SASSA Loans

The SASSA has introduced many initiatives in the form of social grants; other than those, SASSA Loans are also introduced for the well-being of the society.

Apart from social grants, if someone is willing to start any small business or want to do anything to improve their life-standard. Then, you can borrow a SASSA Loan. If you are a recipient of any social grant from SASSA, then you are still eligible for SASSA loans. 

The maximum amount of loan is R8,000 and you have to repay it within 12 to 24 months. The bank will charge you 5% annually. There is no fee for applying for a loan from SASSA.

How to Apply for a Loan from SASSA?

If you want to apply for a SASSA loan, then these methods will be very handy for you:

• Online Application through Website

Visit SASSA’s official website and follow these simple steps:

1. Find the button “Apply for a Loan”.
2. Go to the “online application form” and fill it out completely.
3. Upload the documents, which include ID card number, tax information, salary proof, and bank statement.
4. Submit it, and you are done.

• Via Mobile App

1. Download and install the “SASSA Loan” app from the app store.
2. Open the app and fill out the application form.
3. Attach the compulsory documents.
4. Submit the form and wait for the response of SASSA.

• Physically Visit the Branch

1. Visit any nearest SASSA Branch.
2. Request for application form.
3. Fill out and annex the requisite documents.
4.  Submit it and wait for the result.

Criteria for Getting SASSA Loans

SASSA has set criteria for getting loans. If you meet the following criteria, you are eligible for SASSA Loan:

• Applicants must be a permanent resident of South Africa.
• The Age of the applicant must be between 18 to 75 years.
• ID book, Debit Card with barcode, or smart card.
• Un-employed, retired or a pensioner 

If you fulfill the requisite criteria and submit an application for a loan. Then you will get a loan of R800 to R8,000, which you have to return within 12 to 24 months with an interest rate of 5%. Further, there is no initial application cost you have to bear.

How to Apply for SASSA Loans through Banks

SASSA in collaboration with other financial institutions is giving loans to the citizens of South Africa. Following famous types of loans are as under:

• Shoprite Loans

Shoprite offers reasonable and convenient loans to the citizens of South Africa in order to improve their status at a very low interest rate. Simply visit the official website of shoprite and provide requisite data along with the documents. Then they will send you a confirmation email. Shoprite gives you more relaxation in terms of repayment if you are a recipient of any SASSA grant.

• Finbond Loans

Finbond Bank is financially in collaboration with  SASSA and encourages SASSA recipients to avail opportunities of loan at very rational conditions. Such loans can play a significant role in the betterment of many families.

Finbond gives you a loan of R500. You have to pay back to Finbond within 24 months. You can apply for the loan from Finbond Bank’s website or by visiting any branch physically. At the time of application you have to provide proof of accommodation, a copy of ID Card, latest pay slip, and the bank statement of the last three months. Finbond after detailed scrutiny will verify your case and will grant you loan. The scrutiny process is quite fast, so you do not need to wait long.

Conclusion

SASSA is trying to empower citizens through various ways and they are working sincerely for the betterment of the citizens of South Africa. SASSA loan scheme is one of them, through which people can lend money and can enhance their standard of living by doing some progressive work.