Comprehensive Guide on SASSA Loans 2024 | Criteria to Get a Loan

by

SASSA is a national agency in South Africa that provides social grants and loans to eligible individuals. When it comes to loans, SASSA itself doesn’t directly offer loans to its beneficiaries. However, there are other places where you can apply for loans if you’re a SASSA grant recipient.

These loans are provided by different sources like banks or micro-lenders. So, if you need some extra money for starting a small business or making an investment, you can explore these loan options. The loans available through these sources usually have flexible conditions. You can borrow amounts ranging from R250 to R1000, and you can repay them over a period of one to six months.

It’s important to note that these loans are not part of the official SASSA grants. They are separate loans that you can apply for if you meet the requirements set by the lender. It’s essential to carefully consider the terms and conditions of these loans before applying.

To apply for these loans, you typically need to be a pensioner or receive a pensioner grant from SASSA. Each lender may have its own specific requirements, so it’s best to check with them directly.

Remember: SASSA’s main focus is to provide social grants and aid to those in need. The agency sends payments to its grant beneficiaries through a special card that allows them to withdraw the funds. So, while SASSA doesn’t directly offer loans. Just make sure to do your research, understand the terms and conditions, and choose a reputable lender if you decide to apply for a loan.

Criteria to Get a Loan

You need to fulfill the following conditions if you want to receive a Loan from SASSA.

  • You need to be a South African citizen/resident.
  • Make sure you’re above 18 years old.
  • Have a valid Identity Number.
  • It’s important to have a consistent income.
  • You’ll need a bank account in your name.
  • If you receive grants from SASSA, like Old Age Pension or Disability Grants, that’s a plus.
  • Keep track of your SASSA application status to see if you qualify for the SRD grant.
  • SASSA will check your previous debts, so it’s good to have a handle on that.
  • They’ll also consider your debt-to-income ratio, so make sure it’s within their limit.
  • The loan amount you receive will depend on your current source of income.
  • Make sure you have a good repayment history.

Ways to Apply for SASSA Loans

You can apply Via

  1. Shoprite, Finbond, Capitec
  2. Phone
  3. Visiting SASSA Office

SASSA Loans Application Via Shoprite, Finbond, Capitec

SASSA has partnered with Financial Institute like

  1. Shoprite
  2. Finbond
  3. Capitec

These loans offer a convenient option for individuals in need of financial assistance. To apply for a SASSA loan through a bank, you can visit their respective branches or contact them for more information. Each bank may have its own application process and requirements, so it’s important to inquire directly with the bank of your choice.

NOTE: Easy Pay Sassa Loans is not a recognized or official program. It’s important to be cautious of fraudulent advertisements and only apply for loans through trusted and verified channels.

Shoprite

Shoprite is a retailer that offers loans specifically designed for individuals who receive SASSA grants. These loans provide financial assistance to those who may need it the most. You can apply for a Shoprite SASSA loan by contacting them or visiting their office. Make sure to review the loan terms and conditions before proceeding. Shoprite aims to provide accessible and affordable financial solutions to SASSA grant recipients.

Documents Required

Documents that may be required to apply for Shoprite SASSA loan:

  • Three months’ bank statement
  • Valid ID document
  • Proof of South African residence
  • Pay slip (salary or wage)
  • Proof of SASSA grant receipt
  • Proof of income (if applicable)
  • Proof of employment (if applicable)
  • Proof of marital status (if applicable)
  • Proof of dependents (if applicable)
  • Proof of disability (if applicable) Having these documents ready will help streamline the loan application process.
Application Procedure

Following is the Application Procedure if you want to get SASSA Loan from Shoprite:

  • Get your documents ready, like bank statements, ID, proof of residence, and pay slips.
  • Visit a nearby Shoprite store or contact their loan department for information.
  • Fill out the loan application form provided by Shoprite.
  • Submit the application form along with the required documents.
  • Wait for the loan department to review your application.
  • If approved, you’ll be notified of the loan amount and repayment terms.
  • Sign the loan agreement if you agree to the terms.
  • Make sure to repay the loan according to the agreed-upon schedule.
  • Keep copies of all loan-related documents for your records.
  • Stay in touch with Shoprite’s loan department for any updates or queries.
  • Consider setting up automatic payments or reminders to ensure timely repayments.

Finbond

Finbond is a financial institution that offers various services, including loans and savings accounts. Finbond also provides loans to SASSA grant recipients who meet their eligibility criteria. These loans can help individuals manage their financial needs and expenses.

It’s important to review the terms and conditions of any loan offer from Finbond to ensure it aligns with your needs and repayment capabilities.

Documents Required to Apply for Finbond SASSA Loans
  • ID document: You’ll likely need to provide a valid identification document, such as your ID card or passport.
  • Proof of residence: Finbond may require a document that shows your current residential address, such as a utility bill or a lease agreement.
  • SASSA grant card: You may need to present your SASSA grant card as proof of your eligibility for the loan.
  • Proof of income: They may ask for documentation that demonstrates your income, such as pay slips or bank statements.
  • Bank statements: Providing recent bank statements can help Finbond assess your financial situation and repayment ability.
  • Proof of employment: If you are employed, you may need to submit a letter from your employer or a contract to verify your employment status.
  • Tax identification number: Some lenders may require your tax identification number to ensure compliance with tax regulations.
  • References: Finbond may ask for personal or professional references who can vouch for your character and reliability.
  • Proof of marital status: If applicable, you might need to provide documentation such as a marriage certificate or divorce decree.
  • Consent forms: Depending on the lender’s requirements, you may need to sign consent forms allowing them to access your credit history or perform background checks.
Application Procedure

To apply for a Finbond SASSA loan, you can follow these steps:

  • Gather the required documents, such as your ID document, proof of residence, SASSA grant card, proof of income, and any other documents specified by Finbond.
  • Visit the Finbond website or a Finbond branch near you to start the application process.
  • Fill out the application form with accurate and complete information.
  • Submit the application along with the required documents.
  • Wait for Finbond to review your application and assess your eligibility for the loan.
  • If approved, Finbond will notify you about the loan terms and conditions.
  • Review the loan agreement carefully and make sure you understand all the terms.
  • If you agree to the terms, sign the loan agreement and provide any additional requested information.
  • Once all the necessary steps are completed, Finbond will process your loan and disburse the funds if approved.

Capitec

Capitec is a bank that offers various financial services, including loans. They have competitive interest rates and allow you to borrow up to R250,000. Capitec also provides credit insurance for added protection.

To apply for a SASSA loan, you can visit their website at capita bank.co.za/global-one/credit/term-loan and select the ‘online’ option to fill out the application form.

Documents required to apply for CAPITEC SASSA loans

Documents that are commonly required when applying for CAPITEC SASSA loans:

  • A valid South African ID or passport.
  • A utility bill or lease agreement in your name.
  • Documents showing your SASSA grant income or any other sources of income.
  • Recent bank statements to verify your financial history.
  • If applicable, documents showing your employment status.
  • Documentation confirming your eligibility for SASSA grants.
  • Additional documents that verify your current address.
  • Marriage certificate or divorce decree, if applicable.
  • Documents showing the number of dependents you have.
  • Your current phone number and email address.
Application Procedure

Application procedure for a Capitec SASSA loan:

  • Gather required documents
  • Go to the Capitec website or a branch near you to start the application process.
  • Fill out the loan application form with accurate information.
  • Provide the required documents along with your application.
  • Carefully review the loan agreement, understand the repayment terms, and sign it if you agree.
  • Once the loan agreement is finalized, the funds will be deposited into your designated bank account.

SASSA Loan Application Via Phone

Applying for a SASSA loan via cellphone is a convenient option for those who meet the requirements. To begin the process, you can use the USSD code *120*3737*7# on your cellphone. By calling this number, you will be guided through a series of prompts until you reach the final step of the application. However, it’s important to note that this method only works if you have biometrically verified your number at a SASSA branch.

Complete Application Procedure

Here’s a step-by-step guide on how to apply for a SASSA loan via cellphone:

  • Dial *120*3737*7# on your cellphone.
  • Send your ID number.
  • Press 1 to grant access to your bank statement and credit check.
  • Enter the PIN number you received at the ATM.
  • Provide your total monthly expenses.
  • Follow the instructions given to collect your grant.
  • If you encounter any issues, contact customer service or visit the money line website.
  • The application process is quick and can be completed on your phone.
  • Stay in touch with customer service or the website for any assistance you may need.

Frequently Asked Questions

Yes, some financial institutions offer loans specifically designed for individuals who receive SASSA grants. These loans are often called SASSA loans or social grant loans.

The loan amount you can borrow will depend on the financial institution and your individual circumstances. It’s best to check with the specific institution for their loan limits.

The requirements may vary between financial institutions, but generally, you will need to provide proof of your SASSA grant income, identification documents, and a bank account.

The approval time can vary depending on the financial institution and their application process. Some institutions may offer quick approvals, while others may take longer.

The repayment period will depend on the loan agreement and the financial institution. It’s important to review the terms and conditions to understand the repayment period and schedule.

Yes, many financial institutions offer online loan applications. You can visit their websites or contact them directly to inquire about their online application process.

Yes, SASSA loans may come with fees and interest charges. It’s important to carefully review the loan terms and conditions to understand the costs associated with the loan.

The eligibility criteria for SASSA loans may vary between financial institutions. Some lenders may consider applicants with bad credit, while others may have stricter requirements. It’s best to check with the specific institution for their lending criteria.

The time it takes to receive the funds can vary depending on the financial institution and their processes. Some lenders may offer same-day or next-day disbursements, while others may take longer. It’s important to inquire about the expected timeline when applying for the loan.

Using your SASSA grant as collateral for a loan would depend on the policies of the specific financial institution. Some lenders may accept the grant as collateral, while others may require additional assets or forms of security.

1 thought on “Comprehensive Guide on SASSA Loans 2024 | Criteria to Get a Loan”

  1. Help someone we used my id number to apply for R350 with different number i want to cancel it can you help me please so that i can reapply again

    Reply

Leave a Comment