Home Finance African Bank Debt Consolidation Loan

African Bank Debt Consolidation Loan

african bank debt consolidation loan

African Bank Debt Consolidation Loan is a loan option given by African Bank that provides customers with up to R250 000 in cash to use for any financial need.

African Bank is a reputable South African financial institution that provides a wide range of financial services such as deposits, bank accounts, investments, and credit cards.

African Bank is a South African retail bank that was formed as a separate entity in 2016 following the South African Reserve Bank’s supervision of the restructuring process.

What African Bank Debt Consolidation Loan are available to you?

African Bank Personal Loans

African Bank personal loans offer easy credit of up to R250 000 with flexible repayment periods of up to 72 months and fixed repayments.

This African Bank Personal Loan will assist you in addressing some of your financial concerns, such as purchasing a new vehicle, renovating your house, paying off medical bills, and any other financial concerns you might have.

The 15% Loan

Customers will borrow between R5000 and R50000 with repayment periods ranging from 6 to 18 months with this African Bank Personal Loan.

The interest rate is set at 15%, as the name implies, and you’ll pay the same monthly payments before the loan period ends.

African Bank Consolidation Loans

African Bank consolidation loans allow you to merge up to five smaller loans into one consolidated loan of up to R250 000, resulting in one manageable loan with lower monthly installments.

African Bank’s consolidation loans, including their personal loans, give up to R250 000 with repayment periods of up to 72 months.

Annual Percentage Rate (Interest Rates and Fees)

These loans have an annual percentage rate of interest ranging from 15% to 27.50 percent.

For example, if you take out an R20 000 loan over a period of 12 months, you will pay a one-time initiation fee of R1197 and a monthly admin fee of R69.00 after a 1% VAT rise.

You can pay a monthly installment payment of R 2 036 if the representative APR is 15% and the premium rate is 5.4 percent.

Advantages of an African Bank Debt Consolidation Loan

An African Bank Debt Consolidation Loan comes with a number of benefits that can support you when you’re in need of financial assistance. The following are some of the benefits of applying for a personal loan with African Bank.

01. They are issued by a trustworthy bank with a long history in the financial industry, ensuring your satisfaction and preventing you from being scammed.

02. One of the best features of these loans is the Fixed Rate Payment, which ensures you can pay the same amount in installments before the loan period is over.

03. African Bank has some of the lowest interest rates on the market, making loan repayments even more appealing to apply for.

04. Applying for a loan is simple and can be done online, in person, or over the phone. Simply complete the application form and attach the appropriate documents, and you will receive a response from them in under 10 minutes.

Application Requirements African Bank Debt Consolidation Loan

To apply for and qualify for an African Bank Personal Loan, you will need to submit the following documents:

01. You must be at least 18 years old and have a valid South African identity document.

02. The most recent three months’ bank statements, which reveal the last three income deposits.

03. Your most recent proof of income, such as a pay slip.

04. Your most recent proof of address, which must be less than three months old.

Contact Information for African Bank Debt Consolidation Loan

You can learn more about the various credit solutions offered by African Bank by visiting their website, www.africanbank.co.za, or by visiting the nearest branch and speaking with one of their consultants.

Tel: 011 256 9000 / 0860 333 004 Head Office: 59, 16th Road, Midrand, Johannesburg

NB: Visit Our Loan Calculator Page Here