Loans

African Bank Personal Loan review: loans up to R350,000

Get to know one of the best personal loan services available in the country: high amounts and a long period to pay. Find out more below!

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African Bank Personal Loan: get the money you need in a few minutes

African Bank logo
African Bank Personal Loan review. Source: Foster the Money

Read this full review to learn more about the African Bank Personal Loan service. In effect, this is the easiest way to get up to R350,000 for the necessities you need.

African Bank logo

African Bank Personal Loan: find out how to apply!

Apply for African Bank personal loan and get up to R350,000 in loans at 15% interest rates! Learn how to take advantage of this opportunity!

Are you interested in learning more about what this lender has to offer? Great! Then continue in this post!

Interest Rate From 15% to 24.50%. Insurance rate from 5.04% to 5.4%;
Loan PurposeStudent loans, construction or renovation of the property, and many others;
Loan AmountsFrom R2.000 to R350.000;
Repayment TermFrom 7 to 72 months (6 years);
Initiation FeeCharged (amount not specified).

Is the African Bank Personal Loan a good option?

The personal loan service African Bank provides is one of the country’s best. Indeed, it is not difficult to understand why so many experts share this opinion.

Thus, customers can count on up to R350,000 to pay flexibly for up to 6 years. Also, fixed payments allow for much more comfortable financial planning.

In addition, in fatality cases, you can simply “freeze” your loan and stop payments for a certain period. So if you use these features, you will not incur any fines or penalties.

Some customers may be entitled to a 15% interest rate. In addition, you have the convenience of an online application process, which can be done anytime, anywhere.

The pros and cons of the African Bank Personal Loan

Happy black businesswoman using a smartphone in a creative office
The pros and cons of the African Bank Personal Loan. Source: Adobe Stock

African Bank Personal Loan has already helped make many dreams come true. However, these lending services have details and “surprise fees” to check.

So, learn more about this service’s main advantages and disadvantages in the lists below.

Advantages

  • Apply for an amount of up to R350,000;
  • Count on up to 72 months (6 years) as payment term;
  • Apply in a few minutes from your cell phone or computer;
  • If necessary, you can stop payments for a specified period, and you can rely on insurance coverage for fatal accidents.

Disadvantages

  • High mandatory insurance rate: up to 5.4% of the requested amount;
  • You will pay a monthly administration fee of R69.00 until the end of the repayment period;
  • The African Bank charges an initiation fee in most cases;
  • To be covered by permanent disability, temporary disability, retrenchment, unpaid leave, or short time, your insurance will be more expensive.

What are the requirements?

Below, check out the basic criteria for applying for a personal loan at African Bank:

  • Be at least 18 years of age;
  • Have proven income;
  • Be South African or have South African nationality;
  • Live or have a permanent residence in that country.

African Bank Personal Loan application process

After this review, understand why applying for an African Bank Personal Loan is easier than you might think! To learn how to see the following post.

African Bank logo

African Bank Personal Loan: find out how to apply!

Apply for African Bank personal loan and get up to R350,000 in loans at 15% interest rates! Learn how to take advantage of this opportunity!

About the author  /  José Gonçalo

I started reading about finance only to find better options than savings. Since then, I have never stopped studying finance, and I believe that writing about it is the best way to help individuals feel fulfilled and have a healthy financial life. Today, I balance finance and medical school studies.

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