Old Mutual Personal Loan: Check everything you need to know

05/10/2025 • Bruno Anderson • Financial Products

Old Mutual Personal Loan is one such service that stands out in South Africas lending landscape.

This loan product is designed to address various financial needs, offering financial relief to South African residents, including those who may have been previously declined by other lenders.

Here’s a detailed guide on everything you need to know about Old Mutual Personal Loan.

Borrow from R2,000 up to R250,000.
Flexible repayment terms between 3 to 72 months.
Loan available to negatively listed borrowers, with proven repayment ability.
Fixed interest rates for predictable payments.
Each loan includes additional free funeral cover.
Accessible application via online, phone, or in-branch.

Lets delve deeper into the benefits and details of the Old Mutual Personal Loan to understand why it remains a popular choice for many South Africans.

Benefits of Opting for Old Mutual Personal Loan

Choosing the right loan is crucial, and understanding the benefits can help potential borrowers make an informed choice.

Here’s why the Old Mutual Personal Loan might be the sensible option for you.

Flexible Loan Amounts and Terms

Borrowers can access funds ranging from R2,000 to R250,000 with repayment terms that can be tailored between 3 to 72 months. This flexibility ensures you can align your loan commitments with your financial circumstances.

Predictability with Fixed Interest Rates

With fixed monthly interest rates, borrowers are safeguarded from unexpected rate hikes during the repayment period, providing peace of mind.

Transparent Fee Structure

All fees, including initiation and monthly administration charges, are clearly outlined upfront, ensuring no hidden charges catch you off-guard.

Convenient Application Process

Apply online, via a phone callback, or visit a branch. The process is designed to be as smooth as possible, with tools like online calculators to estimate monthly repayments even before you apply.

Additional Protective Benefits

Each loan comes with a free funeral cover, adding another layer of security for you and your loved ones in times of need.

Who is the Old Mutual Personal Loan Best Suited For?

Considering a personal loan with Old Mutual could be ideal for various types of borrowers.

Here’s a look at who might benefit the most from this offering.

South African citizens aged 18 and above with a valid ID.
Individuals with stable income, including both salaried employees and self-employed professionals.
Applicants who are negatively listed but can manage to prove sufficient repayment ability.
Individuals seeking to consolidate debts, finance home projects, or handle unexpected expenses.

If you fit into any of these categories, the Old Mutual Personal Loan might provide just the lifeline you are seeking.

Pros and Cons of Old Mutual Personal Loan

Every financial product has its advantages and disadvantages.

Here’s a balanced overview of what you can expect from the Old Mutual Personal Loan.

Pros

Wide Range of Loan Amounts
The flexibility to borrow R2,000 to R250,000 makes it suitable for both minor expenses and significant investments.
Predictable Fixed Interest Rates
Fixed rates ensure that repayment amounts will not change, allowing better financial planning.
Diverse Application Methods
Multiple convenient application options, including online, by phone, and in-person, simplify the process.
Includes Free Funeral Cover
An added benefit that provides financial assistance to families during difficult times.

Pros

Higher Interest Rates Possible
Interest can go up to 29.25% annually, which could be high depending on your profile.
Initial and Monthly Admin Fees
These fees add to the total cost of the loan, requiring careful financial planning.
Requires Proof of Income
Proof of stable income is mandatory, which could be a barrier for some applicants.

Why We Recommend Old Mutual Personal Loan

Old Mutual has carved a niche in the lending domain in South Africa, thanks to its comprehensive loan solutions tailored for various needs.

At Mapness, we believe in financial services that offer transparency, reliability, and customer-focused benefits.

Reputation for transparency with clear, upfront fee disclosures.
Options available for negatively listed individuals who can demonstrate a capacity to repay.
Stress-free application and flexible repayment terms spanning up to 72 months.

How to Apply for an Old Mutual Personal Loan

Initiating your loan application with Old Mutual is designed to be a straightforward process, whether done online, via phone, or by visiting a branch.

Access Official Website

Apply online via the Old Mutual website.
Call 0860 000 866 for assistance.
Visit an Old Mutual branch for in-person support.

Frequently Asked Questions

Who is eligible to apply for an Old Mutual Personal Loan?

South African citizens aged 18 and over, with a valid ID, recent bank statements, and the latest payslip are eligible.

What are the loan repayment terms available?

Repayment terms are flexible and range from 3 to 72 months.

What is the interest rate structure?

Interest is fixed and calculated monthly, with a possible maximum annual rate of 29.25%.

Are there any additional perks included?

Yes, each loan includes free funeral cover worth N$20,000.

Final Thoughts

The Old Mutual Personal Loan is a compelling option for those in financial need, especially for South Africans who may not have access to other lending opportunities.

Its extensive loan amounts, flexible terms, and reliable customer service make it a wise choice for many.

As always, Mapness is committed to guiding our readers towards financial products that meet their needs with transparency and confidence.