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Loans for Zimbabweans Working in South Africa

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Loans for Zimbabweans – Post apartheid South Africa saw an influx of migrant workers who came from all across Africa to look for green pastures, and one of the largest populations of foreign migrant workers are Zimbabweans who work and live in the country. Since most migrant workers typically have work permits of 4 to 5 years there struggle to secure loans from lenders such as banks and other micro lending institutions. There are a number of available loan options for Zimbabweans who might want access to credit and these include personal loans, vehicle loans, home loans and so on.

What Loans for Zimbabweans options are there?

Personal Loans are available from a number of institutions that include banks such as African Bank, ABSA, Nedbank, Standard Bank and FNB. The available options include overdraft loans, personal loans but these loans will be offered with slightly higher interest rates than those offered to South Africans.

Vehicle Loans are also another option offered to Zimbabweans working in South Africa who may want finance to purchase a new or second hand car. To get these loans you must have a work permit that will still be valid when the vehicle loan expires, typically when you get your 5 year work permit you can then immediately apply for these loans.

Home Loans are also available to Zimbabweans who may want to purchase their own property, but most lenders such as banks will require them to put up at least 50% of the property value as deposit and they will offer the remaining 50% as a home loan.

Requirements for Loans for Zimbabweans

Basic requirements that are needed to apply for any of these loans includes having a valid work permit, being employed on a permanent basis, having a valid bank account, providing your latest pay slips, 3 months bank statements and proof of address.