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What Loans Are Granted by African Bank? Qualification and Requirements



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AFRICAN BANK LOANS ARE MADE TO SUIT YOUR NEEDS- They offer a wide range of loans with really accessible repayment plans.  

Product and Benefits

  • You can take out from R50O to R150,000.

  • Comfortable repayment period: from 3 to 60 months.

  • Fixed repayment instalments.

  • Quick access to the loan, as it is distributed directly into your bank account.

  • Repayments via debit order form your bank account, which saves you a lot of unnecessary time.

  • You can apply for a personal loan now online- 24 hours a day, 7 days a week.

Requirements: In order to apply a personal loan, you need to be 18 years old or older and bring to the nearest African Bank branch the documents stated below:

  • ID book.

  • Latest original payslip.

  • Bank statement of one month, which states your salary deposit or savings book.

  • *Proof of residence.

*As regards that point, you need to bring any of the following documents in order to prove your name and current residential address:

  • Latest utility bill.

  • Municipal account.

  • Retailer account.

  • Document form an insurance company.

  • Payslip.

  • Letter form an authority.

  • Ward counsellor.

  • Declaration from a landlord/affidavit.

NOTE: The documentation should be no older than 3 months in order to be accepted by the bank.

Insurance: They offer you credit life, funeral cover, crime injury and personal accidents.

  • I. Credit Life: When life´s unexpected events happens, they assist you with an insurance in all of the loans they offer. This covers the following situations, either to settle the obligation in terms of the credit agreement or to pay instalments towards the credit agreement according to the specific event : death  (settlement), permanent disability (settlement), temporary disability (instalment), retrenchment* (instalment and conditional settlement), short time*(instalment), short time cover, compulsory unpaid leave*(instalment), and temporary lay-off (instalment).

These items (*) do not cover you within 30 days from the start of the policy.

Important Note: The insurance fee is calculated when you apply and the fee is included in your fixed monthly instalment.

  • II. Funeral Cover: They payed out their claim within 24 hours, and if it does not happen, they will pay you double. You can choose between different cover options, which includes the following alternatives: main member only (R35); main member + one spouse or partner (R55); main member + children (max 8) (R49); or family (main member + one spouse/partner + children (max 8)(R69).

The amounts mentioned before apply for the benefit amount of R10,000. But if you want to increase it, you can increase the amount of your instalment (cover options).

In the case you want to add a family member, the amount depends on the age: if the person is younger than 22 years old (R15) or 22 years or older (R35).

  • III. Crime Injury: When you or your family are injured, the African Bank supports you with cash. You can claim online by downloading and completing the claim. Claims limits are: 1 claim per assured person during 6 months, 4 family member (max) can be claimed, and 4 extended family members can be claimed.

  • IV. Personal Accident: When you or your family are affected by an accident, the African Bank also supports you with cash. Claims limits are the same ones as for “crime injury”.

Break form Loan Instalments: You can choose when taking a break, and it is available for their customers. This option allows the customers to take a break from payments. It is a unique feature offered to customers that have met the repayment requirements during the period of their personal loan. The break can be taken once a year and can be activated in any African Bank branch or over the phone by calling the call centre.

My life needs and events is another option that the bank has developed in order to help you with your financial needs. Once you have identified your needs, this alternative will assist you to choose the right plan for you and your loved ones.

PERSONAL FINANCE: It allows you to enjoy the lifestyle you always dreamt. You can get a credit for taking a holiday, buying a car, paying your children’s education or paying off a debt.

BUYING A HOME: The first step is to make sure you can afford to buy a home because buying it is an important commitment. You can access to your house with a personal loan from African Bank. You can complete a form online now so as to know which credit you could qualify for.

NEEDING A CAR: African Bank can help you find and finance your new car. You can find the nearest approved dealer with the Bank locator.

SAVINGS: You have just found the right place to grow your money. African Bank can help you with your saving goals. You can invest a minimum of R500 and have flexible access to your money (from 32 days to 60 months). Another possibility is a short –term investment account, a notice deposit, of 32 to 90 days that offers you proper interest rates, while having access to some or all of your money.

GETTING MARRIED: You can save for the big day with African Bank´s help. A saving account is a very important start if you and your partner are serious about your finances.

FINALCIAL SETBACK: Many people find themselves in financial trouble because of today´s economy situation. Don´t hesitate to look for assistance.

MEDICAL EXPENSES: An African Bank Visa credit card gives access to funds when you need them, 24 hours a day.

Other options such as home renovation, unemployment, education are available in “My life needs and events” so you just need to choose from one of the alternatives and apply for them in a fast and easy way online or over the phone.

Fixed Prime Interest Loan is a really good option for living prime moments of life with fixed interest loan.

How does it work? This loan offers you a prime interest rate, which means that although the prime interest rate increases or decreases during your loan, it will not affect your repayments.

Important Note:Only one active prime loan can be held at a time by a customer. However, they can apply for other additional products if they have taken this loan.



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Leave your rating about What Loans Are Granted by African Bank? Qualification and Requirements

Ratings

Rating: 3
Comment: Online applications are a good option for people that work all day and do not have time to visit the bank in person.
Rating: 4
Comment: Good explanation from the staff and convenient way for taking out a loan.
Rating: 4
Comment: Really appreciate the service and friendliness.
Rating: 5
Comment: Good service
Rating: 5
Comment: Love the explanation and the fact that i can submit and fill in the form online, further more the fact that you accommodate qualifying foreigners
Rating: 5
Comment: Very helpfull
Rating: 1
Comment: I made a online applications it approved i went to my nearest branch they told me i don't qualify why?

Questions and Answers

I earn r9000 pm month with one loan at african bank. Am i able to get a second of r40 000.00?
Yes, your salary is more than enough for a loan and as long as you have paid half of the other loan you can obtain R 40 000 by repaying for it in 2 years whose installments are r 1737 a month
After how many months of employment a person qualify for granted loan?
In African Bank you must have beem employed for at least 6 months in order to qualify for a loan of the company.
I am earning r4500 per month and I want to know how much loan do i qualify for? Thanks
With a payslip of R4500 you are able to qualify for a loan of up to R 20 000. You will be paying in 3 years installments of R 590 with a rate of 4%
If i have a business account how can i get a loan?
In order to obtain a loan with African Bank it is not neccesary to open another account, but your business account can help you to start the application for any sort of loan
What happens if you lost your latest payslip?
What you can do when losing your pay slip is to use home banking in the website of your bank or go to an ATM with your card and obtain it again
I'm having a account with lewis my records it's good no errors can u please help me with loan of amount r6000
If you have a good credit record and a salary of at leastR 2500 you can apply for R 6000 since the maximum is that of r 150 000. You can complete the application online in African Bank´s website or phone the company
Good day i once got a loan of 10000 from you guys and would want to find out if i can get a loan of up to 75000 . I am a foreign national with a work permit expiring in 2020
Hello, in order to be found eligible by the company for another loan,you must have already cancelled the other loan. Once that is done, you have access to loans of up to R 150 000.
If i want to remove my name from credit bureau can african bank assist me with a loan to do that?
Hi! African Bank gives customers the opportunity to apply for Consolidation Loans, which are loans that as you said will help you improve your credit bureau, as long as you comply with all the installments fixed by the company. It also depends on the amount you are owing to another company.
I have a loan with african bank and i was under admin now my loan ia paid up and i would like to apply for another loan is that possible to get another loan?
Hi! You can get a top up loan or even increase the amount of the loan you obtained. The main requisite for this to be possible is that you have complied with the several payments corresponding to the loan chosen
Good day i was wondering if i could get an advance on the loan i just took out from african bank
Hello, you will have to wait until next month to obtain higher amounts of money or you can apply for a higher loan and receive the money you need right away. Moreover, in order to apply for another loan you must have a good credit recor with the previous two.
I am under debt review but urgently need r6000 to fix my car. Do i qualify for a short term loan?
You can obtain R 6000 with no problem as long as you have a good credit record, recent payslips and bank statements and a proof that you currently live in the country. Your salary must be of up to R 2500
I still cant understand why u have to go to a local branch when u have applied for a loan online i would like to know why ?
Hi, the reason perhaps you must go to a branch is that you must submit the financial documentation such as statements an paylips in person. Moreover, your signature is essential. However, you can ask reps to scan the documentation.
I am 19 year's old but i don't work ,i want to reach my goals but i have a financial problem please help with student loan
Dont worry, Standard Bank has created Student Loans for those clients that are trying to finance their education in the long term and can not make it on their own. This bank offer you the chance o applying for a loan by choosing a surety or a relative that can serve as the warranty of the loan.
For someone earning r6000 how much loan would be given?
As long as you have your payslip showing the company you are able to finance the loan on your own, you can get access to a loan of a maximum of R 150 000 in this company. It is compulsory that you possess a curent payslip.
Can one apply for another loan if you already have an existing loan?
You can totally apply for a second loan even though you have another loan, as long as you have complied with payments and you have a clear credit record at the moment of starting the application. You should talk to a rep.
I earn r3999 per month, how much personal loan i can qualify for?
With almost R 4000 you can qualify for a loan of up to R 50 000. Please remember that your credit record is important, so you must have paid at least 3 installments from previous loans.
Can i be able to borrow R 30.000 while iam earning R 5.500 after deductions?
With a salary of R 5500 you can have access to a loan of R 30 000 at African Bank. You can choose to pay it in about 6 years whose installments will be of R 469.36, if the interest rates if of 4%.
Which plan can I apply for if I want to save my money in the bank?
You can apply for “My life needs and events”. It offers you proper conditions to make your money grow.
How can I apply a personal Prime Loan?
You can apply online 24 hours a day, 7 days a week .
Can I include more that 8 children for the funeral cover?
Yes. But you have to pay per additional member. According to the member´s age, you pay R15 if your child is younger than 22 years old or R35 is your child is 22 years or older.