How to read a pre-agreement quotation

A pre-agreement quotation is not an estimate

A calculator shows how an example price is made up. A pre-agreement statement and quotation is the specific offer of credit made to you: it names the amount you would receive, every charge, the total you would repay, the dates and how long the offer stands. Read the quote before the commitment, together with the credit agreement itself, and keep the version you accept. You do not have to accept an offer simply because you asked for an estimate.

What should you check about the money?

• The amount requested and the amount actually paid to you.
• The principal debt and any charges added to it.
• Interest, initiation fee, service fee, VAT and any insurance.
• The number of repayments and each amount.
• The total amount you will repay.

The cost guide explains what each of those charges is for.

Dates, conditions and validity

Find the proposed payment date, every repayment date and the quotation’s validity period. Read any conditions still to be met before payout, and ask how bank non-business days affect collection.

If something changes

A different amount, term or price is a new offer and needs the same review. Keep the version you accept and do not rely on an earlier calculator screenshot.

Ask before you accept

If a charge or a term is unclear, ask for an explanation in language you understand, and confirm the available language options — see the language guide. The agreement guide covers what the contract itself should contain.

Reference: National Credit Act — South African Government.