Update on African Bank Loan: What is it and How does it work?

We often find ourselves compromising with bills piling up left and right. Such circumstances are stressful, and finding a solution is often difficult. This is why African Bank loans are a highly recommended option.

Banks and other financial institutions come in handy during such sticky moments. It will help if you get a lender that not only comes through with reasonable interest rates but also one that gives you a humble payment duration. African Bank has established itself as a leading financial service provider in South Africa, helping clients get through financial crises. They have plenty to offer when it comes to loans.

Who is behind African Bank Loans?

African Bank opened its doors to clients in 2016. The institution operates under the watch of the South African Reserve Bank as a locally controlled bank allowing it to offer loans and other financial products and services. Its head offices are in Johannesburg, with branches spread across the country. Clients can access various African Bank loans at affordable rates.

What sorts of loans are available at African Bank?

Like any other typical bank, the African Bank offers a wide range of loan services. Here are some of the loans available at the bank;

1. Personal loans
2. 12% loans
3. Value added deals
4. Consolidation loans

African bank personal loans

The African Bank allows South African and foreign nationals to access personal loans. Borrowers can borrow up to R350 000 and repay in seven to seventy-two months. These loans can be applied by visiting any branch physically, online, or calling the bank. The bank allows you to choose to repay the loan in installments, giving you humble time.

African bank loans for self-employed

Thanks to many requirements by banks and other financial institutions, it can be challenging for self-employed persons to qualify for loans. In South Africa, banks like African Banks sort this issue by allowing self-employed borrowers access to loans. You can access loans with the bank in three ways if you are an independent worker.

First, African Bank finds loans specifically designed for self-employed clients. These loans have specific terms to allow clients to borrow from the bank even if they are formally employed. Secondly, you can borrow a loan through African Bank’s standard lending program, which allows you to borrow by proving that you have a stable income to sustain loan repayments. Lastly, self-employed can apply for loans with fewer loan requirements. Some loans don’t require you to be employed. You can get a loan provided you can prove you have a steady income to repay the loan.

African bank loans for pensioners

Pensioners can enjoy different loan products at African Bank. The banking institution is in partnership deals with the pension fund and other stakeholders to allow pensioners access pension backed personal and emergency loans.

African bank loans for foreign nationals

The financial institution foreign nationals in South Africa and other jurisdictions to get loans. Foreigners can borrow personal, business, and home loans from African Bank. It’s, however, essential to note that loans to foreign nationals in South Africa are guided and controlled by the exchange control laws within which the bank operates.

African bank loan requirements

Customers need to meet specific requirements to qualify for African Bank loans successfully. Here are what you need to get a loan from the bank;

1. Attain the eighteen years and above; you need an ID to prove this
2. Proof of residence
3. Recent proof of income
4. Latest bank account statements

What is the interest on loans from the African Bank?

African Bank offers loans at relatively affordable rates. You can get loans and pay between 15%- 25% APR. You can repay your loan within 7-72 months. African Bank also offers insurance rates of about 5.04 to 5.4%.

African bank loan online application

African Bank online loan applications make it easier to apply for a loan in minutes. This reduced the tedious traditional process where you are required to fill out endless paperwork when applying for credit. You can fill in a few questions and get your loan without visiting your branch.

Is it easy to get a loan from African Bank?

Well, this depends on different factors. First, you need to meet the requirements to qualify for a loan. Then it will help if you have a good credit score. With these, you can quickly get a loan at the African Bank. 

How long does it take to receive loan money from African Bank?

African Bank allows borrowers to get loans 72 hours after application and approval. Once your loan is approved, the amount will reflect in your bank account within the said time. This is different when applying for an instant loan, as the amount is reflected in your account immediately after approval.

Can I get a loan at African Bank without a payslip?

Unfortunately, it is not easy for you to apply for a loan at African Bank without a payslip. The bank requires you to provide proof of income with at least three month’s banks statement to qualify for a loan.

Are there other products apart from African Bank loans? 

Other than loans, African Bank offers a wide of other financial services. This section looks at different products offered at the bank. Here is the list of products clients can get from the financial institution;  

1. Credit and Debt card
2. Fixed deposits
3. Tax-free investment plans
4. Funeral insurance
5. Notice deposits

African bank loans contact details

Clients can get in touch with the bank in various ways. The easiest way is by visiting the bank in person by working in their branches spread across major cities in South Africa. Still, you can contact your bank branch by calling, SMS, or email. Here are deals to help you reach out to African bank. 

• Email address: africanbank@tip-offs.com
• Telephone: 0800 633 633

Conclusion

In conclusion, it’s easy to access loans and other financial products and services at African Bank branches across South Africa. With flexible payment plans and reasonable rates doing business with the bank gives you peace of mind while sorting your financial needs.

Take action now.