How to get SASSA Loans? Directly or Via Banks

Well SASSA itself does not provide loans but there are several loans that are offered by the banks to the beneficiaries if you are below the poverty line. If you can repay the loan, you can apply for SASSA loans from the banks offering them and can get a higher amount that you can easily repay within 6 months. It’s beneficial in case you want to start any business or do any investments.

It is something new and is quite complicated to understand but don’t worry as here I am providing you with all the necessary information. The information includes how to apply for SASSA loans, what the eligibility criteria are, and what banks are offering instant loans. Let’s start with the guide below.

The guide tells you about SASSA loans, the banks that are offering them, what the eligibility criteria are, and how you can apply for getting the loan. We will first start with eligibility criteria and then will move on to other factors.

How Can You Submit A SASSA Loan Application Directly?

As per the official website of SASSA Loans, SASSA doesn’t directly offer any loans itself.

Eligibility Criteria For Getting SASSA Loan

Following are the details that tell you about the eligibility criteria that you have to fulfill if you want to get SASSA loans. To be eligible for getting the loan you have to make sure that:

  • You are living in South Africa and you have a South African ID card.
  • You should be above the age of 18 years.
  • You should be earning a consistent income so that SASSA knows you can repay the loan.
  • You should have a bank account in your name.
  • Keep in mind all of these points before applying for SASSA loans. Moreover after applying SASSA will check whether your debt-to-income ratio is according to their standard limit or not. If yes only then you will be eligible for getting the loan otherwise your application will be declined.

You can submit a SASSA loan application,

  • Via USSD
  • Via visiting the SASSA office

Via USSD

If you don’t want to visit the SASSA office for loan application submission you can apply on your mobile phone. For this what you have to do is to follow the following step-by-step procedure that will help you in applying correctly. The first thing that you have to do is to,

  • Dial *130*3737*1 from your mobile.
  • Now enter the ID card number and click the button on your mobile that you click when you have to call someone.
  • You will get a prompt.
  • Press 1.
  • After pressing 1, the official will get access to your bank statement and credit check.
  • Due to security reasons, you have to provide the pin you got at your ATM to them.
  • Then you have to enter your monthly expenses as a whole.
  • Now this is the last step. Here you have to choose the particular loan that you want to get.

The good thing is you don’t have to wait a lot. Instead, you will also get to know about the approval or decline of your application instantly, as soon as you choose the loan you want to get.

Via SASSA Office

You can also apply for SASSA loans at the SASSA office. Following is the step-by-step procedure to follow to get the loan easily and quickly.

  • Visit the nearest SASSA office and ask for the application form from the sitting officer.
  • Fill in the form with the correct details and apply for the loan by submitting your application.
  • You will receive a receipt from a SASSA officer.
  • If your application gets approved you have to show this receipt as evidence of the application you have submitted.
  • And in case the application is rejected, you will be informed in writing.

SASSA Loans via Banks

Furthermore, you also have the option of getting loans via banks. The banks that provide SASSA loans include,

  • ShopRite
  • Finbond
  • Capitec

1. ShopRite

If you want to get affordable and unsecured loans, you can opt for ShopRight loans. They come with low-interest rates. To apply for ShopRight loans, you can visit the ShopRight office near you or can also apply online by visiting the website.

After visiting the official website, fill out the application form. Now select the amount of loan you want to get. This is how you can apply for the loan online.

Furthermore, you also have the option of applying for a ShopRight loan via mobile phone. For this, what you have to do is to save the number in your contact list and send a message to that number. The number is +27600123456.

After sending the message they will ask you some questions related to the loan. You have to make sure to provide the right answers to proceed with the loan.

What are the documents required for applying for ShopRite loans?

  • You have to submit a 3-month bank statement
  • A valid identity card
  • Proof of your residence
  • The pay slip

2. Finbond Loans

SASSA loans are also offered by Finbond Mutual Bank. Finbond loans offer both long-term and short-term loans. The amount of loan varies between R 500 to R 20000 and you can select according to what you need.

They come with fixed interest rates that do not change at all. You have a maximum of 2 years to repay the loan amount to the bank. To apply for a Finbond SASSA loan, you have to be above the age of 21 years and have to be a South African citizen.

What you have to do is to visit the website of Fin Bond and fill in the application form. Ensure you’re putting in the correct information. The website is finbondmutualbank.co.za.

What are the documents required for applying for Finbond loans?

The documents you will require includes,

  • A valid ID card
  • A bank statement for three months
  • Pay slip of 3 months
  • Proof of your residence

3. Capitec Loans

Capitec loans also offer the loans with lowest interest rates and monthly installments. You can take up to 250000 loans from Capitec Loans and can also get credit insurance if you want so. Capitec Loans offers user-friendly management of their credit as it provides users with an app to manage their credit that makes it easy and convenient for them to do so.

  • To apply for Capitec loans, you have to click on capitecbank.co.za/personal/credit/personal-loan/.
  • Now click on “ways to apply” and click on “online”.
  • A form will open in front of you.
  • Fill it with the correct information and submit the documents required for getting approved for a Capitec loan.

What are the documents required for a Capitec loan?

  • You will require the bank statement of the constructive salary deposit
  • You have to provide personal information including your ID document, name, surname, marriage certificate
  • You have to submit the latest pay slip or salary proof to get loans quickly and easily

Is SASSA offering a loan of R700?

No, it is a scam. SASSA is not giving any type of R 700 loan. It is a scam that is circulating on WhatsApp nowadays. Make sure not to fall for the schemes as they can harm you.

Can pensioners get SASSA loans?

Yes, pensioners can get SASSA loans. In case they are eligible and meet the certain eligibility criteria that are a must to fulfill before applying for the SASSA loan they can get the loan easily. The loan will help pensioners to improve their financial situation and live a better life.

What are the requirements for getting a SASSA loan?

You have to be a South African citizen and have to be at least 18 years old. You should have your valid ID card with you and should have a bank account in your name to make sure that you can return the loan in time.

This above-mentioned article tells you about SASSA loans, what is its eligibility criteria, what documents you need to submit, and how to apply for getting a loan. Remember to meet the eligibility criteria before applying for the loan and make sure to prepare the necessary documentation. You have two options for applying for the loan by dialing the USSD code or by visiting the official office.

SASSA does not offer loans on its own but there are certain banks offering loans in the name of SASSA and that include ShopRite, Fin bond, and Capitec. The details of all three of these banks offering SASSA loans are elaborated above and the documents that are needed for applying for a loan from these banks are also mentioned. Make sure to pay attention to the above-mentioned article so you know what you have to do to get the loan.

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