Posted by Are you in dire need of a personal loan and considering getting one from African Bank? Or are you wondering what it entail to qualify for a loan with the institution? In this review, we will be discussing the African Bank Loan, how it works, and how you can apply for loans with the institution.
Meanwhile, African Bank Ltd. is a South African-based bank that offers financial products and services. It has its headquarters in Midland, South Africa. Some of their financial services and products include loans, banking, credit, investment, credit, and insurance.
However, one of the most popular services and products offered by African Bank is loans, and these loans include personal loans, consolidation loans, the 12% loan, and more. You can apply for a loan if you need to pay for medical expenses, buy a car, or pay for your studies with African Bank.
Going further, their loan plan is flexible and is also accessible by customers from the age of 18 years and above. Intending customers can apply for an African Bank loan via their website or by downloading their mobile app. It is safe and secure to apply for loans with the company and access your loan account anytime and any day.
African Bank Loan Overview
As stated above, African Bank is a South African bank that offers different financial services and products. Amongst their products and services, loans happen to be one of the most popular services and products offered by the company.
Just like other lenders, the company offers its customers the opportunity to apply for loans to settle medical bills, pay for unplanned expenses, and more. One of the most popular loans you can apply for is a personal loan, and this loan is customizable to cover any unexpected event.
Based on the company, you can make use of their personal loan to transform your house into a home, plan for your child’s education, and build a side hustle. Once you apply for a loan with African Bank, the funds automatically deposits into your bank account.
After getting a loan, users can repay the loan over 7 to 72 months, which makes it more flexible. African Bank Loan can be tailored to your specific needs and desires, and it is simple to obtain a loan from the company. You can also make use of their loan calculator to help you plan your loan repayment.
Types of African Bank Loans
Meanwhile, African Bank offers a wide range of loans. In this section of the article, we will be discussing some of the types of loans you can apply for. Below are some of the types of loans offered by African Bank Limited?
Personal Loan
This is one of the most popular loans offered by the company. You can apply to the company for either a short-term or long-term loan repayment. While a short-term loan allows you to get fast cash for an emergency, it comes with a higher interest rate.
On the other hand, a long-term loan offers a larger amount and can be paid over several years. It also comes with a lower interest rate and smaller installments. You can get a personal loan of about R250, 000 with a flexible term and fixed repayment, allowing you to manage your budget with Africa Bank.
Debt Consolidation
Another loan that you can also apply for is debt consolidation, and this loan allows you to pay off multiple debts easily. Your bank gets to pay off all your debts, and then you will have to repay your bank. This loan allows you to combine up to five loans into one. And choose to break it up by selecting when you would like to repay it.
Fixed-Rate Loan
Applying for a fixed-rate loan on African Bank comes with 12% peace of mind and can be paid monthly. You don’t need to worry about the interest rate as it doesn’t change. It is easy and simple to apply for this type of loan with Africa Bank.
Business Loans
If you need to finance your business, getting a business loan from African Bank is a great idea. Just like a personal loan, you can take this loan in the name of your business. It also offers a wide range of business loans for small businesses in South Africa with good terms of payback and interest rates. You can get this loan for your start-up business.
Home Loans
There are several types of home loans available or offered by African Bank. Some of these loans include fixed-rate homes, 100% home loans, capped rate home loans, and step-down home loans. You can apply for any of these home loans depending on your wants, age, or lifestyle.
Requirements to Apply for African Bank Loan
Before you can successfully apply for any loan at the Bank of Africa, there are several requirements that you must meet. But first, you will need to decide on the type of loan you would like to opt for. After that, you can choose your repayment option, which ranges from 7 to 72 months. Here are some of the credentials that you have to provide to apply for loans with the bank:
- You must be 18 years of age or older.
- You must have recent proof of income, such as your latest pay slip.
- You’re most recent three-month bank statements, which show your three salary deposits.
- Proof of residence must be no more than three or six months old.
With the above-listed credentials and documents, you are ready to apply for an African Bank Loan. You can visit their official website, download their mobile app or visit any of their branches to apply for your desired loan.
African Bank Loan Application
Having met the aforementioned requirements, you can proceed to apply for a loan on the African Bank website. There are tons of loans you can apply for and you can get a personal loan up to R250 000. Besides, you can choose to repay a loan over seven to seventy-two months. You can apply for a loan today with these few simple steps below;
- Visit the African Bank loan application page on your device’s browser.
- Enter your personal details on the first page which include your South African ID, name, phone number, title, surname, and email address.
- Then click ”Next”.
- On the next page, enter your financial details which include your employment sector, employment status, bank, and gross salary.
- Employer, Employment start date, net income, salary frequency, and living expenses.
Follow the on-screen instructions and with a few pushes of a button, you will be done with the application process. In conclusion, You can borrow up to five loans and choose when you’d like a one-month break in repayment.