African bank personal loans have become one of the most preferred short-term credit options. They offer loans for up to R250,000 with fixed repayments. Furthermore, they also have flexible terms which make their offers a lot more appealing.
A personal loan is something that most people require at some point in life. Medical expenses, education or starting up a new venture often require a personal loan. These loans give people the opportunity to do things they normally wouldn’t be able to by helping with their cash flow.
Why take out a personal loan?
There are a number of reasons that people take out personal loans. Sometimes they might be strapped for cash and find it hard to make ends means. A personal loan can help a person going through difficult times and ease the financial burden.
Taking out an African Bank loan can help you get to where you need to be. Perhaps you’re thinking of investing in your child’s education and need the money. A personal loan can help guarantee that your child’s future is secure.
If you already have existing loans then you may want to look at the African Bank Debt Consolidation loans available to consolidate your outstanding debt into a single loan.
How to apply for African Bank personal loans?
There are three ways to apply for a personal loan from African Bank
- Through the phone
- By visiting the nearest African Bank branch
- Applying online at www.africanbank.co.za
Once you have applied for a loan, African bank will review all your information. If everything has been verified, the loan will be paid into the specified bank account.
If you would like to know what your loan repayments will be you can log on to africanbank.co.za. They have an excellent loan calculator that works it all out. All you need to do is fill in the loan amount along with the repayment term and you will get the monthly payment amounts.
What you need to apply for African Bank personal loans
The prerequisites for applying for a loan through African bank are quite simple. Clients need to be over 18 and need to have some form of income.
You will need to produce a three months bank statement, along with three consecutive salary deposits. This is to confirm that funds are deposited monthly into your account. You will also have to submit proof of residence that is no older than three months.
African bank may then carry out a credit assessment on your loan application. This will check your credit profile and credit rating before providing loan approval.
African Bank Personal Loan Calculator
You can use the online loan calculator to see what your monthly loan instalments will be and the total cost of credit including initiation fees.
What are the repayment terms?
African bank gives its customers the option to repay their personal loans within seven to 72 months. Repayment dates are always set beforehand and both parties agree on an agreed date as per the credit agreement.
It should be noted that the first payment of the loan is due within seven days. Thereafter, a monthly instalment is due until the loan amount has been repaid in full.
Clients have the freedom to choose their monthly repayment method. A monthly debit order can be created and the money will be debited from the client’s account. The next option is to set up a payroll deduction, where the money will be deducted from the client’s salary. Lastly, African Bank can directly deduct the money from the client’s bank account.
African bank has made payments extremely easy. They have created a number of different ways that clients can pay off their loans.
- EFT Payment- Log into your banking app, set African bank as a beneficiary and make payment
- In-store payment- You can make a payment at any of the following stores: Shoprite Checkers, Pick n Pay, PEP, Boxer, Woolworths and Ackermans. All you will need is your unique EasyPay or Pay@ reference number.
- Debit order- Log into your banking app and create a recurring debit order deduction
- Branch payment- Visit your nearest African Bank branch and pay via credit, debit or SASSA card. Alternatively, you can also pay with a cheque.
If you are unable to make a monthly payment, you should speak to the bank directly about a payment arrangement.
Will you be able to get a loan if you’re already in debt?
People often think that if they’re already in debt they won’t be able to get a personal loan. Luckily, that’s not always the case.
African Bank personal loans allow for some leeway in certain cases. If a client has store or credit card debt they actually encourage taking out a personal loan. This will allow clients to pay off older debt with a personal loan. In the long term, this decreases interest and settles debts a lot quicker.
How to improve your chances of getting a loan with African Bank
It’s vital to keep your finances in order when thinking of taking out a personal loan. This will ensure the bank that you can make your monthly repayments. That’s why they often look at your income, employment history, and credit score.
Having good finances and a good credit score will often determine the interest rate you receive. If you have a bad credit history, it might be harder to get a loan. Always make certain to pay your bills on time so that you do not get blacklisted.
Improve your chances of getting a loan by being financially responsible. Avoid taking out a loan if you know that you will not be able to pay it. Banks usually have checks in place to ensure that they do not lend you more than you can afford.
Tips when taking out a personal loan
There are a few things to keep in mind when taking out a personal loan. Always keep your repayments up to date. This will ensure that your credit is in good standing and will help you in the future. Read through your loan agreement to clarify what repayments terms are.
Avoid additional interest charges and bank fees by keeping enough money in your account for your loan. It’s best to pay loan repayments on the same day you get your salary. Set up a debit order at the beginning of the month so that you can budget wisely. It’s vital not to skip any repayments as this might affect the loan agreement.
If you would like to pay less interest charges try paying extra on your loan repayment. This will also help you settle your loan a lot sooner too.
If you’re looking for a loan for your company rather than personally for yourself, then you should look at business loans.
Lastly, don’t apply for more than one loan. It’s never a good idea to have multiple loans and payment obligations
African Bank Contact Details
If you have questions or concerns regarding African Bank personal loans, you can contact them through the following contact center channels:
- Email: CExperience@africanbank.co.za
- Telephone: 011 207 4500 or 0861 111 011
You can also visit the nearest branch near you on the following schedules:
- Monday-Friday: 8:00 to 19:00
- Weekends: 8:00 to 18:00