Sometimes unexpected events occur, and we may need extra money to deal with them. When such a situation arises, we can view an African Bank loan as a means of resolving our financial situation. In times of emergency, personal loans are an excellent way to get some financial relief. Personal loans from African Bank are available up to an amount of R250,00.00. Depending on your needs and repayment period, the bank offers short-term and long-term loans.
Besides African Bank, there are other financial services and registered credit providers in South Africa. In this article, we will look in detail at the African bank loan and why you can apply for it.
About African Bank
African Bank is authorized financial services and credit provider. With African Bank’s online loans, they deliver loans in a personalized manner, ensuring that they offer financial solutions that are innovative and are accessible to everyone. They strive to bring their brand to life by representing the diverse population of our country.
The employees of African Bank are well-trained to handle any situation. The goal is for each client to leave knowing that they received the best possible service. Their goal is to match clients’ needs precisely and personally, which means putting themselves in their clients’ shoes.
Types of services they offer
Several innovative, flexible, and affordable loan products and services are available through African Bank. some of these products include;
1. African bank personal loan
There are various things you can do with a personal loan. You can use it to pay medical bills, do home repairs, further your education, and purchase a car. Besides that, the personal loan can help consolidate multiple loans. A personal loan can be the right option to change your financial situation for good.
African bank ensures your peace of mind by offering you the right loan that suits your financial capacity. And also ensure that the loan doesn’t affect your credit score. Besides that, the personal loan African bank offers don’t require you to provide collateral before accessing it.
What are the things I can consider before getting a personal loan?
There are some things you must consider before getting a personal loan. You will have less financial problems once you adhere to the following before getting a personal loan:
- Ensure your current financial obligations can afford the loan repayments
- Make a comparison of personal loans from various financial institutions and ensure you get the best interest rate
- Declare your income and expenses honestly
- Analyse possible future large purchases which the personal loan may affect
2. African bank business loan
African banks encourage borrowers to evaluate their reasons for wanting business loans. If the evaluation is positive, then getting the business loan wouldn’t be a bad idea. However, applications for business loans may have some requirements or restrictions.
Therefore, the right alternative you could consider should get a personal loan for your business. This is because it will be easier for you to get a personal loan through your bank statements. Obviously, many business owners start their businesses while they are employed as full-time or part-time employees. So, getting a personal loan will be easy for them.
3. African Bank Debt Consolidation Loan
Consolidation is the process of combining all your existing loans into one. With African Bank, you can combine up to five loans into one easy-to-manage Consolidation Loan of up to R250 000 and save money.
4. Value-added deals
With the help of leading South African brands, African Bank offers entertainment and education vouchers you can redeem on your credit card. During the application process, you can choose a deal you like and attach it to your loan.
4. The African Bank 12% Loan
If your interest rate is fixed at 12%, you’ll always have peace of mind knowing that your monthly repayments will be the same, since both the interest rate and the monthly repayments are fixed.
What are the African Bank interest rates?
Your credit score, the amount of your loan, and your credit history determine the interest rate you pay on your loan. The interest rates for African Bank loans are as follows:
- Interest rate (APR) from 15% to 27.75%.
- In addition, insurance rates range from 5.04% to 5.4%.
Maximum/Minimum loan amount they offer
The amounts of personal loans offered by African Bank range from R1000 to R250,000. However, the bank is responsible for determining the maximum loan balance you can borrow. To determine what is a fair maximum amount of debt, African bank considers your income ratio, credit score, credit history, and financial profile.
Who qualifies for a loan at African Bank
To apply for African Bank loans, you need to meet the following requirements:
- Recent proof of income showing at least 3 monthly salary deposits;
- Proof of residence;
- You should be over the legal age of eighteen;
- Latest bank statements showing at least 3 monthly salary deposits;
- A valid South African government-issued ID; and
- An active email address.
African Bank Loan Application Process
There are 3 ways to apply for an African Bank personal loan;
- Online: You can apply for an African Bank loan online by filling in your personal details on the bank’s website and following the easy steps outlined.
- Phone: Applicants may also apply using the call-back form on their website, and a consultant will contact them.
- Visit branch: As most people prefer to walk into a bank for loan applications, you can visit an African Bank branch and request a loan consultant to help with the application process.
African Bank Loan Calculator
To assist you with the application process for a loan, we recommend making use of the African Bank loan calculator. You can determine whether you can afford the monthly payments by entering the amount and terms you want to borrow. Getting a loan with a low-interest rate is important as we do not want to end up in a situation where our monthly payments become too high.
However, it is important to note that the African Bank loans calculator only provides indicative values. In relation to the values displayed, African Bank makes no guarantees or warranties. Only a full Loan application, on African Bank’s website, their Banking App, or on Online Banking, or in other channels like their Branches and Call Centre, can provide accurate details pertaining to loans from African Bank.
How to make loan repayments
You can find repayment dates on the front page of your credit agreement Upon crediting your bank account, your first payment is due seven days late. All other payments are due on the first of every month.
Below are the repayment methods you can use:
- Payroll deduction;
- Debit order or stop order from your bank account;
- Monthly deductions on the day you are paid;
- In-store payments;
- EFT; and
- Visa or Mastercard payment;
The repayment period for the loan can vary from 7 to 72 months, depending on your cash flow and the amount you borrowed. Consequently, you will know precisely how much you will have to repay each month because repayment amounts are fixed.
The first repayment is due seven days after the loan has been deposited into your bank account. Until you pay off the loan, you will need to pay the remaining monthly installments the first day of every month.
Advantages of African Bank loans
- You receive the money directly in your bank account.
- Flexible repayment terms; you can pay it over 72 months.
- Every month, you know how much to pay as the repayment amount is fixed.
- The application can be made online; there is no need to leave your home and visit a branch.
- Existing customers may skip a few payments if they qualify for the break feature.
- Loan settlement options are available in the event of death, disability, retrenchment, or unpaid leave.
- African Bank interest rates are competitive and affordable.
African Bank Contact details
59 16th Rd, Halfway House Estates, Midrand, 1685
- Email: email@example.com
- Phone: 0861 111 011
- Website: https://www.africanbank.co.za
African Bank is one of the best banks that provide personal loans in the country. African Bank has grown as an establishment since its comeback acquiring great satisfaction from its clients for their low bank charges and great customer bank services.It is a go-to bank when you need a loan that will be approved and advanced in the shortest time possible.
If you are happy with the interest charged and pay off your loan well, then your commitment will pay off through a healthy credit profile.