African Bank is headquartered in South Africa and is a retail bank which offers a range of financial services and products such as loans, investments, savings, checking, debit and credit cards and personal loans.
It has the mission of becoming a successful retail bank and they want the idea of humanity always to be related to the bank. The pillars of the bank are transparency, innovation, collaboration, empathy and balance.
The African Bank is created with South African residents in mind and how to help them achieve balance in their lives
In this article, we will look at one of the services offered by African Bank: The personal loans.
African Bank Personal Loan
The African Bank Personal Loan is a personal loan that can be requested for several reasons. It could be to buy a new car, to renovate the house, for expenses with marriage, travel and others. The main purpose is to realize dreams.
In the African Bank Personal Loan it is possible to borrow up to R 250,000 and the payment must be made between 7 and 72 months (6 years).
Rates – African Bank Personal Loan
The fees corresponding to the African Bank Personal Loan are two: insurance rate and interest rate (APR).
The interest rate can be from 15% to 27.75% and the insurance rate from 5.04% to 5.4%.
Let’s make an example to represent better. If you want to get R 20,000 for 12 months (1 year), you will pay R 2.036 monthly.
The application – African Bank Personal Loan
You can choose to apply online, by phone or at one of the bank’s branches.
What documents and requirements are needed? – African Bank Personal Loan
For the application of the African Bank Personal Loan it is necessary to present some documents, such as:
– Most recent proof of income, reflecting 3 salary deposits
– Proof of residence not older than 3 months
– Latest bank statement, reflecting 3 salary deposits
It is also important to say that it is necessary for the African Bank Personal Loan to be over than 18 years old.
Advantages – African Bank Personal Loan
The African Bank Personal Loan has some advantages that can be quite interesting for anyone who is researching about personal loans.
– It is a safe and recognized bank
– Highly competitive rates
– Flexible Terms (from 7 to 72 months)
– Fixed Rate Payment
– Easy Application.
– Just some documentation and requirements
– If something happens with the applicant during the loan period, there are liquidity options or even personalization of the payment, being possible to make a break between the installments.
Are you still having doubts?- African Bank Personal Loan
If you still have doubts about the African Bank Personal Loan, you should visit the website and download some information or visit the company’s blog. On the blog, you can read articles like “Know your rights when applying for a loan”, “Grow your money”, “What is the best interest rate?”, “8 signs of financial abuse” and others
Useful Information – African Bank Personal Loan
African Bank Personal Loan
Telephone: 0800 633 633
Fax: 0800 007 788
Terms and Conditions
“Representative example: All prices include VAT, R20 000 borrowed for 12 months. Once off initiation fee (capitalized) R 1197, Monthly admin fee R68.40. Representative APR 15%, Representative insurance rate 5.4%. Monthly installment amount payable R 2 036.03, total payable R 24 432.41” (source: https://www.africanbank.co.za/en/home/product-personal-loan)