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Product Guide: UBank

Quick Personal Loan Overview

  • Maximum Loan Amount: R80,000
  • Minimum Length of the Loan: 1 Months
  • Maximum Length of the Loan: 60 Months

Personal Loans with UBank

Life is full of surprises, and sometimes that means you need a little bit extra. This is where you can look at the Ubank Personal Loan, so you can enjoy and handle life’s little surprises without worrying about how to afford them.

A Personal Loan Designed Around Your Needs

  • You can borrow any amount up to R80 000.
  • You can choose flexible Personal Loan repayment options from 1 to 60 months.
  • Risk-based approach – the interest rate will be based on your credit profile.
  • You can apply easily at any branch or by calling the UBank Contact Centre.
  • You can access your funds straight away from your Ubank account once your Personal Loan is approved.
  • As long as you earn a salary, have a bank account and are between 18 and 65 years, you can apply for a Personal Loan.
  • UBank will do a credit check to confirm that you have a healthy credit record and that you can afford the loan.

You Will Need the Following for the Personal Loan Application:

  • A green bar-coded identity book or South African passport.
  • Latest original salary advice.
  • Proof of physical address (not older than 3 months).
  • Your banking details and last 3 months’ banking statements (non-Ubank customers).
  • Two different contact numbers – one number for you and one for a relative.
  • A list of your expenses.
  • If you are married in community of property you will need to obtain written consent from your spouse.

Follow These Simple Guidelines to Make Sure You Know How Borrowing Money Will Affect You

  • Only borrow money if you are sure you can afford to make your repayments.
  • Only take a Personal Loan from a bank that you know or a registered microlender. Registered lenders have rules that protect you!
  • Draw up a budget to see if you have a surplus or deficit amount left after paying all your expenses. Make use of the UBank loan calculator to determine what it will cost you to take a loan.
  • Do NOT sign a blank document given to you.
  • Never pay any staff member cash in return for a quick Personal Loan.

When You Sign a Personal Loan Contract, Please Make Sure it has the Following:

  • The amount you are borrowing;
  • The number of instalments and how often you need to pay;
  • The amount payable every time you have to make a payment;
  • The amount of time the Personal Loan must be paid back in; and
  • The amount of interest that you will have to pay.

What If You Can’t Afford the Personal Loan Repayments Any Longer?

If you find yourself in financial trouble and cannot afford your Personal Loan please speak to your Ubank sales consultant urgently. This can happen to anyone and communication is key when it comes to resolving these issues.

Fees that you will encounter

  • Initiation Fee
  • Monthly Service Fee
  • Credit Life Assurance Premium
  • Interest Rate
    • Fluctuating variable interest rate linked to Prime.

Some Background on UBank

UBank is a well-established financial services provider that has grown over the years and managed to entrench itself primarily within the gold and platinum mining communities.

The mandate and plan to service the broader working market in South Africa has become imperative in order to extend affordable financial services to South Africa. Ubank has a strong presence and customer accessibility, mainly in selected mining and rural communities in South Africa.

UBank Uniqueness

Ubank has a long and rich history of providing basic financial services to mineworkers and their families spanning almost 40 years. In 1975, when other financial institutions largely ignored this sector of the market, Teba Cash Financial Services was formed to provide mineworkers with basic financial services. These included facilitating the remittance of funds to families and dependents in the rural and labour-sending areas using a linked account facility.

In the early 1990’s, as South Africa was undergoing fundamental political change as a country the Godsell Motlatsi Commission was formed. This led to the transition from a savings fund into a commercial bank.

In June 2000, Ubank (then Teba Bank), was granted a banking license, although its ownership remained in the form of a Trust managed by trustees who are elected by the National Union of Mineworkers and the South African Chamber of Mines. The beneficiaries of the Trust are the Bank`s customers.

In 2007, Ubank welcomed a new vision, mission, set of values and strategy. Essentially, this saw Ubank set itself up to become the “Workers Bank of Choice”.

In October 2010, the name of the bank was changed to Ubank and launched to the public. Since the birth of the new brand and strategy, various initiatives to improve and expand the business have been delivered.

Ubank is driven by a social consciousness that underpins all they do – their customers are their owners and UBank exists to serve them through the provision of financial services that meet their changing needs and improve their lives. UBank is proud of their long association with the mining industry, including mineworkers, mining companies, the National Union of Mineworkers and the Chamber of Mines who have played a significant role in the development of this Bank.


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