Business Finance
Financial Loans given to foreigners are governed by SARB’s (South African Reserve Bank) exchange-control policy, and this policy clearly states that if you possess a valid working permit in the country, you are within your right to apply for a personal loan.
When it comes to the policies from various banking institutions in South Africa, they vary slightly, for example,
Standard Bank:
You’ll need to be an existing client
Have valid working permit with proof of employment contract.
Able to settle the loan before your last day in the country.
Nedbank:
Follow the rules of the SARB exchange policy and provided the borrower repays the loan in full before leaving the country.
