Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide to Loans in Seychelles, Everything you need to know.
Absa Bank Seychelles
- Loan amounts of up to SCR400,000
- Interest rates of as low as 11.49%
- Flexible repayment period of up to five years
- Fast application process
- Favorable conditions
- No early repayment fees
- Credit life insurance
- Online loan application
Seychelles Commercial Bank
- Credit life insurance
- Maximum amount of SCR 150,000
- Competitive interest rates
- A maximum repayment period of 5 years
- Friendly terms
- May be secured or not
- No personal contribution is required
- Swift service
- Internet banking available
Seychelles Credit Union
- Credit life insurance
- Get amounts of up to SCR 250,000
- Interest rates of 12% p.a on a reduced balance basis
- A maximum repayment period of 10 years
- No penalty on early repayment
- Additional lump sum repayments
- Zero hidden fees or transaction charges
- Top-up loans available
- Allows for debt consolidation
Loans in Seychelles, All You Need To Know:
Take a quick read to get a hang of how to employ a loan that’s most consistent with your financial situation. At FUNDGECKO, we take time to marshal the most reliable information and news updates that are relevant to informing your financial decisions. In that way, your loan application process is seamless and time-conscious.
Read on to learn how to employ a financial product in Seychelles and what to keep in mind before doing so.
- Online mini-credits grant SCR 50,000 to first time applicants
- Online mini loans are often hired to solve small economic contingencies
- They generally are small in amount and have high interest rates
- The amount is repaid once and mostly after a month
- Online mini loans have a fast online application process
- The approval of the application happens in minutes
- Be sure of your ability to repay the loan under all the loan conditions before taking out the loan
What are loans and how do they work?
A resource or a specific amount of funds that are provided to a borrower with the understanding that they would repay it later is referred to as a loan. The lending and borrowing of loans are subject to a set of rules and regulations that vary by country and, to some extent, per lender. The qualifying requirements for loans might vary depending on several things. These elements include, among others, the loan’s size, cost, conditions of repayment, and additional costs.
Hence, before taking out a loan, the lender will send you documents indicating the terms and conditions of the loan. Be sure to note the tiniest of details to be well-braced for any future charges. Different loan types offer different loan sizes. For instance, online mini loans grant small loans that are reimbursed after one month. On the other hand, secured loans mostly grant huge amounts and the payment period is long.
To get a loan that will work best for you, make sure to understand your financial condition.
According to The Central Bank of Seychelles, the average lending rate has increased from 9.09% in September to 9.15% in November. Similarly, the average interbank lending rate is 4.95% as of November 2022. The country’s banks are known to place few eligibility criteria for ex-pats with a Portugal residence.
What we should know before taking out a loan in Seychelles
- Before thinking of conducting any legal transactions in Seychelles, you’ll be required to have a Tax Identification Number (TIN). Whether living in Seychelles or native, this number is important when undertaking legal transactions. Hence, failure to have it makes the loan application process unsuccessful.
- Seychelle’s banking system is ranked above average among African countries as most banks have online loan application platforms which makes funding easier. Many banks have their websites in English to accommodate international applicants.
- The country has an established interbank payment system that has birthed over 100,000 ATMs. The long-standing Multibanking network supports about 90 different services including clearing monthly bills, making tax payments and buying air tickets, among others.
When is it advisable to apply for loans?
We often utilize online mini-credits when we have a financial emergency. The loans provide us with fast, simple, and handy access to cash. You will only benefit from this form of credit, though, under specific circumstances. Therefore, before making any decisions, it’s crucial to have a complete understanding of the loans and when you need them.
When is it advisable to apply for online loans?
- When consolidating debt
- When in need of a quick financial injection
- When it’s a one time financial need
- When you can comfortably repay the whole loan amount
- When we know everything about the loan and its conditions
- When we know the whole amount we’re supposed to repay
- When we know all additional attached charges including the interest rate
When should we not apply for online loans?
- The need is recurring
- The purpose is not urgent and can wait for our next pay
- We’re not sure of our ability to assume payment of the loan
- We don’t have an idea of how the loan works
- When we solicit regularly
- We’re not aware of the whole amount of money we’ll be required to repay
Using the above-mentioned parameters will help us quickly assess our financial situation to determine which type of loan we need.
How much money can I get with mini-credits?
Mini loans are helpful in small financial difficulties because of their speed and laxer qualifying requirements. New borrowers will almost always receive small loans initially since they have little confidence in the lender.
Up to SCR 50,000
Up to SCR 150,000
Older customers of online microloans may benefit from larger loans with lower rates since the lender already has faith in their capacity to repay the loan. These borrowers have previously taken out loans and repaid them without issue following the terms and circumstances set out.
Requirements to access loans in Seychelles
Only when the borrower complies with certain standards is the loan application process successful. A borrower will still need to satisfy each of these conditions even if they might not be as stringent for online mini loans. The standards for other loan kinds are stricter because they have higher loan amounts and longer repayment terms.
So, what requirements must you meet to access a loan in Seychelles?
- Be of legal age. Some banks will finance you at 18 years, while others will only lend to borrowers above 21 years.
- Have a good credit history. Before giving you finances, most lenders, if not all, will assess your level of debt to determine whether you qualify for their loan.
- Have a stable source of income. Your lender will need to be sure of your ability to repay the loan. Hence, having a stable source of income will mean that you’ll spare some funds from your income to repay the loan. Some lenders, however, will only finance you when your salary isn’t unreasonably low while others don’t mind financing you without a fixed income.
- Have a Seychelles residence permit. Lenders will only finance applicants that are currently living in the country. Moreover, consult with the entity to know for how long you’re required to be holding the residence permit.
To most entities in Seychelles, the above 4 requirements have to be met before qualifying for a loan. Other entities, however, may have more requirements than these. Hence, consult with your lender to know what requirements they’ve placed for their applicants.
Documents to be submitted when requesting a loan
Just because you think you qualify for a loan in Seychelles doesn’t mean you do. Your lender will require evidence that you are genuinely eligible for the loan. Documentation can help with it. These documents are submitted online for the online option either by uploading the documents, sending them through email, or scanning them. Lenders will ask you to deliver the required paperwork to their offices or send it by courier to complete the physical application.
- Have a national identity card, passport, or any other valid form of identity
- Have a permanent or temporary residence permit card
- Have the last two or three payslips. You may need to present a university enrollment card if accessing a student loan, or a pension certificate if you’re a retired applicant.
- Bank account statements
The most typical requirements in Seychelles are those listed above. Nevertheless, depending on the loan type and other variables, some entities tend to have additional criteria. In Seychelles, the majority of lenders have online applications that borrowers can submit. As a result, the procedure is quick and simple.
How to take out loans online step by step?
Steps to contract a mini loan:
- Choose the amount and repayment term
- Fill in the form
- Send the documentation
- Read and sign the contract
In Seychelles, online mini loan providers process the funds fast, in a period not exceeding 20 minutes since every step of the application process happens online including signing the contract. Below are the four steps you’ll be required to follow:
- Choose the loan amount and your preferred repayment term. At this step, the borrower will be required to choose wisely, considering their ability to repay the loan, and after how long. Small loans have shorter repayment periods than big loans.
- Once you receive the application form online, fill it out completely and honestly. There will be vacant spaces on the form that you must fill out with your name and last name, date of birth, ID number or passport number, etc. Fill out every blank field, please. There must be no discrepancy between the information you supply here and your documents.
- Verification. The lender will take their time to evaluate how your information stacks up against that of the supporting documents and bank records. At this point, most applications are turned down. The lender will approve your application and provide you the necessary legal documentation if everything is in order.
- Upon receiving the contractual forms, read between the lines to get a hang of all the contractual terms and conditions. Note down any future changes, fees, or costs, to be sure of what you’re signing up for.
After signing up for the contract, the entity will release the funds to the borrower.
About this page, our methodology
What this page is for: Our objective is to assist you in obtaining the most suitable financing. As a result, we wish to walk you through what personal guarantee credits are, how to compare them, which deals are currently offering the best value, and how to select the best out of the many available ones.
Source: The information herein regarding personal loans comes from the Central Bank of Seychelles portal, and the Financial Consumer Protection Act (FCPA) among other reference sources.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources
About FUNDGECKO: We are an online platform that works to give individuals information about personal finance. Additionally, we provide you with information to aid in your search for a reliable personal loan lender.Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.