DirectAxis is a business unit of FirstRand Bank, which provide instant personal cash loan to South Africans citizens. In this post, you will learn how to get a loan from DirectAxis, the requirements, interest rate, and lots more.
Table of Contents
How does it work?
DirectAxis provide personal loan to applicants which is paid directly into their bank account and the money can be used to:
- Renovate their home
- Buy a car
- Pay off debt
- Or anything else they want to do.
You only need to have some requirements and once you do, you are good to go
DirectAxis loan requirements
- A clear copy of your South African National Identification Card
- A recent document confirming your residential address
- Up to 3 months’ recent bank-generated PDF statements or Pay slips as proof of income
- A good credit record
- A regular monthly income of at least R5 000
- The details of your bank account into which your salary is paid
How to apply for a loan?
You can apply for loan either through their website, Phone call or via SMS.
- To apply via their website, Click here, fill in your detail and your loan will be approved within 48 hours if you meet their requirements.
- If you want to apply via phone number, you can reach out via their call centre at 0861 02 03 04 Monday to Sunday, 8am – 8pm or you can SMS your name, surname and ID number to 43885
Why apply for a personal loan with DirectAxis?
- It is secure and straightforward, you can complete your loan application within 5 minutes.
- Your repayments are fixed at a current interest rate for the full term of your loan.
- Repayments are over a term from 24 months up to 6 years.
- Feedback is given quickly and your money could be in your bank account within 48 hours.
- Loan repayment terms range from a minimum of 24 to a maximum of 72 months
DirectAxis Interest Rate
- The maximum interest rate with regards to a DirectAxis Personal Loan is 25% per annum (compounded monthly).
- Your rate and initiation fee will be determined according to your personal risk profile.
- An illustrative example of a R50 000 loan at an interest rate of 25% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 116 623.20.