Can I Find Loans at African Bank for Pensioners?
If you believed your age was relatively high to obtain a loan, let me tell you that is wrong. African Bank has incredible options for pensioners that are looking to obtain a loan. This bank has knowledge of how hard it is to get a loan for a banking company and even harder to get a lending program if the client is not currently working or if the client is a pensioner. Thus, if that is your case, I am sure you will benefit a lot from this article.
African Bank is one of the most remarkable banks which approves lending programs for clients that are pensioners. It has expanded to many cities and is operating in more than 30 of them.
In the following article, I will focus on African Bank´s Personal Loan for pensioners, with their features and requirements. Then, I will give you all the contact information of this bank, so that it is easy for you to start applying for the loan right after you read this post.
African Bank Personal Loans for Pensioners
African Bank proposes a Personal Loan to pensioners as unsecured loans. What do I mean by that? That the bank is willing to grant a program to pensioners whenever they submit any proof of their income or pension. So, these clients do not need to select any asset as the collateral of the loan.
One of the main benefits of this type of programs is that the income of pensioners is seeing as a salary, condition that allows them to get a loan instantly, without further complications as it would happen with another bank. And it does not matter whether the pensioner has a low or high income, as long as there are proofs of it.
Another benefit is that even though sometimes banks do not trust pensioners to complete the whole financing of the program due to their age, African Bank will offer them very flexible financing terms, so they do not need to worry about the repayment of the loan.
An important fact to bear in mind is that the bank together with their consultants will examine in detail each client´s financial status so as to grant them a loan that they are capable of paying on time.
Now, let’s focus on the loan that pensioners have access to: Personal Loan.
A Personal Loan can be really useful to cover the daily needs a person such a pensioner can have. For instance, they can use this money to pay debts, bills, medical expenses, food and so on.
I will give you a brief list with their benefits right now:
-Pensioners can obtain amounts that go from R 500 to a maximum of R 200 000
-Pensioners have flexible refinancing periods that consists of 3 to 72 months
-Instalment payments tend to be fixed, so they will not vary from time to time
-Pensioners can always speak to the bank´s representatives by phoning the customer service phone number (given below in the contact section)
-Every fee will be deducted from the pensioner´s bank account in order not to waste lots of time trying to pay each month
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-Pensioners can always apply for the Personal Loan at a local branch, phoning the company or in the bank´s website
Requirements for Pensioners that want to get a loan with African Bank
Regarding the eligibility requirements these type of clients need to comply with, these are identical to the ones for the other clients. In fact, they need to submit their ID card, their proof of residence in the country and recent pay slips and bank statements. A proof of their income also plays an important role at the time of deciding if the citizen is eligible for the loan. So, it is extremely important that pensioners put forward their pension letter so as to proof they are pensioners.
Finally, the bank will examine in detail whether you have any debt to pay at the moment of applying for the loan, so you must not be under any kind of debt, so as to prove you are totally capable of financing the loan just like any other citizen.
How can pensioners get in touch with African Bank? Let’s see
You can go directly to one of their offices in the Absa Pretoria Building, which is found at 1115 Burnette Street in the ground floor of the Hatfield Plaza. Such office has a telephone number for you to call: 27 12 325 0236. And it opens Mondays to Fridays from 08:30 in the morning to 5 in the afternoon.
There is another physical branch in Cape Town, so please go to 84 Main Road, in the area of Mowbray and there you will be able to speak to the bank´s consultants. Its phone number for you to call, is 27 21 689 5660. It opens during weekdays from 08:30 am to 5 in the afternoon.
Should you have any inquiry or question about a Personal Loan that has do with their features, requirements and documentation, please contact the bank´s representatives by dialing up the following number:0861 111 011. That is a free number, available to every client of the bank.
You can access to the bank´s website from your computer and start enjoying the possibility they give you to obtain data about the loan and also applying for the program in an easy and quick way. There you will also find details about insurances and other products that might interest you as well.
As a final comment, being a pensioner in South Africa and obtaining a loan for your needs is possible with the financial aid of African Bank that has its Personal Loan available to any kind of client, including pensioners. So, your age and your working condition is not an obstacle at the time of getting the financial support you deserve. Try contacting the bank through the different means explained above and see how this company can make changes to your lifestyle for the better, it is total worth it!
Questions and answers
Can a pensioner who gets a SASSA pension apply for a loan at African Bank?
Unfortunately, you will not be able to obtain a personal loan with African Bank if you have a SASSA pension. This is so because you are not allowed to use your social grant to apply for a personal loan. However, if you need money, you can resort to Pension Loan and use your SASSA card.
Good morning, my mother (61) is earning a pension. She would like to pay off her debt and remain with only 1. Does she qualify to get a loan from African bank?
If your mother, who is 61 years old, earns a pension and has evidence of this, she can certainly apply for a personal loan with African Bank. Also, bear in mind that the bank requires the applicants to have a good credit history. If she complies with all the requirements, then she will be able to obtain the money.
I am a pensioner who gets SASSA and gets additional pension money with a payslip, can I apply for a term loan at African Bank?
First, it is important to clarify that African Bank does not allow applicants to use their SASSA money grant to apply for a personal loan. Also, the bank does not offer a loan specifically for pensioners. Therefore, the suggestion is to apply for a personal loan by showing a valid ID, a recent bank statement, and proof of your pension money with your payslips,
Can a SASSA pensioner qualify for a small loan?
If you are a SASSA pensioner who is seeking a small personal loan, then African Bank is not the right choice. Instead, you can resort to a private financial company called Pension Loan, which lends money to SASSA cardholders. In this way, you will be able to obtain up to 7,000 rand.
My father needs a loan to fix his home and a SASSA pensioner he is using the SASSA gold card, does he qualify to get 15,000 rand?
Unfortunately, your father, as a SASSA pensioner who is using a SASSA gold card, will not be able to apply for a loan of about 15,000 rand to fix his home with African Bank. This is so because SASSA users are not allowed to use their social grant money to apply for a loan with a bank. However, consider the option of using the card to borrow some money with Pension Loan.
Hi, I'm a pensioner and receive my pension on the SASSA card, can I still apply for a loan?
African Bank does not offer a specific loan for pensioners, so you can still apply for a personal loan. However, you cannot use your social grant money (SASSA) to apply for a line of credit. The suggestion, instead, is to resort, for example, to Pension Loan which offers money to SASSA cardholders.
I am earning a pension for my late husband. Can I get a loan?
If you are currently earning a pension, and you wish to apply for a personal loan with African Bank, you can do it providing that you hand over the necessary documentation. In other words, you need to show proof of income with 3 consecutive salary deposits (pension), proof of residence and a recent bank statement.
Hi, I am an active pensioner with good credit record and income above my SASSA full grant. My car needs to be repaired, and I need a small loan only. Can I apply?
African Bank usually does not provide personal loans for SASSA social grant pensioners. If you want to apply for a small loan, you must comply with some criteria. Some of them include recent proof of income which reflects 3 monthly salary deposits, proof of residence and a recent bank statement with these 3 salary deposits.
I am a 62-year-old pensioner with no dependents. Can I qualify for a loan of 50,000 rand?
Of course, you can. African Bank does not offer special loans for pensioners, however, in your case as a 62-year-old pensioner, you can apply for a personal loan of 50,000 rand with the entity. As long as you have a positive credit record, a steady monthly income and provide proof of it, then you will be eligible for a loan. The bank will analyse all your financial information and will make a decision.
Hi, this is a quick enquiry, whether I qualify for a minimum loan (R3000 to R5000) which I intend and endeavour to pay in 72 months time. I am the beneficiary of a permanent State disability grant, which counts as a pension. I am a 56-year-old male with two dependants. Furthermore, I am also a qualified teacher (University of the Western Cape, Bellville, Cape Town). I would be most grateful if you can reply to this e-mail. Do I qualify for a loan?
To know if you qualify for a minimum loan with African Bank between 3,000 and 5,000 rand to be repaid in a period of 72 months, you need to have the necessary means to afford the instalments. This will be determined by the bank based on a credit check and affordability assessment. For an interest rate of 15% and with a loan of 5,000 rand, you will be paying monthly instalments of about 750,03 rand. You will need to submit all the documentation and the bank will carry out an analysis to decide if you are eligible or not.
I am a pensioner, age 66. I get a monthly pension of 40,000 rand from GEPF. The only debt I have is a credit card. I applied for a personal loan of 2,000,00 rand and was turned down. I was told that I don't qualify. But your advert says we can apply. Are these double standards?
First, in order to qualify for a personal loan with African Bank, it is important to consider some factors. To qualify, you need to have a positive credit behaviour, in other words, you should not be in arrears, and you should have the means to afford the monthly instalments. If your request for 2,000,000 rand has been rejected, please, consider that the amount of money you can obtain will depend on your income (40,000 rand) and affordability capacity.
My debt review company is in the process of clearing me. Can I still get a loan?
Whether you can still get a loan or not will be determined by the bank. Usually, the lenders, including the African Bank, will carry out an analysis of your credit score and affordability assessment, and will decide if you have the means to pay back the loan. Whenever your credit history is positive, and you comply with all the requirements, you will be able to apply for a loan.
Good evening. My question: I am a semi pensioner who had to go off work due to personal circumstances. I applied online for an African Bank loan; I had to submit my documents, and they keep asking for payslips. I submitted the document which shows where my salary comes from (Old Mutual Unit Trust account), the response is I need to have a job and show proof of salary. What to do in a case like this? This happened after 6 phone calls to them and 4 emails, and they keep saying the same thing. Very, very unhappy.
African Bank offers a personal loan to pensioners as unsecured loans whenever they submit proof of income or pension. The bank needs to make sure you have a steady income every month to afford the monthly instalments. If you still have problems with this, you may need to visit the nearest branch and speak with the well-trained bank consultants, who will be willing to offer you a solution.
I am a pensioner but was declined a personal loan. I receive a pension of 40,000 rand per month for life. What is going on?
If you are a pensioner and your loan application has been declined, you need to consider some possibilities. First, it is crucial for the potential client to have a positive credit history and enough affordability capacity in order to afford the monthly income. The amount of money you can get will depend on those two factors. Please, you can get in touch with a company's advisor to receive a solution.
I'm a 75-year-old pensioner. I get a salary of R13,800 per month. Furthermore, I need loan of R150,000, how much will my instalment be?
If you are a 75-year-old pensioner with a monthly salary of 13,800 rand, you can definitely apply for a personal loan of 150,000 rand with African Bank. Let's say that the interest rate is about 15%, and you choose a period of repayment of 72 months, you will be paying monthly fees of around 22,500 rand.
My grandmother is 75 years old, a pensioner at Department of Health, can she qualify for a personal loan?
Of course, she can. African Bank offers the possibility for pensioners to apply for unsecured loans; in other words, as long as pensioners submit proof of income, they will qualify for a loan. Also, bear in mind that the client needs to have a positive credit history. Your grandmother, a pensioner from the Department of Health, can obtain up to 200,000 rand.
I am a pensioner, I want to take a loan. Can I visit any African Bank to apply?
Of course, you can. The only main requirements you need to comply with in order to apply for a loan with African Bank is to provide proof of income. This is done by showing at least your three last consecutive salary deposits, which can be reflected in your last bank statement.
A pensioner can get up to how much of a loan at African bank?
A pensioner can take a loan with African Bank only providing that they have a regular job with a steady monthly wage. This means that you need to show proof of income, which include at least three consecutive salary deposits. After the bank carries out an analysis of your credit history and financial situation, a decision will be made as regards the amount of money to obtain.
Hi, my mom is also a pensioner, and she wants to apply for a loan, but she only uses a Sassa card to get her monthly grant. She doesn't have a bank account to get the three-month bank statements you're asking about. What exactly can she do so that she is eligible to get a personal loan with African bank?
Unfortunately, the only possibility that your mum has in order to obtain a personal loan with African Bank is to comply with all the requirements. These include a recent proof of income, proof of residence and the last three bank statements, which consist of the last three consecutive salary deposits. It is important to show that she has a job with a steady wage.
How much of a loan can a pensioner get at African bank?
African Bank does not provide a special line of credit for pensioners or retired people. Therefore, if you are a client, you can apply for a regular loan by showing proof of income and the latest 3 months bank statement. This financial institution offers personal loans up to 250,000 rand according to the applicant's financial situation and affordability capacity.
Hi, I am a pensioner and would like a loan. Will I be granted one?
There are certain requirements for clients to comply with in order to be able to obtain a loan with African Bank. The most important one is to provide proof of income. So if you are a pensioner, you should show at least the last 3 pension deposits and a recent bank statement.
Do Sassa pensioners also get loans from African Bank?
If you are a Sassa pensioner seeking a personal loan, you need to know that one of the companies that operate through Sassa is Moneyline, which is a financial company. It is important to bear in mind that there are no special loans for pensioners with African Bank. You can apply for a loan just by providing proof of income.
Can I get a loan? I'm a pensioner and I have a garden service business, not registered.
If you are a pensioner and you are currently running a non-registered garden service business, you can apply for a personal loan with African Bank. The financial entity does not provide loans for pensioners specifically, but clients have the possibility to obtain a personal one as long as they provide proof of income and have enough affordability capacity.
Hi, I collect a disabilty grant. Can I qualify for a small loan?
If you are paid with a disability grant and you wish to apply for a small loan with African Bank, it is important to consider some details. To be able to qualify, you need to show proof of income which should be reflected in three consecutive salary deposits. Bear in mind that the approval of your application will be based on the assessment of your affordability capacity.
I am 68 years old and I need a loan of R7000. I get a pension of R1870 a month plus what my son gives me monthly. Can I get a loan?
Providing that you meet certain requirements such as proof of earnings reflected in three salary deposits, you will be able to apply for a loan with African Bank. For an amount of 7000 rand with a pension of 1870 rand to be repaid in a period of 12 months, your monthly instalments will be about 852 rand.
I am 60 years old and need a loan of 15 000 s as a pension R 1990 per month. How much repayment for 72 months?
If you are 60 years old and need a personal loan of 15.000 rand with a pension of 1.990 rand per month, it is important to know the interest rate which will be decided according to your monthly pension and your affordability capacity. Suppose, for instance, that the interest rate is about 15%, in 72 months, you will be paying approximately 225,01 rand per month.
So if I am using Capitec bank card and I want to switch on to African bank and I am a pensioner. What do I need?
To be able to switch from Capitec Bank to African Bank as a pensioner and apply for a personal loan, you will need to submit your ID card, proof of residence, recent payslips and last bank statements. Also, you should have a positive credit record as the bank will analyse if you are capable enough to pay the instalments.
I'm 75 and yearning R5300 from workmen compensation fund... Do I qualify for a personal loan?
Providing that you can submit your ID card, your proof of residence and recent payslips and bank statements, you can qualify for a personal loan as a pensioner with African Bank. Also, it is important that you show proof of income as the bank needs to make sure you have enough money to pay the monthly instalments. In your case, if you are 75 years old with an income of 5.300 rand a month, you can certainly be eligible for a loan.
I'm a pensioner, can I get a personal loan?
Of course, you can. As an African Bank client, you can request a personal loan even if you are a pensioner. Showing evidence of your income is the main condition the bank sets out. To qualify for a personal loan, it is essential to have a favourable financial situation to be able to manage the installments. However, the bank offers flexible payment terms according to each client's economic circumstances.
I am 66, can I get a loan?
Yes, definitely. The African Bank company provides clients with the opportunity to access a loan program especially designed for pensioners. The only requirement the company asks for is that retired people submit a proof of their income or pension. The cash can be acquired in the moment on flexible payment terms.
I am a pensioner earning R1,850 with other source of income and need a loan of 25,000.
If you are a pensioner, and you would like to ask for a loan at African Bank, you should consider that both your R1,850 earnings and the other source of income that you mention can be proven with some sort of document. Depending on the term and your credit record, you might be able to ask for a loan of R25,000.
How much will my monthly installments be for R3,000.00 please?
Your installments for a loan of R3,000 at African Bank will be different according to which term you choose and what interest rate you can access to. For instance, if the interest rate is 25 %, and the term is 6 months, you would have to pay R625 each month.
Can I take out a loan if I am a pensioner of at least 40 000 to pay for my child's university fees. If I do how much will I be required to pay every month.
If you are a pensioner, you might be able to ask for a personal loan to pay for your child's university fees. Now, to be able to ask for a loan of R40,000 will depend on how much your earn as a pensioner each month and how good is your credit record.
Need a loan for 50k I am a pensioner I earn 6000 per month. Do I qualify?
As a pensioner, you can qualify for a personal loan at African Bank for 50k if you earn 6,000 rands per month. However, there are other issues to consider before establish if you are eligible for a loan. The most important one is your credit record. Depending on how good it is, you will or will not be able to ask for that amount.
I am an old age pensioner. Can African Bank give me a loan to start business?
As long as you are able to account for a regular income as a pensioner, you might be able to ask for a personal loan at African Bank. Since these loans are not meant to finance nothing specific, you can use the money from the loan to start your own business.
I am a pensioner can I apply for a loan online?
Yes, if you are a pensioner, you can apply for a personal loan at African Bank online. This bank lends a maximum amount of R250,000 over a period that can be of up to 72 months. Of course, this does not mean you will be able to ask for that amount. The maximum amount of money you can borrow will depend on your affordability.
My mom is 66 years, and she paid up her loan early this year can she be able to borrow the money again?
If your mother already paid off her loan for pensioners at African Bank and wants to ask for another one, she can do so. Of course, she will have to meet the same requirements she was asked when she requested the first loan. The fact that she is 66 years old will not be an impediment for her to get the loan.
Can a pensioner of 66 years able to get a personal loan?
More often than not, most banks usually lend money to people whose ages range from 18 to 63 years of age. However, each bank has its own policies regarding this issue about ages. You could try to fill in an online application and see if it gets through or not.
My mom is 63, and she is a pensioner that receives her monthly pension she wants to take a loan of R15k and pay it back over 2 or 3 years is that something that is possible?
For African Bank to decide if they can borrow someone money, they will need more information such as how much your mother earns each month and what other expenses she has. Also, the bank will evaluate her banking history and credit record. If all that is ok, then she will be able to ask for a personal loan and repay it in up to 72 months.
Good day! I'm a pensioner and would like a loan please. Mrs ECA TITID
If you want to ask for a personal loan at African Bank you need to have these documents in hand: proof o income, a document proving your address, the latest bank statements from the bank account through which you receive your pension. You can start your application online by filling out a simple form.
Hi. What time are you closing weekend during this lockdown?
On weekends, the bank is only open on Saturday from 8:30 a.m. to 1 p.m. However, notice that you can do most operations online. For instance, you can start your loan application through the internet with your cellphone or computer; no need to move from your house. Also, you can call the bank over the phone to start your application.
I get my pension via a sassa card and not through a bank.is it possible to pay the installments via cash in your bank account?
The personal loans offered by African Bank are for those individuals who can prove that they have a regular source of income either from a job or a pension if they are retired. If you are looking for loans with your SASSA card you might want to read our articles to find which financial companies offer that kind of loans.
I am currently receiving a disability government grant until I reach the age of 60 on the 16/09/2020 would I qualify for a loan as a pensioner?
There are no special loans for pensioners at African Bank. You can request a loan at this financial institution whether you are still working or are a pensioner as long as you can account for your income. That is, the bank needs to know that you will be able to pay the loan back.
I have an investment in African bank,and have a credit card in Nedbank and Standard bank.I would like to pay these credit cards off.
If you need to pay off your credit cards and you don't know how to deal with your debts, you should apply for a consolidation loan at African Bank. This will allow you to concentrate all your credit card debts into a single loan. Your repayments would be lower and you can repay the loan in up to 72 months.
Hi, I am retired. I have invested my payout and savings and I live off the interest which gets paid out yearly. I have credit cards which I would like to pay off and make only 1 payment. Do I qualify for a loan?
Although you currently get some sort of profit as income, it’s not what African Bank states to get a loan. Firstly, you receive it on yearly basis but, the loan must be paid monthly. Secondly, African Bank needs you to submit bank statements and pays lips as proof of you getting regular income.
Hi African Bank, my mom had a loan with you and she finished paying it, Now, she’s unable to get another loan due to her age. She was 74 when she took the loan and it was fully paid last year 2018. Now, she’s 76 and was denied a loan.
African Bank requires their applicants to be 75 years old or less at the moment of applying for a loan, regardless of being current clients. They establish this requirement to make sure every borrower will repay the loan completely. Unfortunately, if she is 76 they won’t accept to grant them a loan. You may look for another entity
What is the longest financing period available?
My mother needs a loan for r 88000.00.
She has to gather the documents that prove: she is from this country and lives here, she is old enough to get a loan and that she receives sufficient income to cancel the loan properly. Also, she will be asked to present their bank statements showing that income received in the previous 3 months. Once those documents are ready, she can start the online application to see if it’s possible for her to get the loan.
Will I be able to get a loan of r20000.00 if my pension is r1700.00 per month?
As African Banks’s clients can pay for the service in a maximum of 72 months, that would be a feature that may determine if you qualify for that amount. Besides, when you complete your loan application and submit your documents, the bank will be capable of informing you if you can take that amount or if you should think about a smaller loan.
I would like to pay the balance of my bond of r48000 and money I owe to Sars
African Bank can assist you with their Consolidation loans. They can cancel your debts and then, you will only have one liability with African Bank, which will allow you to save money. These loans allow you to join a maximum of 5 different loans into one single instalment, which are flexible and you can even take one month break on the instalments.
I earn r1700 monthly. How much do I have to pay monthly?
In order to answer that question, we should take into account the loan quote you need. What we can tell you is that African Bank states an interest rate on the loan between 15% and 27.50%. Besides, there’s the Insurance rate that can reaches up to 5.4% and, some administrative fees to cover for the loan operation. So, if you know how much money you need, it will be possible to calculate the monthly cost of the loan.
I am 68 years old and I am looking for a loan. Would African Bank be able to help me?
This company, African Bank, needs their applicants to be South Africans receiving an income regularly. Of course, they must be, at least, 18 years old. After those requirements are met and, as long as you can prove that information with valid documents, they will check if you have a good credit score. If you have excellent credit and you receive enough income, you may get the loan regardless of being 68 years old.
Can a disability grant recipient get a loan. How much?
Yes, that person can apply for the loan and, African Bank will go over the same affordability criteria as with workers to confirm the loan request. There are different amounts to ask that depend on the loan you want. For personal loans, the maximum quote is of R 250000. The same amount applies for a Consolidation loan. But, there’s a special option of issuing up to just R 50000 and getting a fixed 15 % on interest rate.
Can I apply for a pensioner loan online?
Yes, you can enter the page African Bank has on the web and begin the process of applying for the loan. After you submit your personal information you have two alternatives: 1. ask them to call you back, in case you need to elicit some doubts or, 2. apply for the loan. Whatever you choose, you will ask you to present the documents to check your income, identity and residence, and, evaluate if you qualify for the loan.
I want a loan, I am a pensioner, can you help me?
Sure we can! We have some alternatives for you. To start, you can check in our platform and read about Loans for pensioners. Then, you can consider the banks detailed in those articles to compare their offers. You can also use our loan calculator to see how much you would have to pay with different banks for the same loan amount. Once you decide on the best lending company for you, you can start your online application.
I want a loan of r5000 for 12 months, I want it soon. Can you help me?
The best you can do is to compare the rates different companies offer to know what would be the cost of the loan with each of them. For example, with a 9.25 % rate that African Bank may charge on those terms, the estimated quote may be R 438. On the other hand, Absa may charge you 8.5% rate for the same terms, what leaves the quote in an estimated R436. You can clearly see this using our online loan simulator. You will get the best rates to choose from.
Can pensioners qualify for short term loans?
Sure they can! Being a pensioner is not a reason not to get a loan. Of course, they must go over the process to see if they qualify as regards their finances. Then, African Bank allows them to choose between the loan products they offer according to what they need the money for.
How often do I have to make payments?
On a monthly basis
How much can pensioners borrow?
The quote to request could range from R5000 to R250000 to make a big purchase with a personal loan or to clear up your debt with a consolidation loan. These loans’ interest rate can be as high as 27.50%. There’s a special product, called 15 % Loan, with a fixed rate of, of course, 15 %. In this case, you could borrow only up to R50000.
I want to know if I can borrow money from African Bank on disability grant
It is possible to get financial support from this company if you get disability grant. All the same, the approval of such support will be based on your general affordability. This mean, even though being a pensioner is not an obstacle to work with African Bank, you have to have good credit record to have your loan request confirmed and issued.
Is the bank open on weekends?
No it is not
I receive a r 8500 monthly pension. Can I qualify for a personal loan?
You can qualify if, apart from that income, African Bank finds out your credit record is good and, you don’t have any liability at the moment of applying. They will also let you know if you qualify for the amount you ask for. Sometimes, the loan request is higher than what the bank thinks the client can afford. In such case, you may apply for a smaller amount.
Can Africa Bank give loans to pensioners?
Yes, they can. This bank knows how important it is to give assistance to all kinds of South African citizens. That’s why, they also allow pensioners with proper credit score to apply for an African Bank’s loan to see if their income is enough to qualify for it. Pensioners should present the same documents showing they are from SA and they receive that grant on monthly basis.
My mom had a loan with African Bank which was paid off last year. She wants to apply again, she is a pensioner
There’s usually a waiting period to apply again for a new loan. That period is decided by the bank the client wants to get the loan from. In this case, she may have to wait for another year before being able of applying again. Apart from that, it also depends on how the client paid off the previous loan. I mean, if each installment was paid on due time, for example.
Can I get a loan of r16000 for my car? I’m a pensioner getting r1600 per month and I have a small business
Yes! You can go on with the application for African Bank to study your chances of having the request approved. After they revise your affordability, they will let you know if your income is enough to get that amount. I’ll remind you, they also take a look at your credit history to see if you can obtain the loan.
I am a pensioner (get mine pension). Will I qualify for a consolidation loan?
The bank needs to know how much you receive each month. Once you present proofs of income and banks statements they will analyse those documents to notify you if you qualify to consolidate all your loans with them. A useful tip: the documents must be recent, not older than 3 months so African Bank can work with current information.