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African Bank Loan: 2024 Review | Apply Online

African Bank Loan: 2024 Review | Apply Online

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African Bank personal loans are some of the most flexible on the market. They can help you finance a wide range of needs, such as debt consolidation, home renovation, your child’s education, and more. 

In our complete African Bank loan review, you’ll find essential details about this lender and get answers to your questions before applying.

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✅ How Much Do You Need?

WHO IS African Bank?

African Bank Limited is one of the top banks in South Africa based on total assets in U.S. dollars. The original African Bank Limited was established in 1975, and today this lender is locally controlled by the Reserve Bank of South Africa (SARB). 

KEY FEATURES

  • Loan amounts from R2000 – R350 000
  • Repayment terms from 7 to 72 months
  • Interest rate (APR) from 12% to 24.50%
  • Credit Life Insurance (Insurance rate from 5.04% to 5.4%)

PROS

✔️Wide range of flexible loans

✔️Free credit report 

✔️Payment break

✔️Several different ways to apply

CONS

❌No instant or quick loans available

WHY WE LIKE IT

African Bank is one of the more established banks in South Africa. They offer a wide range of flexible loans to meet a wide range of needs for South Africans.

SUMMARY

African Bank offers long term personal loans (up to six years) of up to R350 000 with fair interest rates. Products include a personal loan, a consolidation loan, a 12% loan, and tech deals. 

African Bank LOANS ARE BEST FOR YOU IF YOU:

  • Need more time to pay off your loan
  • Need a large loan amount
  • Want to consolidate debt
  • Want to deal with an established big bank

Full African Bank Personal Loans Review

Get more details about African Bank personal loans below.

Pros Explained

Long loan terms. African Bank personal loans are payable over 7 to 72 months (6 years), depending on the loan. This flexible arrangement allows you to spread the cost of the loan to suit your budget.

Choosing a longer loan term means lower monthly repayments. A shorter repayment period means higher monthly instalments, but you pay less interest.

Large loan amounts. African Bank personal loans range from R2000 to R350 000. That means you can access a sizable lump sum for various uses, such as debt consolidation, your child’s education, home renovation, and investing in your side hustle.

Easy application. You can complete the African Bank loans registration online, send a call me back and speak to consultants over the phone, or visit your nearest branch.

When you apply through online banking or the African Bank App, you enjoy the convenience of doing it anytime, anywhere. You can also perform an African bank loan application status check or view your African bank loan statement online.

Get a free credit report. You can download a free credit report with African Bank, even if you don’t apply for a loan. That means you can check your credit report before you apply to correct errors and determine your creditworthiness. This is an extra perk you won’t find with other lenders.

Choose your break. The African Bank loan payment break is a unique feature available only to existing customers. It allows you to pause payments on specific loans for a limited period.

Cons Explained 

Quick or fast loans may not be available. You may be wondering, “How long does African Bank take to approve a loan?”

Unlike some alternative lenders that promise fast loans within minutes or same-day approval, this may not be the case with African Bank.

This makes sense, especially where large loan amounts are involved, calling for stricter affordability checks and processes, which can take a while.

How Does African Bank Limited Work?

African-Bank-loan-options

When you apply for a loan at African Bank, your options include the following:

  • Personal loan – African Bank long term personal loans range from R2000 to R350 000 over 7 to 72 months.
  • Consolidation loan – The African Bank consolidation loan lets you combine up to 5 loans into 1 with up to R350 000 over 12 to 72 months. You then supply proof of payment that your loans have been settled.
  • 12% loan – Get up to R50 000 with an interest rate of 12% from 9 to 24 months.
  • Tech deals – Add a device, such as a tablet, phone or laptop, to your loan fixed at an interest rate of 12%, payable over 24 months.

African Bank loan interest rates are fixed, so the interest rate remains the same throughout the life of the loan.

Here’s an African Bank loan estimate: If you borrow R20 000 for 12 months, your monthly instalment will be R 2036.03. This includes an initiation fee of R 1197 and a monthly admin fee of R69.00. The total cost of the loan will be roughly R 24 432.41.

Is African Bank a Safe and Trusted Option?

African Bank is an authorized financial services and credit provider registered with the NCR. That means this is a legit lender. Even so, it helps to check African Bank loan reviews to see if their products are right for you.

How to Apply for an African Bank Loan

Let’s look at how to get a loan from African Bank Limited.

What You Need to Qualify

African bank loan requirements include the following:

  • Be at least 18 years and above
  • Latest proof of income, e.g. latest payslip
  • Provide the most recent 3 months’ bank statements, showing 3 salary deposits
  • Original ID, Passport or Valid Driver’s License (if you don’t have an account)

How to Apply for an African Bank Loan

How to apply for a loan at African bank online? Getting an African Bank online loan is easy with these five simple steps:

Step 1: Provide your personal details, including your South African ID, full name, email, and cellphone number.

Step 2: Provide your financial details so that African Bank can calculate your income and expenses and determine your affordability. 

Step 3: You’ll get a one-time PIN sent to you for verification purposes.

Step 4: African Bank will send you an offer, which you can accept or reject.

Step 5: If you accept the offer, your African Bank loan application is complete. You can check your African bank loan application status online.

You can also complete the African Bank loan application via SMS by sending a call me back online, so the bank’s consultants can get in touch with you. Alternatively, you can visit your nearest branch – be sure to have the necessary documents in hand.

African Bank Contact Details

📌Looking for African Bank loans contact number? You can call 0861 111 011 or visit your nearest branch to enquire in person.

FAQs

Can I get African Bank loans under debt review?

As a traditional lender, it’s unlikely that African Bank offers loans under debt review. While some alternative lenders might offer these loans, this goes against the rules and regulations set by the NCA. So, you may have to finish your debt repayments before taking out new loans with African Bank.

Do I qualify for a loan at African Bank online?

You must pass the affordability checks to qualify for a loan at African Bank. You also need to:
– Be at least 18 years;
– Provide your latest payslips; and
– Provide your latest bank statements to show salary deposits into your bank account.

How long does African Bank take to payout a loan?

Similar question: How long do African bank loans take?

It may take several days to several weeks to receive money in your bank account after completing your application. The best way to speed up the process is to provide all the necessary documents and ensure your information is correct.

How do I check my African Bank loan balance?

You can bank on the go with the African Bank app. It enables you to apply for a loan and download your statements anytime, anywhere.

Can I get an African Bank loan for blacklisted people?

African Bank offers various loan products, but like some South Africans, you may be searching specifically for the following products:

  • African Bank personal loans for blacklisted people
  • African Bank consolidation loan for blacklisted
  • African Bank loans for bad credit
  • African Bank payday loan
  • African Bank revolving loan

Remember that African Bank is a responsible lender, so they’re likely only to approve a loan if you can afford it. African Bank looks at your financial information and will carry out a credit check to see if you can afford it. African Bank does not offer payday loans. However, they offer credit cards, an example of a revolving loan.

Can I apply for an African bank loan without payslips?

It depends. You must provide your most recent proof of income, usually payslips. However, documents like a letter from your employer may be acceptable if they provide sufficient proof.

Are there African Bank loans for foreign nationals?

The application form requires you to provide a South African ID, so you may not qualify if you’re a foreign national.

How does the African Bank loan payment break work?

The payment break is only available to existing clients. This feature allows you to take a break from your payments for a limited time, but only for qualifying loans.

Can I get a second loan from African Bank?

It’s possible if you’re applying for a consolidation loan. The best thing is to contact African Bank and speak to a consultant for confirmation.

Watch: African Bank – Borrow to Grow

Our Research Expert

Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.