African Bank Personal Loan

African Bank Loans
African Bank Loans

Personal Loan up to R180 000, up to 84 months to pay with African Bank’s Personal Loan. African Bank Personal Loan has a cost-effective plan that gives you a little extra financial freedom. You can use African Bank credit for just about anything you want. And, if you qualify, you can borrow up to R30,000.

African Bank makes borrowing money affordable and convenient through direct, no-nonsense access to a variety of credit options. All of them designed to help you reach your goals.

 

African Bank Debit Order Personal Loan

A debit order loan is for customers who have a transactional account that can be debited for the repayment.

If you choose the Debit Order option, African Bank will automatically deduct your repayment amounts from your bank account at the end of each month.

Features

  • Loan size from R500 to R30,000
  • Interest rates are based on the customers individual profile An initiation fee is charged based on the loan size.
  • A monthly service fee is charged Term of Loan 3 to 9 month short term debit order loans
  • 12 to 60 month long term debit order loans

African Bank Payroll Deducted Personal Loan

A payroll-deducted loan is like a debit order loan except the repayment of the loan is directly from your salary as apposed to your transactional account.

If you choose the Payroll deduction option, African Bank will automatically deduct your repayment amounts from your wages or salary.
Features
  • African Bank offers payroll deducted loans from R2,500 to R25,000
  • Employers provide staff more favourable rates on payroll deducted loans
    From 18,5% interest per year
  • An initiation fee is charged based on the loan size.
  • A monthly service fee is charged
  • 12 to 36 month long term payroll deducted loan
Disbursement Method

Your debit order loan can be disbursed in one of two ways:

  • credit payment to your transactional account for the total loan value
  • A combination of cash and direct credit payment.
Repayment Frequency
You can repay your loan monthly, fortnightly or weekly
Credit Life Insurance
Credit Life insurance is available to cover outstanding debt in the event of death, disability or job loss.
Premiums at 10% of outstanding loan obligation per annum.