Money plays a major role in the daily lives of most people. Whether you’re paying your bills, getting a car, or moving forward in your education, it’s always about getting the most for every penny. African Bank is an authorized financial service provider that understands your personal needs when it comes to value for money.
If you find yourself in a tight spot, this article offers tremendous help. An African Bank loan delivers peace of mind because it is quickly available to cover emergencies or crucial requirements. Here is what makes African Bank a reliable backup for you:
Major features of African Bank loan
African banks have a few advantages over other financial institutions. A few of these characteristics are as follows:
- It has been operating in South Africa for a long time. Consequently, they have a good idea of what South Africans’ financial requirements are. Their purpose is to provide services that help you get ahead in life.
- Transparency is the biggest value they provide. Therefore, you can expect to receive all the necessary information, such as total costs, before you borrow money.
- Finally, the bank is a reputable, registered credit provider that complies with the National Credit Act, No 34 of 2005.
Types of loans available at African Bank?
Apart from the personal loans, African banks offer other forms of credit options. The other types of loan includes;
Prospective applicants can apply for debt consolidation loans even if you have bad credit. These types of loans help you to pay off your debts by combining them into single monthly instalments.
- Value added deals
African Bank partners with other South African leading brands to provide you with entertainment and education vouchers that can be added to your credit. During the application process, you can choose a deal of your liking and attach it to your loan.
- The 15% loan
An interest rate of 15% is fixed on this low-interest loan. The loan offers flexible payment terms and fixed monthly instalments, just like the personal loan offered by African Bank.
You can apply for the 15% loan online, over the phone, or at an African Bank branch.
How does borrowing from African Bank work
African Bank offers a range of personal loans that you can choose from based on your needs. A variety of personalised loan options is available from African Bank. Some of these options includes;
- Flexible terms: Prospective applicants can apply for a maximum of R250 000 and make repayments over 7 to 72 months.
- Fixed repayments: This loan option allows prospective applicants to stay in control of your budget with monthly instalments that never change.
- Easy application: With African banks, you can apply online at your convenience if you want to avoid phone calls and branch visits.
Loan application requirements
In order to apply for African Bank loans, you must provide the following documents and 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 interest rates?
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%.
African Bank loan application process
It is recommended that you fully understand the total amount you require and ensure you are able to pay it back before starting the African Bank online application process.
Once you have figured out your desired monthly repayments, the next step is clicking the “Go to Site” button. This sends you directly to the African Bank website where you can make an online application.
The application process involves uploading documents and filling out a form. When your application is successful, a representative from African Bank will contact you to finalize the offer.
How to make African Bank loan repayments
Prospective applicants can find their repayment dates on the front page of the credit agreement.
Your first payment should be made within seven days of the money being deposited in your bank account. The rest of the payments are due every month on the first.
Following are the repayment options available to you:
- 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;
Benefits of applying for an African Bank personal loan
Applying for an African bank loan has the following advantages;
- Easy to manage
The best way to get cash when you need it is to apply for one lump sum rather than racking up multiple credit card bills with varying interest rates. If you take out a loan from African Bank, you have a predictable repayment schedule and a fixed monthly instalment.
- Improves your credit rating
A personal loan from African Bank can help you pay back some of your debt, thereby improving your credit rating. If you pay back a personal loan from African Bank within the prescribed time frame, you can also improve your credit score.
The banks and finance companies will check your credit history and will be more likely to approve your future credit requests.
- Provides more money than credit card
If you need more money than your credit card limit can provide, you can get an African Bank online loan. In addition, you can sometimes get a more favorable interest rate.
Conclusion
The value of time is incredibly high, so it is important to work with a platform that both understands and respects this and has taken measures to optimize their platform to make their loans easy to access.
If you are planning to buy a new vehicle, renovate your home or invest in your education, African Bank has the right personal loan for you.