capitec.
It takes only 4 minutes for applicants to get an offer and payouts are made to the retailer or service provider directly. The solution is available to all consumers, whether they are a Capitec client or not and must be applied for at the partner, rather than at a Capitec branch or on the bank’s digital channels.
As the country’s biggest and best digital bank, Capitec is committed to driving innovation that truly helps their clients to live better. The use of sophisticated machine learning models and data underpin their new needs-based credit solution.
“This new approach to needs-based credit with partners is testament to Capitec’s commitment to relevant innovation that supports consumers wherever and whenever they need us most,” adds Viviers.