African Bank Loan: What is it and How does it work? Quote
We often find ourselves compromising with bills piling up left and right. Such circumstances are stressful, and finding a solution is often difficult. This is why African Bank loans are a highly recommended option.
Banks and other financial institutions come in handy during such sticky moments. It will help if you get a lender that not only comes through with reasonable interest rates but also one that gives you a humble payment duration. African Bank has established itself as a leading financial service provider in South Africa, helping clients get through financial crises. They have plenty to offer when it comes to loans.
Who is behind African Bank Loans?
African Bank opened its doors to clients in 2016. The institution operates under the watch of the South African Reserve Bank as a locally controlled bank allowing it to offer loans and other financial products and services. Its head offices are in Johannesburg, with branches spread across the country. Clients can access various African Bank loans at affordable rates.
What sorts of loans are available at African Bank?
Like any other typical bank, the African Bank offers a wide range of loan services. Here are some of the loans available at the bank;
- Personal loans
- 12% loans
- Value added deals
- Consolidation loans
African bank personal loans
The African Bank allows South African and foreign nationals to access personal loans. Borrowers can borrow up to R350 000 and repay in seven to seventy-two months. These loans can be applied by visiting any branch physically, online, or calling the bank. The bank allows you to choose to repay the loan in installments, giving you humble time.
African bank loans for self-employed
Thanks to many requirements by banks and other financial institutions, it can be challenging for self-employed persons to qualify for loans. In South Africa, banks like African Banks sort this issue by allowing self-employed borrowers access to loans. You can access loans with the bank in three ways if you are an independent worker.
First, African Bank finds loans specifically designed for self-employed clients. These loans have specific terms to allow clients to borrow from the bank even if they are formally employed. Secondly, you can borrow a loan through African Bank's standard lending program, which allows you to borrow by proving that you have a stable income to sustain loan repayments. Lastly, self-employed can apply for loans with fewer loan requirements. Some loans don't require you to be employed. You can get a loan provided you can prove you have a steady income to repay the loan.
African bank loans for pensioners
Pensioners can enjoy different loan products at African Bank. The banking institution is in partnership deals with the pension fund and other stakeholders to allow pensioners access pension backed personal and emergency loans.
Find the best loan of South Africa
African bank loans for foreign nationals
The financial institution foreign nationals in South Africa and other jurisdictions to get loans. Foreigners can borrow personal, business, and home loans from African Bank. It's, however, essential to note that loans to foreign nationals in South Africa are guided and controlled by the exchange control laws within which the bank operates.
African bank loan requirements
Customers need to meet specific requirements to qualify for African Bank loans successfully. Here are what you need to get a loan from the bank;
- Attain the eighteen years and above; you need an ID to prove this
- Proof of residence
- Recent proof of income
- Latest bank account statements
What is the interest on loans from the African Bank?
African Bank offers loans at relatively affordable rates. You can get loans and pay between 15%- 25% APR. You can repay your loan within 7-72 months. African Bank also offers insurance rates of about 5.04 to 5.4%.
African bank loan online application
African Bank online loan applications make it easier to apply for a loan in minutes. This reduced the tedious traditional process where you are required to fill out endless paperwork when applying for credit. You can fill in a few questions and get your loan without visiting your branch.
Is it easy to get a loan from African Bank?
Well, this depends on different factors. First, you need to meet the requirements to qualify for a loan. Then it will help if you have a good credit score. With these, you can quickly get a loan at the African Bank.
How long does it take to receive loan money from African Bank?
African Bank allows borrowers to get loans 72 hours after application and approval. Once your loan is approved, the amount will reflect in your bank account within the said time. This is different when applying for an instant loan, as the amount is reflected in your account immediately after approval.
Can I get a loan at African Bank without a payslip?
Unfortunately, it is not easy for you to apply for a loan at African Bank without a payslip. The bank requires you to provide proof of income with at least three month's banks statement to qualify for a loan.
Are there other products apart from African Bank loans?
Other than loans, African Bank offers a wide of other financial services. This section looks at different products offered at the bank. Here is the list of products clients can get from the financial institution;
- Credit and Debt card
- Fixed deposits
- Tax-free investment plans
- Funeral insurance
- Notice deposits
African bank loans contact details
Clients can get in touch with the bank in various ways. The easiest way is by visiting the bank in person by working in their branches spread across major cities in South Africa. Still, you can contact your bank branch by calling, SMS, or email. Here are deals to help you reach out to African bank.
- Email address: email@example.com
- Telephone: 0800 633 633
In conclusion, it's easy to access loans and other financial products and services at African Bank branches across South Africa. With flexible payment plans and reasonable rates doing business with the bank gives you peace of mind while sorting your financial needs.
Questions and answers
How long does it take to review the loan application? As it's over two weeks now.
Usually, African Bank takes some time to analyse all the documentation. Also, it carries out a credit check and affordability assessment on your entire financial situation. The process can take from a couple of days up to a week. The suggestion is to communicate with the bank to be informed as regards the state of your loan application.
So I applied for a loan and I qualified, but then a message came in that said I didn't qualify. I'm working full time. I had proof of income and a bank statement. Furthermore, I wonder why. Thanks.
It is important to know that when applying for a personal loan with African Bank, besides all the required documentation such as proof of income and bank statements, the entity will carry out a credit check on you to determine your affordability capacity and also your credit behaviour. If you both factors are positive, then you can be granted the money. Probably, you need to check with the advisors the result of that analysis.
What comes after income and expense review during loan application?
If you have applied for a personal loan with African Bank, you need to know that the entity takes some time to analyse all your documentation and also your financial behaviour in order to check your reliability. The bank also carries out a credit check on you. So, after income and expense review, you need to consider all these factors that the bank will evaluate. That is why, the process to approve your loan can take from a couple of days up to a week.
How do you know if your loan is approved?
In order to know if your loan has been approved or not with African Bank, the entity will send you a notification by using all the contact information details you have pointed out in the application form. Bear in mind that the entire approval process may take from a couple of days to a week.
I applied for a loan on Tuesday, but so far I haven't received money, so how long do I have to wait?
If you applied for a personal loan with African Bank on Tuesday and so far you have not received any notification, then you need to know the following. The bank carries out a detailed analysis on all the documentation you provided, and also it runs a credit check on your financial situation. After all of this, African Bank determines if you are eligible or not for a loan. The entire process can take from a couple of days up to one week.
What credit score is required for African Bank?
African Bank requires its clients to have a positive credit history in order to apply for a personal loan. The bank will analyse all the required documentation and also your financial situation. According to this analysis and your affordability capacity, the entity will determine how much money you can obtain.
If my salary is 8,000 rand, how much do I qualify for?
For your personal consideration, in order to know how much you can qualify with African Bank, the entity will analyse all your financial situation. In other words, earning a salary of 8,000 rand is not the only factor to take into account. Also, you need to choose a repayment period (up to 72 months) and the interest rate, which will vary from 15% to 24.5%.
The problem with me is that I've never applied for loans, so there's no record of me, but I'm a permanent employee and my basic salary is R7000. Would I qualify to obtain a loan?
African Bank only asks for some basic requirements to comply with in order to ask for a personal loan. If you are a permanent employee with a basic salary of 7,000 rand, you need to show your latest bank statement reflecting 3 consecutive salary deposits, proof of residence and your latest payslips. Having a good credit history also helps. If you meet all these requirements, you will qualify for a loan.
Good day, I have applied for a loan. I got the indicative offer, sent my proof of payslip, and then received an email confirming the documents' arrival. My application is now being reviewed. When I wanted to accept it I was told that it had expired, I tried to apply for the same loan, but got rejected.
If you have already applied for a personal loan and the process went smoothly, you should have received a confirmation that the application has been approved. Generally, African Bank takes about a couple of days up to one week to analyse all the documentation, your credit behaviour and financial situation. Please, the recommendation is to communicate with the bank assessors to find out what may have happened.
Loan unsuccessful because the bank could never verify my account. What does that mean?
If the loan application was unsuccessful with African Bank, there may be some issues related to the process. Maybe there are some application criteria which are not being complied with. The suggestion is to communicate with any advisor from the bank to know further details. For sure, they will be willing to help you out.
I want to check my application, if it's approved or not.
To know if your loan application has been approved or not with African Bank, you can contact any advisor from the bank. The experienced and well-trained employees will be able to help you. Otherwise, you may check your bank account to see if the money has been deposited. The approval may take up to 24 hours.
Can African Bank offer a loan if you do not have a payslip, but your bank shows your deposits?
Unfortunately, you may not be eligible for a personal loan with African Bank if you do not meet all the necessary requirements. In other words, it is compulsory to present the most recent proof of income, which is reflected in your payslips, and also you need to provide the latest bank statement, which indicates three salary deposits.
I use South African bank, with foreign documents, can I qualify for loan?
If you use African Bank in order to obtain a personal loan, you need to present the following documentation: a valid ID card, most recent proof of income and the latest bank statement that reflects three salary deposits. As long as you provide all of these, then you will be considered in order to borrow some money. Also, If you are a foreign national, then you may be eligible for a loan.
Loan unsuccessful because the bank could never verify my account, what does that mean?
If your loan application process has been rejected by African Bank, then there may be some problems as regards the documentation presented. For example, you need to check the bank details you indicated, proof of income provided, etc. Please, remember that the entity analyses all your financial information and credit profile before granting money.
Hi. My loan was approved on Friday morning (10:30am). When can I receive the funds in my Nedbank account?
If you personal loan with African Bank was approved on Friday morning (supposedly at 10,30 am). Then, the funds will be reflected in your bank account with Nedbank in a period of up to 72 hours. This will also depend on the movements of your bank. If you have further enquiries, please get in touch with the entity.
If I apply for a loan, and then they say my bank statement doesn't match with my payslip. Then I receive a message from it saying I will be receiving money in 24hrs, what's that?
First, you should check with African Bank which requirements and conditions are taken into account in order for clients to ask for a loan. For example, the documentation you need to present consists of last bank statement showing 3 consecutive salary deposits, proof of residence and proof of income showing 3 salary deposits. Usually, the bank takes 24 hours to approve the loan.
How long does it take for a loan to be approved after the review process?
African Bank will analyse all your documentation and paperwork before granting any type of loan. Also, the bank will run a credit check on you to understand your financial behaviour. If everything goes well, then the application process can take from a couple of days up to one week to be approved.
Is it possible to take a loan while you haven't finished paying the previous one?
African Bank will carry out an exhaustive analysis on your credit profile and affordability capacity to determine whether you can obtain a second loan while you are still paying for an existing one. The general recommendation is to make sure that you have enough money to afford the monthly fees.
How many months do I need to work to qualify for an African Bank loan?
As a potential client of African Bank, it is important to comply with certain requirements in order to obtain a loan. You need to show recent proof of income, which consists of your last payslip. Also, you need to hand over a copy of your three last bank statements, which corresponds to 3 consecutive salary deposits. This means that the working period should be at least more than three months.
If I borrowed 6000 for 1 year how much must i pay monthly?
If you apply for a personal loan of about 6000 rand with African Bank and you choose a repayment period of 24 months approximately, you will be paying montlhy instalments with an estimated 459.64 rand. Please, notice that you can carry out the entire application via the online banking system. The process is very simple and quick.
I am a permanent employee who gets paid weekly can I be able to get a personal. Loan with African bank
If you are a permament employee who gets paid on a weekly basis and are able to show a proof of income, then you are definitely qualified to apply for a loan with African Bank The company will also ask you for some other documents like a proof of residence and you lastest bank statement.
Can u get a loan if u collect grant?
Collecting a grant is not impediment to asking for a loan at African Bank. However, most loans that you can find in this organization have the requirement that you have a steady job with a regular salary. This means that if you can prove that you have a regular income, you will be able to ask for a loan at African Bank.
Hi there I'm earning R10000 after deductions & currently paying 2 loans with different banks. I'm looking for consolidation loan from African bank, how much do I qualify?
Hi, there. You should remember that with African Bank you can consolidate up to 5 loans and that the maximum amount that you can ask for is R250000. So, as long as the amount you need is not higher than that number, you might be able to consolidate your loans with the bank.
Do u offer loans to contract employees?
You will be able to ask for a personal loan at African Bank if you are a contract employee as long as you can provide your pay slips and your last three bank statement where those deposits were made. These loans are super versatile since you can use the money for whatever purpose you may have.
Hi can one of your consultants contact me about consolidation loans? I need it.
If you need a consolidation loan, they are certainly a good option at African Bank since you can access flexible terms (from twelve to seventy two months) which will allow you to improve the flow of you cash. Besides, you can access lower payments. You would simplify your multiple loans. You can combine a total of five loans.
Hi,in case I take out a consolidation loan for four (4) different loans, for example, my combined loans are R100,000, and l qualify for R150,000, will the balance be paid out to the applicant?
African Bank provides no specifications regarding the balance in such a case. However, it would be possible for you to apply for a consolidation loan to consolidate four loans since the maximum that you can consolidate is five. You would access flexible terms and lower repayments. Your interest rate would be fixed.
How long does African Bank take to pay out if you applied online?
African Bank will have to make sure that you qualify for the loan in order to authorize it. If you apply online, through a branch or over the phone, the bank will review the information you have provided and if the approve it, you will receive directly in your bank account the amount you asked for.
Hi there, my permit expires November this year, do I still qualify for a loan?
African Bank asks its clients to comply with certain requirements in order to qualify for a loan. Your permit expiration may not be a problem as long as you comply with the following criteria: being over 18 years old, presenting bank statements that reflect salary deposits, proof of residence and proof of income.
I would like to apply for a loan and pay my child's school fees but I am afraid that I might be unsuccessful. Thank
If you need to pay your child's school fees, you can apply for a personal loan at African Bank. You can apply for a personal loan, a 15% loan or a consolidation loan. With a personal loan, you can borrow from a minimum of R500 and can access repayments that remain fixed, from seven to seventy two months.
How long after you have made a loan at a branch will you know that your loan is approved?
There is not an estimated time for loans to be approved. Generally, there are many factors involved in the time African Bank loans will take, such as the client's paying capacity, their credit history and personal information. In general, if you have presented all the necesary documents and information, it may only take a couple of days.
I need to apply for a loan, can you check how much I qualify?
Customers can qualify for different loans, depending on their situation. Your maximum amount to qualify for is of R250.000. Once the bank has gone through your application and your paying capacity, it will determine the amount you will be able to ask for. The terms, which are of a minimum of seven months, are also affected by the amount.
How long does it take to approve my application?
African Bank generally takes some time to process, evaluate and approve an application. The company takes time to review all the information that is sent by the person who applies. Taking into account that the company may have to go through your finances, credit record and personal details, it could take a few hours.
I have a loan with African Bank so...I want to know after how many months of payments I can get another loan...like if I want to pay off my loan and credit cards then remain with 1 loan. How can I do?
In some companies, you may be allowed to renew your loan even if you haven't finished paying one. If you prefer to remain with one loan, the most advisable is applying for a consolidation loan, so that you can simplify all your debts and installments into a single loan. The bank will allow you to combine up to five loans.
Hi .I am a foreigner working as a domestic worker and I have got a permit .I earn a salary of R 3.800 .I have an account with another bank, but i dont have a payslip, so do I qualify for a loan of R10 .000?
African Bank does provide loans of R10000, but it does not provide details or specific requirements when it comes to the amount of salary you need to earn in order to apply. However, you should provide the bank with proof of income which means providing a payslip. It should mirror at least three salary deposits.
Can I get a loan if I'm self employed?
Not with African Bank, I’m afraid. For those SA citizens working on their own, there are other options to get economic support. A fine alternative for you is to pay attention to First National Bank. This company is willing to accept self-employed citizens as long as they can check sufficient and regular income to pay for the money they borrow.
How does taking a break from payment work?
The moment an applicant takes a loan, he or she must with no exception comply with what the contract says. This means, every installment must be canceled within the due date to avoid having to pay for penalty fees. As banks know there can be an unforeseen event that makes it difficult for the client to make one of the payments, some of them permit to take a break at any moment. Keep in mind; however, you can only take it once and, you have to let the bank know beforehand.
I would like to apply for a loan online but l am failing to send the online application form
First of all, make sure the requirements African Banks asks are met. This means, you ought to have proper documentation to verify it. Then, make sure to enter correct and true information about you. If the problem goes on, you can ask African Bank to call you back to find out what’s the problem. If you prefer to, you can give them a call or email them directly about your loan application.
Can I get a loan of 500 and pay it in a month on payday?
Payday loans are not issued by African Bank. You will only find personal loans here with higher quotes and longer terms. You might find assistance at Letsatsi Finance or Wonga. Both companies offer short term loans that can be cancelled in 30 days or less. If you need to, you can read some articles about them to get useful information before deciding.
I need a loan but using a work permit, how can l get help?
I’m afraid African Bank can’t help you unless you meet all the requirements they ask for. If, besides your work permit, you can upload few pays lips from the past months, banks statements and a document proving you’re currently living in South Africa, you will be giving the possibility of applying for a loan.
Hi, can I apply 4 a loan if I’m selfemployed?
The bank this article relates to, African Bank, does not work with self-employed South Africans, unfortunately. The only way to get a loan with them is by presenting pay slips issued by a company or employer to prove you have a regular job. There are, either way, other companies that do work with you type of workers. FNB is one of them as, they accept to grant loans to business owner and self-employed workers.
Dear sir/madam, I’m requesting a loan of r15 000 for the business that i'm currently running. Can my application be accepted?
Good day! As the bank this article refers to doesn’t offer loans aimed to sustain a business, we advise you to apply with another entity. You have few options for business loans. For example, one of the most complete business loans plan can be found at Nedbank. This company can be at your side from the moment you start your business and through the whole process of making your company successful.
I have a personal loan at African Bank, i want to settle my account bt i do not have enough money I just wanna know if it's possible to get a discount maybe 30% discount
There’s unusual banks grant discounts on their loan products. If you’re having trouble paying your installments, you can inform African Bank about it and attempt to reach a new agreement to cancel the loan. They will make their best to give you a new repayment term but, remember, they will request you to pay your debt completely.
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%
I am self employed for the last 30 years looking for a med term loan is this possible?
Of course it is but, not with African Bank. If you pay attention to First National Bank, you will get different solutions depending on your needs. For self employers applicant, it’s an important requirement to present six bank statements, instead of three. This detail is also for applicants that don’t bank with FNB as, the entity will make an affordability assessment with that information before confirming you the loan approval.
What can I do if I need money to start a small business in my area?
The option you can have the most advantage of is to work with a bank that knows about how business are carried out. For instance, even though African Bank has few alternative, none of them are business loans. On the contrary, you can look at Nedbank which is a bank that can help you from the start and, has other loan products to keep your company growing.
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.
Hi, I need a personal loan amounting to r30000.00. The only problem is I am a small scale farmer and I do not have a pay slip. My question to you is can I apply for a loan given the information above?
The answer from African Bank, saddly, would be no. They won’t accept your loan application if you cannot submit pay slips as, this is one of their main requirement. But, don’t worry as you may get financial support from another bank like FNB, for example. This bank will request you to present the last 6 bank statements from your account if you’re self-employed and you don’t bank with them. this way, you have a chance to get a loan.
Am working on a permanent contract going for 2 years now. I need a r20 000 loan, is it possible to apply? How much will I pay per month for 24months?
Of course it is! Simply because you can submit pays lips for African Bank to corroborate your earnings and, assuming you have bank statement and your South African Identity Document to present to the company. For the terms you’ve detailed, the estimated cost is R916 per month. However, remember it will depend on the interest rate the bank decides to charge you.
Taking a 10,000 loan, how much will I pay each month?
On each monthly installment the client must pay for a part of the capital borrowed, operating fees and, the interest rate charged by the bank. As all that amount is divided by the term of your loan, it’s essential to know that term to calculate what you must to pay. For example, R10.000 over 2 years, you may have an approximated installment of R 458 each.
How much should I pay monthly for a r150000 loan in 60 months?
As your monthly payments depend on the interest the bank states for your loan, I want to show you two possibilities so you can easily have an idea of the cost of the loan. For example, if you get a 15.5% rate, the monthly payment may be around R2405. If the rate is higher, 23% for example, the monthly cost may be around R2819
If you have not pay slip but u have bank statement, can you qualify to get cash?
You must present both documents, pays lips and bank statements, for this bank to go over your application. This means that if you can’t submit a proof of income, African Bank will probably reject your loan request even though you have bank statements to certify you get a monthly salary. This happens because the bank needs to know for sure that the money that your bank statements shows is your salary.
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
Do I qualify for a personal loan to cancel 3 other loans I have?
If you’re a South African citizen with a permanent job and you can present your documents to African Bank, you’re one step closer to your consolidation loan. Then, as regards your liabilities, this company can consolidate a maximum of 5 loans as long as the total amount is 250.000 rands or less.
Can I apply for another loan while I have an existing loan?
loan will influence the final decision for a second loan. if those payments, for instance, have been paid on time, African Bank will see you’re a responsible client. Besides, it’ll also affect the final decision the number of instalments you’ve canceled so far.
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.
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
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 want to take a break on my loan for the month of may, so how can I activate it online?
It’s important to clarify, first of all, you must have a loan that qualifies for this alternative and, that can only be decided by African Bank. Now, to answer your question, you should get in contact with African Bank’s consultants to get your Break. This means, you can’t do it over your computer. The good part is that you still have time to reach them over the phone or in person and, find out if you can get your break in May.
I need a loan to go back to school so that I can fulfill my dreams. I will make sure that I pass and I am going to work so that I can repay the loan
African Bank is serious when it comes to granting their loans. That’s why they’ve settle certain requirements. One of them is to have a stable job and to prove it with payslips. For applicants wanting to pay for their education, the best option is to work with banks that provide student loans as, these loans are perfectly thought to meet any student’s needs. Unfortunately, this bank can’t help you in this.
How to apply for a break on my loan repayment?
All you have to do is to get in contact with the bank to let them know you want to make use of this benefit. But, keep in mind, this alternative is only for African Bank’s existing customers that have loans that qualify as regards the bank’s criteria. So, it may be a good idea to find out first, if you are allowed to take a break on your payments.
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
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.
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 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.
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%.
My basic salary is r6000, what is the maximum amount that I can qualify for?
Your salary is not the only factor African Bank resorts to in order to set the terms for a loan. Besides that, they need your credit profile and a record of your monthly expenses. Only when they gather this information, will they tell you the quote you have available to request. Just for you to have an idea, African Bank lends up to 250.000 rands.
And if I'm a weekly payer, do I still qualify for a loan with the amount of 2100 wage?
If you get those weekly payments due to a permanent job and, if you’ve been working for 3 months or more, you can talk to the bank’s consultants and, they may let you apply. Other aspect to consider is that the salary has to be deposited into a bank account on your name. That way, your bank statements will also be a valid proof of the stability of your income.
How long does African Bank take to process a loan and how do I know if I’m approved? Please also note that I have submitted all the necessary documentation that was required and I signed the contract.
The first stage of the loan application can take few hours as, it involves verifying your identity. The second stage may take more time as, African Bank has to go over your pay lips and bank account statements to, finally, make the affordability check to have the answer. If the request is set and, you sign the contract, the bank will make a transfer to deposit the money in the bank account in just a couple of business days.
I have a loan with African Bank and I just want to find out if I can get another loan as I want to make a deposit on a house
African Bank’s applicants are not allowed to have 2 loans at the same time as, the company needs the loan to be entirely paid off to go on asking for more money. Beside the point I’ve just told you, this bank does not provide South Africans with home loans. Here, you can only get Personal Loans. Either way, if you need to make a deposit on a house, African Bank’s loans may be helpful to achieve it.
How much do I have to earn to qualify for a loan of 150000?
There’s not a minimal salary asked from African Bank to qualify. They will make a decision only after having several points in mind about you and, the information you submit. For instance, the term you choose to repay the money together with your credit score will be key to decide the interest rate your loan may get, which won’t be higher than 27.50%. Regarding all your information, African Bank may decide you qualify for a lower or higher amount than the one you asked for.
Hey, I need a loan of 30000 to pay for my loans. Do you do consolidation loans?
African Bank has consolidation loans available for their clients. You can take advantage of this service by paying less on interest rates and fees. Instead of paying for separate rates, you’ll only have to pay for one bigger loan. this will be useful for you to avoid getting under administration, for example.
I missed three weeks so, can I get another loan?
If you mean to ask money to pay for penalty fees, it’s unlikely the bank approves it. Moreover, it’s not advisable to do so as, you can easily get trouble repaying all the installments. You must get in contact with African Bank to inform them about the situation and, try to get a solution that works for both parties.
I need 8000 to pay for 2years, what’s the monthly payment?
We can calculate an approximately monthly payment of R366 for the loan terms you ask for. Keep in mind that, if you can cancel the loan sooner, you’ll save on interest rate. For example, if you can pay it in just one year, you’ll pay R701 per month. So, while the total cost for a 2 years’ term would be around R8784, in a one-year term, it would be around R8412. Clearly, you save money with a shorter repayment term.
Hi, my husband would love to apply for a consolidation loan of r50000. He earns r5685.52. Is that allowed?
If your husband has a permanent job and use a bank account to receive his salary, he can apply with African Bank. Obviously, he must also comply with the rest of the requirements. If his request is approved, he’ll lower the sum of money he’d have to pay each month for all the liabilities and, the new loan will be at a fixed interest rate, which is a really great benefit to get control over your expenses.
How can I apply a personal Prime Loan?
You can apply online 24 hours a day, 7 days a week .
Will you grant a first bond for r450.000, over a property valued at r1,3m, repayable over 7 years, to a person aged 68 years?
The only condition clarified as regards age is that the applicants have to be at least 18 years old. Still, companies may reject the loan to elderly applicants, especially long term loans. So, maybe you don’t qualify for a 7 years loan term but, you can get a shorter term with African Bank or, look for a payday loan entity, depending on what you need.
I'm a small business owner. The business is good and I registered it legal in dec Can I apply for a loan?
As you are a business owner and, clearly, you don’t get monthly pays lips, African Bank can’t issue loans on your name. All the same, there are entities that lends money to self-employed or business owners. The most popular bank with this option available is FNB. Providing you have all the legal documents to demonstrate you make steady profit, this bank can help you.
I am a zimbabwean and have a permit expiring 2021, do I qualify for a loan from African Bank?
When African Bank’s agents take a look at the applicant’s loan petition, they pay attention to any detail to make the final decision. If you ask for a short term loan, they might accept to grant you the money. A short term will make them trust you’ll complete the repayment term before your permit expires.
Do I qualify for loan?
If you have already checked you comply with the requirements stated by African Bank, now you have to apply for the loan to know if you qualify for the quote you want to ask. When you complete the application form and send it to the bank, they process it and inform you about the terms they set for you based on the affordability assessment they’ve done.
Good day, can I apply for a loan using a letter of employment since my company does not have payslips? I drive a two truck
Saddly, I must tell that you presenting pay slips is one of the main requirements African Bank asks their applicants as, those documents serve as proof of the client having financial capacity to repay all the installments of the loan on due date and, without problem. The bank, besides, uses your pay slips to decide how much money lend you
I need a home loan; can African Bank assist me on this?
African Bank loan choices are for personal loans only. Even though they have few options on personal loans, they don’t have a home loan alternative. There are, however, other entities that do specialize on home loans. One of them, and very popular, is SA Home Loans. They focus all their loans products on assisting South Africans to get the house they’ve always wanted. You’ll find information about them on this platform to know if they can help you.
I have a loan with African Bank can get a second loan?
We need to have two points in mind to know if African Bank will be willing to grant you a second loan. First, how much of your existing credit have you paid so far and, second, how’s your present credit score. Only when African Bank studies these two important points, will you know if they can lend you more money.
I would like to take a loan with you, but I already have an existing loan. As my credit score was low, I didn’t get the amount I wanted, is it possible to get another loan?
If when you applied for the first loan, your credit score was a little low, the result for your new loan won’t change if that credit score maintains the same. As long as you’ve taken measures to improve your credit profile, you will have a second chance to get the amount you want. However, that’s not something you can accomplish fast. So, it will depend on how much time you’ve paying the existing loan and, if those payments were on due date to make your financial status get to a better level.
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.
I need a consolidation loan, can african bank help me?
Sure they can! This consolidation loan provided by African Bank allows the client gather even five loans into just 1 instalment. The sum of those loans must not go higher than 250.000 rands as, that’s the maximum quote this entity lends. You can cancel this loan with African Bank in just 1 year or, up to a maximum of 6, according to your affordability.
Hi, which document do you need if I want to apply for a loan, because i don't have a pay slip as, I'm a domestic worker?
The documents you need to gather, apart from a proof of your earnings, are your ID issued by the SA Government and a proof of address. Your ID should prove you’re a South African citizen older than 18 years and, the proof of address must prove you live in South Africa. If you don’t get payslips, you may find it difficult to get a loan approved.
I have missed placed my id book, would I be able to apply for a loan with a driver's license?
If you have a valid documentation that certifies you’ve lost your ID, they may receive your driver license as long as, of course, you can submit the rest of the documents African Bank asks for which serve to prove your income, age and address. Later on, the bank will inform you about the terms for your loan in case the request is approved.
I earn 3287 after deductions, do I qualify for a 30000?
Before getting a loan request confirmation, the bank has to make an affordability assessment to lend the money. Besides your income, it’s necessary to also study your monthly expenses and your payment behavior on previous loans. And, once they know you qualify for a loan, African Bank will agree on rates and a term based on your financial status.
I have 2 loans with African Bank of more than 4000 so, can I get another one maybe for 35000-50000?
Your overall financial situation has to be taken into account to decide if you qualify for a third loan. But, even if your new loan application is approved, I want to advise you to take care of your current loans before asking for another one; so as to avoid financial trouble in the future. Maybe, try to cancel the first loan at least and then, after carefully thinking about it, decide whether to ask for a new loan.
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.
Hi, good day. I don’t have paylsip yet. I’ve got one month working. Can I use my letter of appointment or my contract to apply for a loan?
Good day! Unfortunately, African Bank has established requirements to grant loans to those SA citizens that are capable of affording the cost of the service. To accomplish this, you should wait for until you spend at least 3 months working before applying for the loan because you need your last 3 payslips and 3 bank statements that reflect your income for that period of time
How much can be my monthly instalment if the term is 72 months?
The monthly payment is settled after discussing the sum of money you want to borrow from African Bank. They can lend R 250.000 or less if your credit score allows it. Once you have the quote and the term, 72 months if you want, the bank will inform you what’s the interest rate you need to pay for the credit. Also, there are some fees, like the originator or the administrator fee, which must to be added to the installment to have the total to pay per month.
I have a small business that just got into business. I have now secured a purchase order from a municipality but I don’t have the funds to purchase the goods required. How can you help me?
At African Bank, you can get Personal or Consolidation loans. So, you may find the solution here depending on how much money you need for your business. If the quote that African Bank offers for their Personal Loans is enough, you can request one on your behalf. Another possibility is to work with Nedbank or FNB, which are banks that grant business loans.
Hi, I'm self employed can I apply for a personal loan?
Not with African Bank as they only work with people who are permanently employed and can provide proof of salary from their employers. For self-employed citizens, FNB has some fine loan options as, they know that this kind of workers can also afford getting a loan. Besides, they offer business loans so, if that’s your case, you can study what FNB offers and you will find a solution for sure.
Hi, I have a loan with African Bank that I didn't finish repaying so, what must I do to qualify again?
If you mean that you’re still repaying the existing loan, you need to contact the bank and submit the same documents as the first time. They will undergo the necessary checks to see if you can afford a second loan. But, if you mean that you stopped repaying the loan, it will be difficult to get African Bank to lend you more money. Make an effort to cancel your current loan and then, try to get the new one if, of course, you need it that much.
Have a loan with African Bank for 9000. It's about 2months old. Would I qualify for another loan?
If your existing loan has been granted 2 months ago, it’s too little time to apply for more money. If you need extra money so soon, you may not be capable of returning the money and paying for fees and interest. As this is what African Bank needs to make sure before issuing loans, your loan request can be rejected until you complete payments for your current loan.
How can I get a loan?
It’s essential you start by knowing what are your options with African Bank. After deciding, get your documents together so, when you apply, you’ll have everything ready making the whole process to go smoother. Then, you just have to go online to start your application through the bank’s webpage. From that moment, you’ll have one of African Bank’s consultants assisting you on the way.
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.
I have a business idea and need capital. Do you offer business loans and what do I need to present to you in order to qualify?
No, you won’t get business loans at African Bank. All the same, there are few banks that can assist you on this. They have products thought to start a company but also, to make that company get more and more profit through time. If you need some recommendations, you can go over Nedbank and FNB as, they are entities that have great experience on this field.
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 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 have balance of you guys of 2290 so, instead of paying 442 per month can I cancel this 2290 this month? I want to apply for another one for 15000
When you get the approval to receive funds from the bank, the bank sends you a letter of agreement with the information of your loan. Any change you expect to do to those terms must be analysed by African Bank. Bear in mind, if they allow you to make an early payment of the loan, they can charge you some extra fee. After paying that total loan, the bank can tell you to let some time pass to get more money
I just started working three months ago and have no credit. My net salary is r9000, do I qualify for a loan or do I have to build the credit first?
It might get really difficult for you to get a loan with no credit. You will, as you say, have to build it as, it’s one of the principal requirements any company checks before accepting an applicant. Having a steady job already puts you on the right path so, now just focus on building that credit and try your best not to have late payments to get an excellent credit score fast.
My credit score is 552 and I have paid all my accounts and close them. Can I qualify for a loan?
Your credit score may not be high enough to get you a loan but, you can only find out by applying for it. There’s another alternative for you: wait for some time while you take care of increasing that score for two reasons. One of them, clearly, is to get the approval and, the other one, to get the lowest interest rate possible.
I started working in 2007 and I bank with FNB. I'm asking if I'm eligible for a loan with African Bank
Starting, you have had a job for some time now which proves you have stability in your salary. Now, the fact that you bank with FNB does not mean African Bank will automatically reject your credit request. If they decide your financial situation is good enough, they will present you their loan term offers. Then, you can choose to accept it or try to find better terms at, for instance, FNB. As you bank with them, probably, they can set a lower rate.
Can I get a loan of 50000 if I am earning r1189 per weekly?
If you are referring to a regular income, there’s chance for African Bank to approve your petition. All you have to remember is that you must present your bank statements and salary slips in which you can clearly prove you earn sufficient income to perfectly pay the installments for the loan. I must make clear, though, that your credit history will be checked out before they accept to issue the loan on your name.
I hereby making inquiry regarding the purchase of two liquor restaurants from one owner but situated at different villages. The selling price is r900000. I would like to know the requirements in order to be able to purchase these properties. Thanks
African Bank is a lending company only granting credits for individuals needing to pay for personal expenses. For example, you can get a personal loan or you can consolidate multiple loans into one simple installment. This is the reason why what this bank offers might not suit your need. Besides, the highest loan amount to get is just R 250.000. A business loan is more appropriated for you and, African Bank does not include that kind of credit among their products.
What loan calculator can I use with an African Bank loan?
Even though you can get many loan simulators on the Web, we have one that will be of much more help than any of them. Using our loan calculator, you will get to compare African Bank loan cost with many other companies from SA. In consequence, it will be simpler and easier to spot the cheapest loan.
How can I lower my payments?
If you have taken a loan but, all of a sudden you start having some trouble cancelling the installments correctly, you can contact the bank to ask for an alternative. For example, if you extend the term of the credit, you will pay less money each month. This means, of course, that it will take more time to cancel the debt so, think about it wisely before resolve to do so.
Can I get a home loan from African Bank?
African Bank is able to help you with personal loans only, not home loans. Even though their personal loans have great and flexible terms, they don’t work to get a house. BetterBond Home Loan, SA Home Loans or, even Standard Bank are among the South African banks you can get this kind of economic assistance from.
Up to what amount will African Bank grant for a home loan?
There are two loan maximum amounts available at African Bank. The highest quote reaches up to R 250.000 and the other, up to R50.000. The latter is a special product because it offers to set the interest on 15%. But, there’s an important detail to mention with these loans: there are not home loans but, personal loans. Unfortunately, the type of loan you search for is not offered by African Bank.