Loan Parameters
| Parameter | Value |
|---|---|
| Minimum loan amount | R5,000 |
| Maximum loan amount | R350,000 |
| Minimum term | 24 months |
| Maximum term | 72 months (6 years) |
| Interest rate type | Fixed for the full loan term |
| Maximum interest rate | 27.75% per annum (compounded monthly) |
| Monthly administration fee | R69.00 |
| Initiation fee (example) | R1,207.50 on a R50,000 loan |
| Collateral | None required (unsecured) |
| Insurance | Personal Protection Plan (compulsory) |
| Disbursement | Direct bank transfer within 48 hours |
| Repayment method | Debit order |
Borrower Requirements
To be eligible for a DirectAxis personal loan, you must:
- Be a South African resident with a valid South African ID (green barcoded ID or Smart ID card)
- Be between 18 and 65 years of age
- Have a regular monthly income of at least R5,000
- Hold a South African bank account receiving your salary or income
- Have no active debt review or sequestration order
- Pass DirectAxis's affordability assessment under the National Credit Act
Required Documents
| Document | Details |
|---|---|
| Identity | SA barcoded ID, Smart ID card, or valid passport + commissioner of oaths declaration |
| Proof of address | Utility bill, bank statement or lease — not older than 2 months, showing name and address |
| Proof of income (employed) | 3 recent payslips OR 3 months of bank statements with salary deposits highlighted |
| Proof of income (self-employed) | 3 months of business bank statements OR annual financial statements prepared by an accountant |
| Proof of income (pensioner) | 3 months of bank statements showing pension payments OR pension/annuity statement covering 3 months |
| Bank account | Active South African bank account |
Total Cost of Credit — Example Calculation
The table below illustrates the total cost for a R50,000 loan at the maximum indicative interest rate, based on information published by DirectAxis:
| Item | Amount |
|---|---|
| Loan principal | R50,000 |
| Interest rate | 27.75% per annum (fixed) |
| Term | 72 months |
| Initiation fee (added to loan) | R1,207.50 |
| Monthly admin fee | R69.00 |
| Total repayable | R111,760.74 |
| Approximate monthly instalment | ~R1,552 |
Note: The actual interest rate and fees applied to your loan will depend on your individual credit profile and affordability assessment. The above is an illustrative example only.
Risk Warning
Important: A personal loan is a long-term financial commitment. Borrowing R50,000 over 72 months at 27.75% p.a. results in a total repayment of approximately R111,760 — more than double the principal borrowed. Always compare quotes from multiple lenders before signing a credit agreement. If you are struggling with existing debt, contact the NCR Debt Helpline on 0860 627 627 before taking on additional credit.
FAQ — DirectAxis Loan Terms
Can my interest rate change during the loan term? No. DirectAxis offers fixed interest rates. Once your loan agreement is signed, your monthly repayment amount remains the same for the entire term, regardless of changes to the prime lending rate.
Is there a penalty for early settlement? DirectAxis does not impose penalty charges for early settlement. However, the initiation fee is non-refundable. Contact 086 102 0304 to request a settlement quote.
What is the minimum monthly income required? You need a regular monthly income of at least R5,000 to be considered for a personal loan.
Are there any other fees I should know about? Yes. In addition to interest, there is a once-off initiation fee and a monthly administration fee of R69.00. Credit life insurance (the Personal Protection Plan) also forms part of your repayment obligation.