Old Mutual Loan Calculator

Calculations Summary

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Loan Amount: 0.00

Total Interest: 0.00

Total Cost of Loan: 0.00

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Are you considering taking out a loan with Old Mutual? Before making any financial decisions, it’s important to have a clear understanding of how much you’ll be expected to pay back each month.

That’s where our Old Mutual loan calculator comes in handy. This powerful tool allows you to easily calculate your monthly repayments based on the amount borrowed and the interest rate.

It takes all the guesswork out of budgeting for a loan and gives you a realistic idea of what your financial commitments will be.

Loan Calculator Formula

Use the following formula to calculate the monthly payment (PMT):

PMT = [P * r * (1 + r)^n] / [(1 + r)^n – 1]


  • PMT = Monthly payment
  • P = Principal amount
  • r = Monthly interest rate
  • n = Total number of months (loan term in years * 12)

Old Mutual Loan

1. Old Mutual Loan Eligibility

To be eligible for an Old Mutual personal loan, there are a few requirements that you need to meet:

  1. You must be 18 years old or older.
  2. Your minimum monthly salary should be at least R2,500.
  3. You should have a valid South African ID issued by the government.
  4. You need to provide your most recent payslip, which should not be more than one month old.
  5. You must submit your latest three months’ bank statements, showing your salary deposits for that period.

In addition to these general requirements, there are specific criteria depending on the repayment period you choose:

For loans with repayment options ranging from 3 to 12 months, you need to have been permanently employed by the same employer for more than 3 months.

If you opt for a repayment period of 12 to 84 months, you should have been permanently employed by the same employer for at least 12 months.

Meeting these eligibility criteria will increase your chances of getting approved for an Old Mutual personal loan.

2. Old Mutual Interest Rates

Old Mutual offers personal loans with fixed interest rates. The maximum interest rate for their personal loans is 26.25% annually.

The actual interest rate you receive will be based on your credit profile and financial history.

It’s important to note that the interest rate remains constant throughout the repayment period, providing borrowers with stability and predictability in their monthly payments.

3. Old Mutual Loan Repayment Terms

The repayment terms for an Old Mutual loan vary depending on the chosen loan term. The loan terms range from 3 months up to 60 months for personal loans.

However, there is a special requirement applied to different repayment terms.

For loans with payment options ranging from 3 to 12 months, you need to be permanently employed and have been working with the same employer for the past 3 months.

This requirement ensures that borrowers have a stable source of income before granting them a short-term loan.

On the other hand, if you opt for a longer repayment period of 12 to 60 months, you must have been employed by the same employer for at least 12 months.

This demonstrates your stability in employment and financial commitment over a significant period of time.

4. Old Mutual Application Process

To apply for an Old Mutual personal loan, you have three options:

1. Online Application

You can fill out the application form on their website and submit it electronically. You will need to provide additional documents to verify your credentials, which can be sent via email or fax.

Old Mutual will then review your application and contact you within a few days to inform you of its status.

2. Phone Application

Another option is to call Old Mutual’s sales centre during office hours from Monday to Friday and for a limited time on Saturdays.

A consultant will guide you through the loan application process over the phone. You may still need to submit certain documents, which can be sent via email or fax.

3. Branch Visit

For a more personalized approach, you can visit any of Old Mutual’s 300 branches in person. Make sure to bring all the required documents with you when visiting the branch.

5. Old Mutual Loan Amounts

Old Mutual offers a range of loan amounts to suit different financial needs. Here are the available loan amounts:

  1. For a 3-month credit term, you can borrow between R500 and R5,000.
  2. If you need a longer repayment period of 6 months, the loan amount ranges from R500 to R8,000.
  3. For a 12-month loan term, you have the option to borrow between R500 and R20,000.
  4. If you require a longer-term loan ranging from 13 to 60 months, the loan amount can range from R3,000 to a maximum of R175,000.
  5. In certain cases where you need an even longer repayment period spanning from 60 to 84 months, Old Mutual allows borrowing amounts up to R200,000.

These varying loan amounts give borrowers flexibility in choosing the right financing option that aligns with their specific needs and capacity to repay.

6. Old Mutual Collateral Requirements

Old Mutual personal loans do not require collateral. This means that you can apply for a loan without having to provide any assets or property as security.

The loan is based on your creditworthiness and ability to repay the borrowed amount, rather than relying on physical assets.

This makes the loan more accessible and convenient for individuals who may not have valuable assets to use as collateral.

However, it is important to note that Old Mutual will still assess your credit history and financial situation to determine your eligibility for the loan.

7. Old Mutual Loan Approval Timeframe

The approval timeframe for an Old Mutual loan can vary depending on several factors.

Upon submitting your loan application, Old Mutual will review your documents and assess your eligibility.

If all the required documents are correct and you meet their criteria, you can expect to receive a loan approval notification via SMS within 24 hours.

Please note that this is just an estimated timeframe and actual approval times may differ based on individual circumstances and the volume of applications being processed.

8. Old Mutual Loan Additional Features and Benefits

In addition to providing financial products and services, Old Mutual loans offer various additional features and benefits to borrowers. Here are some of them:

1. Flexible loan amounts

Old Mutual offers a wide range of loan amounts, starting from as low as R500 and going up to R200,000 or even higher for certain terms.

This allows borrowers to choose an amount that suits their specific needs and financial capabilities.

2. Multiple repayment terms

Borrowers can select a repayment term that works best for them, ranging from 3 months up to 84 months.

This flexibility allows individuals to tailor their loan repayment schedule according to their income and ability to pay back the loan.

3. Fixed interest rates

Old Mutual personal loans come with fixed interest rates throughout the entire repayment period.

This means that borrowers have the peace of mind of knowing that their monthly repayments will remain consistent and predictable.

4. Consolidation option

For those who have multiple debts or outstanding loans, Old Mutual provides an option for debt consolidation.

This means that borrowers can use one single loan from Old Mutual to pay off all their existing debts, simplifying their financial obligations into one manageable payment.

5. Quick approval process

When applying for an Old Mutual loan online, if all required documents are correct and you pass their screening process, you can be approved within 24 hours.

This fast approval time ensures that borrowers can access the funds they need promptly.

6. Additional insurance coverage

For longer-term loans above 12 months, applicants are required to apply for Credit Life Insurance provided by OMART (Old Mutual’s insurance company).

This insurance covers payments in case of death, disability, or retrenchment – offering added protection and peace of mind during the loan repayment period.

7. Competitive fee structure

While every loan has certain fees associated with it, Old Mutual seeks to provide competitive fees compared to other lenders in the market.

These fees include initiation fees, monthly service fees, and potentially credit life insurance premiums.

It’s important to review the fees associated with a particular loan before proceeding.