Updated 11.01.2023

Old Mutual Loans – Compare Personal Loan Rates & Loan Calculator

What is Old Mutual?

Old Mutual is one of the oldest institutions providing financial products and services to South Africans. They’ve been in the banking and lending business since John Fairbairn founded the company in 1845 in Cape Town, South Africa. They’re a licensed financial services and registered credit provider bound by rules and regulations mandated by the government.

Old Mutual offers products like credit cards and personal loans aside from the usual banking solutions. Old Mutual loan offerings can be used to cover emergency expenses, using a single loan to help manage your personal finances. Then you can also use Old Mutual for any debt consolidation loans if you already have a number of unsecured loans and payday loans. You could  also use a loan to grab business and investment opportunities before they slip out of your grasp.

Getting Your Loan

There are 3 ways you can do to apply for an Old Mutual personal loan:

  • Online application

Fill the application form found on their website. Supply the additional requirements that will verify your credentials and send them via email or fax. Old Mutual will contact you regarding the status of your application in a few days.

Using the Old Mutual personal loan calculator, you can enter loan amounts ranging from R500 to R175 000. After entering the amount, the available loan terms will be presented to you. After these steps, the estimated monthly payment will then be displayed. This amount doesn’t include the initiation fee, service charges, and credit life costs.

When you’re done providing the amount you wish to loan, you will then be forwarded to the application form where you need to fill in your personal details including your bank account number.

This is the fastest approach you can proceed with. If all required documents are correct and you pass their screening process, you’ll be approved and notified via SMS within 24 hours.

  • Via phone

Give their sales centre a call during office hours from Monday to Friday and for a limited time on Saturdays to enquire about their personal loan. Available consultants will guide you through the Old Mutual loan application process. You’ll still be required to submit certain documents which you can send via email or fax.

  • Visiting an Old Mutual Branch

For a more personal approach, you can visit any of their 300 branches and bring all the required documents with you.

The company looks at your previous credit record to assess your eligibility for an Old Mutual personal loan. Applicants who don’t have previous debt records may have a hard time getting their application approved. However, this still depends on your reason for getting a loan. You might get approved but expect to be given a small amount only until you’ve grown your credit track record.

Businesses are not allowed to apply for an Old Mutual personal loan. Only individuals may apply for the said financial product.

Interest & Fees

Here’s a sample computation of what you’ll pay for a R5 000 loan that’s to be repaid in 3 months.

  • Monthly interest: R21 (R21 x 3 = R63)
  • Initiation fee: R644
  • Monthly admin fee: R68 (R68 x 3 = R204)

Summing all of these, the total repayment amount will be R5 911.

The interest rate is fixed throughout the repayment period. The rate will be based on your credit profile. The maximum interest rate is 24.5% annually. 

Repayment Schedule

Repayment period ranges from 3 months up to 60 month loan term agreements.

There’s a special requirement applied to different repayment terms.

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

For loans with 12 to 60 months repayment period, you must be employed by the same employer for the last 12 months.

Old Mutual Loan Calculator 

You can use the online calculator to see what your monthly repayments will be during the loan period. You can access the personal loan calculator here: https://www.oldmutual.co.za/personal/tools-and-calculators/personal-loan-calculator/ 


What else do you need to provide upon submission of your Old Mutual loan application? Take note of the documents listed below:

  • A valid ID proving you’re a South African Citizen.
  • Most recent payslip.
  • Bank statements for the past 3 months showing consecutive deposits for your monthly salary.
  • Proof of residence issued within the last 3 months. This can be utility bills like electricity, telephone, and water or credit card statements. All these documents should be addressed to your name and current residence.

Old Mutual will likely perform a credit assessment and check your credit score before accepting the loan and agreeing a repayment term. This will depend on the type of loan and your credit history. Learn more about how to improve your average credit score

Contact Details

If you have questions regarding the application process, you can give their consultants a call from Monday to Saturday.

Sales: 0860 000 886

Client Services: 0860 445 445 or 0860 222 252

Collections: 0860 633 377

Complaints: 0860 445 445

Fraud Report: 0800 222 117

Their office hours usually start at 7:30 AM and ends at 6:00 PM. Their offices are closed during Sundays and holidays. You can view their website for a more detailed information on their office hours.

For complaints, you can also email them at OMFComplaints@oldmutual.com.

If you want to visit them in person, you can look for the branch nearest your area.