African Bank Personal Loan is a credit option provided by African Bank that offers its customers as much cash as R250 000 as they can use for any of their financial requirements.
African Bank is a respectable South African financial institution offering a variety of financial services, including deposits, bank accounts, investment and credit cards.
African Bank is a South African retail bank that was set up as a separate company in 2016 after the restructuring process was placed under the supervision of the South African Reserve Bank.
What African Bank Personal Loan can you get?
Personal loans from African Bank are convenient credit of up to R250 000 which comes with flexible repayment terms of up to 72 months, with fixed repayments.
This African Bank Personal Loan can help you sort out some of your financial issues that you may want to attend to, including buying a new car, renovating your home, medical bill settlements and any other financial matters you may want to sort out.
Annual Percentage Rate (Interest Rates and Fees)
The Annual Percentage Rate of interest charged on these loans ranges from between 15% to 27.50%.
A Representative example – If you take out a R20 000 loan over 12 months you will pay a once off initiation fee R 1197, a monthly admin fee of R69.00 post 1% VAT increase.
Representative APR 15% and insurance rate of 5.4% you will pay a monthly installment amount of R 2 036.
Debt Consolidation Loans
Consolidation loans from African Bank allow you to combine up to 5 smaller loans into one consolidated loan of up to R250 000, giving you one manageable loan with lower monthly installments.
Like their personal loans, consolidation loans from African Bank offer as much as R250 000 with repayment terms of up to 72 months.
The 15% Loan
This African Bank Personal Loan offers customers credit ranging from R5 000 to R50 000, with repayment terms ranging from 6 to 18 months.
As the name suggests the interest rate is fixed at 15% and comes with the same monthly installments until you loan term expires.
Benefits of taking an African Bank Personal Loan
An African Bank Personal Loan comes with some value added advantages that can help you when you are looking for some financial relief. Here are some of the advantages that are derived from applying for a personal loan from African Bank.
– They are issued out by a reputable bank that has been in the market for many years, giving security and assurance that you will not be scammed.
– One of the best benefits of these loans is that you are given a Fixed Rate Payment which means you will pay the same amount in installments until you loan term expires.
– African Bank offers some of the most competitive interest rates on that market, giving you much affordable loan repayment terms.
– You get flexible loan terms that go as much as 72 months, giving you enough time to manage your finances without breaking your wallet.
– The loan application process is easy and can be done online, in branch or over the phone. Simply fill out the application form and provide the required documents and you will get feedback from them in less than 10 minutes.
African Bank Personal Loan Application Requirements
To apply and qualify for an African Bank Personal Loan you will need to present some documents that includes:
– You must be above the age of 18 years with a South African Identity Document.
– Your latest 3 months bank statements showing your last 3 salary deposits.
– Your recent proof of income such as your pay slip.
– Your latest proof of address that is not older than 3 months.
African Bank Personal Loan Contact Information
For more information of the various credit solutions that African Bank offers you can visit their website www.africanbank.co.za and read up more information, other than that you can visit the nearest branch and speak to their consultants.
Head Office: 59, 16th Road, Midrand, Johannesburg
Tel: 011 256 9000 / 0860 333 004