Old Mutual Personal Loan is a flexible lending solution designed for South Africans looking for both small and larger loan amounts. You can borrow any amount from R2 000 up to R250 000, with repayment terms ranging from 3 to 72 months. Interest rates are fixed and can go up to a maximum of 29.25% per annum, depending on your income, credit score, and affordability. Fees include a once-off initiation fee, a monthly admin fee, and a credit life premium for longer loans. The process is transparent, so you always know what to expect when it comes to costs and repayments.

How to Apply for an Old Mutual Personal Loan

• Check that you meet key requirements: must be 18-60 years old, a South African citizen, and earning R2 500 or more monthly.
• Gather supporting documents: your green ID, most recent payslip, and latest 3 months bank statements.
• Apply online via Old Mutual’s website, at a branch, or via telephone.
• If approved, you could receive your loan within 24 hours after final approval.

What We Like About Old Mutual Personal Loan

One of the biggest advantages is flexibility: you can borrow as little or as much as you need, with terms to fit monthly budgets. The transparent approach to fees and fixed interest rates ensures you know precisely what your repayments will be, making it easier to manage your finances.

Approval is fast, and payouts can happen within one working day. This speed is a huge plus for urgent needs.

Things to Consider Before Applying

As with all credit, you’ll need to undergo an affordability assessment. This could limit your maximum approved amount if your current income or expenses do not qualify.

There are upfront and monthly fees, including an initiation fee and a monthly admin cost. Make sure to check the total cost of credit before agreeing.

Our Verdict

Old Mutual Personal Loan is an appealing choice for South Africans seeking responsible borrowing with a trusted name. The fixed rates, flexible loan terms, and transparent cost structure make it suitable for a range of needs, whether you’re after emergency funding or planning a big project. While fees can add up, the detailed breakdown ensures there are no nasty surprises. A solid option for those who qualify and value clarity.