African Bank Personal Loan Interest Rate

African Bank Personal Loan Interest Rate

African Bank is one of the most respected lenders in the South African region when it comes to unsecured personal loans. They have been helping South Africans in times of financial need for years and have established a stellar reputation. All of their loans are safe and lawful, and in accordance with the NCR – National Credit Regulator. They are a registered credit provider and thus you can rest assured your loans will be secure and your interest rates will be by the book. 

African bank interest rate;

Payment options range from 7-72 months.
Interest rate (APR) from 15% to 27.75%
Insurance rate from 5.04% to 5.4%

What is a personal loan?

A personal loan is a way to overcome a large, once-off expense e.g. a home renovation or the purchase of a car. You would receive the approved amount in full and pay it back in monthly instalments with interest. It’s normally an unsecured loan, which means that the value of the money you’re borrowing is not being held against the value of your possessions as a deposit of sorts. 

What is the difference between a personal loan and a credit card?

A personal loan is when you receive the agreed-upon money in a lump sum and pay fixed monthly instalments within a set amount of time. You would normally opt for this if you need a larger sum of money. 

A credit card has a pre-set credit limit. You can borrow money up until that limit, as and when you need it, but need to ensure that you pay the monthly interest fee. You would usually use a credit card to lend smaller amounts of money on a more frequent basis. Like buying your monthly grocery shopping or refreshing your winter wardrobe. 

How much money can I borrow?

With African Bank, you could qualify for a loan of up to R250 000. Which we deposit directly into your bank account. 

How much time do I have to pay back the loan?

African Bank offers flexible terms of between 7 and 72 months to repay your loan. 

How do I get a personal loan? 

Applying for a personal loan with African Bank is easy. You’re able to apply online, on the phone or at your nearest branch.  

Make sure that you have the following documents handy:

  • Most recent proof of income, reflecting 3 salary deposits.
  • Proof of residence not older than 3 months.
  • Latest bank statement reflecting 3 salary deposits.