How to get a loan from African Bank
African Bank: Quick overview
Loan amount: From R2000 to R350 00
Loan term: Between 7 and 72 months.
Interest rate: Annual Percentage rate (APR) 15% to 24.50%.
Fees: VAT, once-off initiation fee and monthly admin fee.
Loan types: Personal loan, 12% loan, consolidation loan.
About African Bank:
African Bank prides itself on providing innovative and accessible financial solutions for its customers. They offer many financial products and services that are personalised to each individual’s needs. African Bank is licensed by the South African Reserve Bank
How to apply for African Bank’s loans online application form?
Below, you can find the typical loan application steps.
- Visit the African Bank homepage.
- Select the type of loan you are interested in: personal loan, 12% loan or consolidation loan.
- You will then input your personal details, such as your South African ID, title (Mr, Mrs or Ms), name, surname, cellphone number and email.
- Click ‘next’ to be directed to the Financial Details page.
- Fill in the information: employment sector, employer, employment status, employment start date, salary frequency, current bank, gross salary before tax, net income and living expenses.
- The following categories break down living expenses: accommodation, education, groceries, transportation, medical expenses, and other.
- You will receive a one-time PIN (OTP) on your cellphone.
- Once you enter the OTP, click ‘next’, and you will be directed to your offer.
- View your offer provided by African Bank.
- Select ‘done’ to complete the process.
Application requirements:
- Most recent proof of income, reflecting three salary deposits.
- Proof of residence (not older than three months).
- Recent bank statement showing three salary deposits.
Who is eligible for African Bank loans?
To be eligible for a loan, these are a must-have.
- Loan applicants must be over 18 years of age.
- Bank statements with salary deposits of at least three months.
- Proof of income!
African Bank loan interest rate?
African Bank offers moderate interest rates for its customers. Customers can expect to pay between 15% and 25% APR. This depends on the loan type and loan amount a customer agrees to.
How long does African Bank take to approve a loan?
Should your application be successful, funds can take up to 72 hours to be deposited into your account. Factors such as meeting all requirements and having a good credit score will affect how long or short a customer’s approval time period is.
African Bank only processes one loan at a time.
Who is African Bank best for?
African Bank is best for borrowers who:
- Want to pay off their loans over a longer period of time.
- Foreign nationals that require personal, business or home loans.
- Don’t want the hassle of going to a branch to apply for a loan.
Pros of African Bank
Flexible payment plans: Borrowers have between 7 and 72 months (6 years) to repay their loans, lowering their monthly repayment amount (bonus: African Bank has fixed repayment amounts) and the pressure that comes with such a situation.
Easy online applications: African Bank has created an easy 5-step application for loans on their website. See above for how to apply and what information is required.
Many loan options: Personal loans with fixed repayments on flexible terms, consolidation loans combining lower debt repayments and the 12% loan for amounts between R5000 and R50 000 paid over 9 to 24 months at a fixed interest rate of 12%.
Audacious Rewards: African Bank customers sign up for Audacious Rewards. Some benefits include earning 1.3% of points when personal loan payments are made.
Con(s) of African Bank
Poorly reviewed customer service support: Should customers run into any online hassles, African Bank has a 1.48/5 rating on Hellopeter, with most complaints regarding subpar customer service support, or lack thereof.
African Bank Loans Contact Details
For further information or queries, you can contact African Bank via the following channels:
Phone: 0860 333 004 (new loan applications)
Phone: 0861 111 011 (where is my loan)
Email (customer service): CExperience@africanbank.co.za
Email (savings and investments): SCCInvestments@Africanbank.co.za
