Loans & Credit

5 Types of loans

Looking for a brief guide explaining the various types of personal loans available? Look no further.

There are many different types of loans, from personal and home loans to vehicle finance and student loans. When the time comes for you to borrow money, it’s important to know what type of loan you’re looking for.

1. Personal Loans

Ideal for helping you afford that ultimate holiday or some much-needed home renovations. Your bank will help you determine your loan’s conditions including loan amount, interest rate, monthly repayments and your loan’s term – based on your personal information and requirements.

Explore the different types of personal loan options or calculate your estimated monthly repayments with our personal loan calculator .

Revolving credit versus installment credit

2. Home Loans

If you’re buying or building your first house or any additional property, a home Loan can help you secure your dream home’s financing. Your borrowing amount depends on your monthly income (before tax) and expenses. You can work this out using our home loan calculator.

3. Pension-Backed Housing Loans

A pension-backed housing loan is an alternative form of housing finance, where your loan is secured by your retirement’s saving instead of a bond. Monthly instalments are usually enabled by your employer through your monthly salary, and your maximum loan term is 30 years or the length of time to your retirement.

Learn more about pension-backed home loans.

4. Vehicle Financing

 If you need to buy a new or used car, consider vehicle Financing. Once you’ve found the car you want and have applied for financing, you’ll generally have up to 84 months to repay your car loan.

You can use our vehicle finance calculator to estimate how much you can afford and what your monthly payments might be.

5. Student Loans

And finally, don’t let a lack of funds stop you from fulfilling your career goals. A student Loan will cover any educational costs, giving you the comfort of knowing funds are available for all your studying dreams.

Learn how a student loan can take you from goal to graduation.

Whichever loan you’re interested in, research as much as you can before making any final decisions. And always try to pay back your loan as soon as possible to avoid excessive interest rates and monthly repayments.

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