African Bank Loans

African Bank Loans

AFRICAN BANK LOANS ARE MADE TO SUIT YOUR NEEDS- They offer a wide range of loans with really accessible repayment plans.  


Product and Benefits

  • You can take out from R50O to R150,000.
  • Comfortable repayment period: from 3 to 60 months.
  • Fixed repayment instalments.
  • Quick access to the loan, as it is distributed directly into your bank account.
  • Repayments via debit order form your bank account, which saves you a lot of unnecessary time.
  • You can apply for a personal loan now online- 24 hours a day, 7 days a week.

Requirements: In order to apply a personal loan, you need to be 18 years old or older and bring to the nearest African Bank branch the documents stated below:

  • ID book.
  • Latest original payslip.
  • Bank statement of one month, which states your salary deposit or savings book.
  • *Proof of residence.

*As regards that point, you need to bring any of the following documents in order to prove your name and current residential address:

NOTE: The documentation should be no older than 3 months in order to be accepted by the bank.

  • Latest utility bill.
  • Municipal account.
  • Retailer account.
  • Document form an insurance company.
  • Payslip.
  • Letter form an authority.
  • Ward counsellor.
  • Declaration from a landlord/affidavit.

Insurance

They offer you credit life, funeral cover, crime injury and personal accidents.

  • I. Credit Life: When life´s unexpected events happens, they assist you with an insurance in all of the loans they offer. This covers the following situations, either to settle the obligation in terms of the credit agreement or to pay instalments towards the credit agreement according to the specific event : death  (settlement), permanent disability (settlement), temporary disability (instalment), retrenchment* (instalment and conditional settlement), short time*(instalment), short time cover, compulsory unpaid leave*(instalment), and temporary lay-off (instalment).

These items (*) do not cover you within 30 days from the start of the policy.

Important Note: The insurance fee is calculated when you apply and the fee is included in your fixed monthly instalment.

  • II. Funeral Cover: They payed out their claim within 24 hours, and if it does not happen, they will pay you double. You can choose between different cover options, which includes the following alternatives: main member only (R35); main member + one spouse or partner (R55); main member + children (max 8) (R49); or family (main member + one spouse/partner + children (max 8)(R69).

The amounts mentioned before apply for the benefit amount of R10,000. But if you want to increase it, you can increase the amount of your instalment (cover options).

In the case you want to add a family member, the amount depends on the age: if the person is younger than 22 years old (R15) or 22 years or older (R35).

  • III. Crime Injury: When you or your family are injured, the African Bank supports you with cash. You can claim online by downloading and completing the claim. Claims limits are: 1 claim per assured person during 6 months, 4 family member (max) can be claimed, and 4 extended family members can be claimed.
  • IV. Personal Accident: When you or your family are affected by an accident, the African Bank also supports you with cash. Claims limits are the same ones as for “crime injury”.

Break form Loan Instalments: You can choose when taking a break, and it is available for their customers. This option allows the customers to take a break from payments. It is a unique feature offered to customers that have met the repayment requirements during the period of their personal loan. The break can be taken once a year and can be activated in any African Bank branch or over the phone by calling the call centre.

My life needs and events

 is another option that the bank has developed in order to help you with your financial needs. Once you have identified your needs, this alternative will assist you to choose the right plan for you and your loved ones.

PERSONAL FINANCE

 It allows you to enjoy the lifestyle you always dreamt. You can get a credit for taking a holiday, buying a car, paying your children’s education or paying off a debt.

BUYING A HOME

 The first step is to make sure you can afford to buy a home because buying it is an important commitment. You can access to your house with a personal loan from African Bank. You can complete a form online now so as to know which credit you could qualify for.

NEEDING A CAR

 African Bank can help you find and finance your new car. You can find the nearest approved dealer with the Bank locator.

SAVINGS

 You have just found the right place to grow your money. African Bank can help you with your saving goals. You can invest a minimum of R500 and have flexible access to your money (from 32 days to 60 months). Another possibility is a short –term investment account, a notice deposit, of 32 to 90 days that offers you proper interest rates, while having access to some or all of your money.

GETTING MARRIED

You can save for the big day with African Bank´s help. A saving account is a very important start if you and your partner are serious about your finances.

FINALCIAL SETBACK

 Many people find themselves in financial trouble because of today´s economy situation. Don´t hesitate to look for assistance.

MEDICAL EXPENSES

An African Bank Visa credit card gives access to funds when you need them, 24 hours a day.

Other options such as home renovation, unemployment, education are available in “My life needs and events” so you just need to choose from one of the alternatives and apply for them in a fast and easy way online or over the phone.

This is a really good option for living prime moments of life with fixed interest loan.

Fixed Prime Interest Loan

How does it work? This loan offers you a prime interest rate, which means that although the prime interest rate increases or decreases during your loan, it will not affect your repayments.

Important Note:Only one active prime loan can be held at a time by a customer. However, they can apply for other additional products if they have taken this loan.

HEAD OFFICE
Tel: 011 256 9000
59 16th Road
Midrand
Johannesburg


CUSTOMER SERVICE CENTRE
Tel: 0861 123 456