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SASSA Capitec Loan Complete Guide

As a social security agency, SASSA won’t offer loans to the people in South Africa.  Some other companies may offer loans to SASSA beneficiaries who are currently receiving monthly benefits from the organization.

Capitec is a third-party bank between a SASSA beneficiary and the SASSA agency, it offers small loans to beneficiaries who are currently out of money.

The time when the SASSA account of a beneficiary is filled with the monthly grant payment requirements, Capitec deducts back its money automatically from the beneficiary account.

Before you get to know about the procedure for application of this loan, make sure that you may have to pay some interest over these loans, that interest rate might be hidden or publicly announced by the Capitec.

You might not be able to receive loans from Capitec of more amount than the amount you receive in the shape of grants from SASSA, it will be lower or equal to this amount.

In all this matter, be aware of frauds, if any unauthorized company offers you a loan with the name of SASSA, don’t believe.

How SASSA Beneficiary Can Apply for a Loan From Capitec

To apply for a loan SASSA Capitec loan category, you must be an SASSA beneficiary with a history of receiving any social grant every month. Follow the steps given below in order to apply.

There are two ways you can apply for this loan, one is by using the official Capitec app and the other by physically visiting the Capitec office. The most popular application procedure is through a digital app.

  • First, become a member of Capitec by installing their Android app from the Play Store, double check the logo of Capitec, and reviews.
  • Sign up in the Capitec App with your email and password.
  • Search for the Capitec loan section in the app interface and tap on it.
  • Now select the SASSA Capitec category of loan and provide the essential details the Capitec app requires from you.
  • You’ll also have to provide your SASSA details to make the Capitec app recognize you as an SASSA beneficiary.
  • After this, Your application will be automatically forwarded to the Capitec database where it will go under certain authentication procedures.
  • After Capitec team verification, your loan application is now under the approval process where the Capitec higher team will decide whether you should be given the loan.
  • If your loan is approved, you’ll be notified in your app as well through SMS that your loan amount is approved.
  • You can also get this loan service by visiting the Capitec bank office, you only have to go there and ask them about your query. Don’t forget to take the important documents you’ve filed with SASSA.

Note

Note: SASSA will not be responsible for any inconvenience or any type of loss you experience in your dealings with Capitec.

Requirements for Eligibility of this Loan

  1. You must be an approved SASSA beneficiary with a history of receiving grants.
  2. Your social grant must not be suspended before, if this is the case, know how to solve the suspended grant issue.
  3. You must be a member of Capitec by Signing Up for their app and you must have their account active in your name.
  4. The Capitec account and SASSA details must match.
  5. Your ID card and sim card must be valid and shouldn’t be expired.

FAQs

Should I take a loan from Capitec?
You should be only using such loans in worst-case scenarios, try to rely only on your SASSA payments without involving any third-party help. But if still you need this, keep in mind the interest rates you pay over the loan you get.

Where will I get the loan payment from Capitec?
As you must be a bank account holder of SASSA to proceed with the Capitec loan, your loan payment after approval will be released into your Capitec account.

Will SASSA deduct any amount from my grant payment after the Capitec loan?
SASSA has nothing to do with your loan from Capitec, it’s completely an external agreement between you as a beneficiary and Capitec as a bank.

How much money can I borrow or loan from Capitec?
Capitec has categorized a loan category specifically for SASSA beneficiaries in which you can’t get a loan amount more than the grant amount you receive from SASSA on a monthly basis.

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