African Bank Loans
Founded in 2016, the African Bank is a South African retail bank offering financial assistance. The bank’s headquarters are located in Midrand, South Africa. There are also branches distributed countrywide and a digital channel with sales, collections, and customer care services.
The bank offers the following services:
- Save & Invest Option
- Credit cards
- Insurance services
It offers online services to manage finances online 24hrs 7 days a week at any time from anywhere in South Africa.
Security & Services
The bank is licensed by the South African Reserve Bank (SARB) as a locally controlled bank. This makes it a legal entity that follows the laid down rules by the governing body. They have also provided a scanned BEE certificate.
Since the bank is an understanding entity, if you fall behind in loan repayment, the bank recommends you to call it immediately and it will seek a solution. If you fail to contact the African Bank within 20 business days, your information will be submitted to the credit bureau.
Early loan settlement is available and customers are allowed to settle their outstanding balance earlier than the destined loan period. You can also increase the monthly repayments amount to offset the loan quicker.
African Bank Account
To access the services offered by the African Bank, one is required to register an account. My Account allows checking out the current loan status, loan amounts you qualify, claiming submission online, and managing money 24/7.
Opening an account is a 5 minutes process. To register:
- Visit the African Bank official website.
- Navigate to the top right corner of the website and click on Register.
- Fill in your personal information, which includes your identity cards (either an ID card or passport) and your mobile number.
Afterward, you can successfully enter African Bank login data on the official website and get access to your account.
The bank allows you to apply for the financial services listed below:
1. AfricanBank loans
This product assists you to meet your personal needs such as buying a car, pay for your education, etc. You can get an approval of a loan up to 250,000 Rands, with a flexible payment plan as you can set up a repayment plan of your African Bank loans in 7 to 72 months. The fixed monthly payment aids you in having the knowledge of the exact amount to repay every month.
Application for this loan is easy as you have the choice to pay online, use the phone, or physically visit the nearest branch.
2. Loan consolidation
This plan allows a combination of up to 5 loans into one single consolidation of a value of up to R 250,000 then gifting you with one loan with lower repayment terms. One can lock the interest of the loan through the use of a fixed interest rate, as well as lower fees on one of the loan repayments.
3. African Bank 15% personal loans
This plan of a 15% fixed low-interest rate loan helps in informing you the exact amount to pay monthly. It has a fixed interest rate and repayment amounts every month.
4. Value-added deals
The bank partnership with leading brands brings exclusive deals on devices PLUS and other vouchers. For more information on this plan, visit their official website or call them querying the available offers.
5. Your detailed credit report
One is in a position to access a free credit report without even applying for a product with African Bank.
You have to meet the following requirements:
- Provide the recent proof of income showing salary deposits for 3 months
- Show the proof of residence
- Have 18 years of age
Credit history check through registries
The credit provider uses TransUnion Credit Bureau to check the customer’s credit score. Unfortunately, if you don’t meet the required credit score, you can’t qualify for an AfricanBank personal loan. You can check the score yourself in their app, website, or by making a call. It is, therefore, important to check your credit score regularly to ensure that it has a positive rating.
How to apply for a loan?
The application process is user-friendly and intuitive:
- Visit the bank’s official website and click on the Apply Now tab.
- A pop-up tab provides two options: Click the Call Back to get in contact with the consultants or the Apply to create the loan application online.
The loan application process takes less than 3 minutes. Ensure that you possess the required documents to make the process fast and improve the chances of being approved.
The money is deposited straight into your bank account.
Are there no-interest loans?
There are no interest-free loans. Interest is the way for lenders to benefit from issuing loans, so finding interest-free variants is not that easy in general. However, there are 15%-interest loans that are one of those loans with minimal interest rates in South Africa. There is also an opportunity for early repayment. Hence, ensuring that you pay out your loan earlier than the agreed payment period.
The bank's reputation is positive, as its products are flexible in meeting the customers' needs. On submitting the required documents by the bank, the money is deposited in your account fast. Many users opt for this lender, as their products meet their particular needs.
The African Bank customer service is efficient in guiding new and existing users on any queries.
Pros and Cons
- a fast loan application process – 3 minutes;
- effective customer support;
- a wide range of products to meet different needs.
- the bank doesn’t accept collateral as security for a loan;
- the loans’ upper limit might not be enough for some loan seekers.
African Bank Contact
You can call the customer support team during the African Bank operating hours: Monday to Friday (8 a.m. to 5 p.m.) and on Saturdays (9 a.m. to 1 p.m.). Apart from accessing it through the phone, you can chat with it on the official website or search for the answer to your question in the detailed FAQ section.
Phone number: 0800 633 633
Fax: 0864 944 107