What is African Bank Loan? How to get?
Want to get a loan as soon as possible but are also afraid of unreliable loan providers, right? Look no further than the African Bank, which offers a variety of loan programs, including short-term loans, long-term loans, and microfinance products. African Bank is one of the most reliable sources of loans because it is trusted by national institutes.
Majority of the people apply for loans at online loan platforms, but they are unfamiliar with the fact that these platforms not only increase the interest rate after giving a loan but the policy of the repayment is also changed to get more money from the borrower. Therefore, you should always apply for a loan at a platform like African Bank. Come with me to explore the programs offered by African Bank, the eligibility criteria of loan programs as well as the application process.
Why Do You Choose an African Bank?
There are various reasons why African banks are better than other banks. For example, the loan process is quick at African Bank, the eligibility criteria are simple as well as the loan terms are flexible. Furthermore, there is no chance that the African Bank will increase the terms of loan repayment or interest rate. If the interest rate of the loan is 10% in the beginning, it never changes until you pay the last installment. Furthermore, the African Bank is trusted by the national institutes and works according to the rules and regulations of the banking system set by the South African government. Considering all these reasons, you should choose African Bank instead of an unreliable source of loans.
Types of Loan Programs Offered by African Bank
- Short Term Loan
- Long Term Loan
- Debts Consolidation
- The 12% Loan
1. Short Term Loan
There are various types of short-term loans offered by the African Bank, including personal loans, payday loans, and quick loans. As the name suggests, short-term loans are given to the borrower for a short period so he can return as soon as possible. The repayment schedule is set according to the requirements of the borrower, but the bank does not prolong the period of repayment.
Features
- Amount of Loan: The loan amount ranges from R1,500 to R12,000.
- Repayment Term: A borrower is expected to repay the amount of the loan with interest from 3 to 9 months.
- Correlateral: According to the policies of the African Bank, no asset is required to show.
Eligibility Criteria
- An applicant must be at least 18 years old.
- An applicant must have a consistent and permanent source of income.
- An applicant must have a valid ID document or passport.
- An applicant must have a clean history of the loan.
Application Process
- Step 1: Visit the website of African Bank or the nearest branch. African Bank Website Link: https://www.africanbank.co.za/en/home/
- Step 2: Tap on the Personal button in the top left.
- Step 3: You will be able to see an application form, and enter your details.
- Step 4: Tap on the Next button and then provide the financial details.
- Step 5: You will receive an OTP to verify the account.
- Step 6: Select the amount of loan you want to get and then enter the repayment period.
- Step 7: Submit the application form and you will receive a confirmation message that your application has been received.
- Step 8: If you meet the eligibility criteria, you will be able to receive loan payments.
2. Long Term Loans
Long-term loans are for people who are about to buy a property, initiate a business, or invest money. The long-term loan programs offered by the African Bank are flexible and one can make the repayment schedule according to his financial issues. African Bank does not offer long-term loans online so you need to visit the nearest branch of the African Bank.
Features
- Loan Amount: An applicant can get R350,000 if he enrolls in the long-term loan program.
- Repayment Term: The amount of the loan is expected to be repaid ib 7 to 72 months.
- Interest Rate: The interest rate of the long-term African Bank loans is 15%.
Eligibility Criteria
- An applicant must be 18 years old at least.
- An applicant has a valid ID document or passport.
- An applicant must have an active bank account.
- An applicant must have a clean history of the loan.
- An applicant must be a resident of South Africa.
- An applicant must have a stable and consistent source of income.
Application Process
- Step 1: Visit the nearest branch of African Bank.
- Step 2: Address the purpose of your visit at the reception.
- Step 3: Go to the relevant loan department of the bank.
- Step 4: Provide all the documents and then address the amount of loan you are expecting.
- Step 5: Brief the loan officer about the income of the source you have.
- Step 6: Fill out the application form and attach the documents.
- Step 7: Submit the application form and you will receive a message that your loan application has been received.
- Step 8: If you meet the eligibility criteria of the loan, you will be granted the loan amount.
3. Debt Consolidation
The majority of the people are unfamiliar with the term debt consolidation. Let’s say you have multiple types of debts, such as credit card debt, personal loans, and store card debt. Debt consolidation refers to a process in which all the debts are in a basket and one is responsible for a single monthly installment. African Bank offers consolidation loans in which one can combine up to 5 loans in 1.
Features
- Interest Rate: The interest rate of the consolidation loan is lower compared to the other types of loans.
- Repayment Term: The repayment schedule is customized according to the conditions of a borrower.
- Simplified Payment: Instead of paying all the debts one by one, a borrower is responsible for paying one single installment each month.
Eligibility Criteria
- An applicant must be a resident of South Africa.
- An applicant must be at least 18 years old.
- An applicant must have a low level of debt.
- An applicant must have a stable and consistent source of income.
- An applicant must have a clean loan history.
- An applicant has a good credit score.
Application Process
- Step 1: Visit the official website of the African Bank and click on Personal Loans.
- Step 2: Tap on the Consolidation Loan.
- Step 3: A new page will appear where you need to see all the terms and conditions and then tap on the Apply button.
- Step 4: Fill out the application form and then provide the financial details.
- Step 5: Verify your account with the help of an OTP.
- Step 6: Make the loan offer by adjusting the repayment schedule.
- Step 7: Submit the application and you will receive a confirmation mail that your request has been received.
- Step 8: You will be guided about the further process by the African Bank agent if you meet the eligibility criteria.
FAQs
What type of bank is African Bank?
African Bank is a retail bank that is locally operated. It is a renowned bank that is known for its loan programs.
Who owns the African Bank in South Africa?
The African Bank is owned by various bodies. 50% of shares are held by African Bank South African Reserve Bank, 25% shares are held by Government Employees Pension Funds, and the rest of the shares are held by Nedbank, FirstRand Bank, Standard Bank of South Africa, and other bodies.
How long does an African Bank take to clear money?
The money at the African Bank is cleared within 72 hours.
What is the African Bank interest rate?
The interest rate at the African Bank varies depending upon the period of the loan. For example, if you enroll in the 6-month loan program, the interest rate is 9% annually, the interest rate is 9.50% for the 12-month loan program and 9.75% for the 24-month loan program.
Can I get a loan at an African Bank?
Yes, you can apply for the loan at African Bank by visiting the official website of the bank. You can get short-term, medium, and long-term loans from R1,500 to R350,000. However, you need to see the eligibility criteria before you apply for the loan.
Final Thoughts
African Bank is offering various types of loans the top ones as explained above. In my opinion, the African Bank is more reliable than the other sources of loans because it is trusted by the national institutes as well as it has loans at flexible repayment terms, so if you are worried about the repayment schedule of the loan, you need to see the loan program offered by the African Bank.
Furthermore, the interest rate of the loan program is low compared to the other sources of financial services providers. However, the negative side of the African Bank loan programs is that one cannot get the quick loan within 2 to 3 hours because it does not release the amount of the loan until the investigation department verifies all the details of the intended borrower. Anyhow, if you want to apply for a loan, you can see the above guide.