African Bank is one of the leading commercial institutions in South Africa. The bank is an authorized financial services provider and credit provider under registration number 2014/176899/06 (NCRCP7638) and offers services such as African Bank Personal Loan, consolidation loan, 15% loan and online banking services.
African Bank Personal Loan offer loan amounts between R500 to R250000 with a fixed repayment of seven to seventy-two months. The 15% fixed interest loan has a maximum amount of R50000 and the repayment period is twelve to eighteen months. The advantage of the fixed interest and fixed repayment amounts is that the borrower can easily budget their monthly finances to avoid missing a repayment.
A personal loan is an amount of money lent by a bank to an individual with a requirement to pay an agreed interest amount and repay the amount in monthly installments. At African bank, there are three types of personal loans; short-term personal loans, secured personal loans and unsecured personal loans. The secured personal loans requires collateral as a form of security in case the borrower fails to repay the loan. Unsecured loans, on the other hand, don’t require collateral, but the bank uses the borrower’s credit score and reputation to determine their ability to repay the loan.
African Bank Personal Loan Requirements
To qualify for an African Bank Personal Loan, the customer must be over the age of 18 and must proof residence with documents not less than three months. To prove the borrower’s repayment capability, the bank also asks for a recent proof of income showing at least three months’ salary and latest bank statements, showing three salary deposits. The bank also conducts a credit score to determine whether the borrower is the right customer worth lending.
African Bank Personal Loan Interest Rates
African bank has a fixed-rate loan option and standard personal loans. The two types of loans allow customers to choose a loan with terms that meet their needs. The fixed interest loan charge a fixed interest of 15% for loans not exceeding R 50 000 and a repayment of 12 to 18 months. The other personal loan has a higher loan amount of R250 000, and the interest loan is charged depending on the loan amount and the repayment period. More extended repayment periods and higher amounts attract lower interest rates than smaller amounts with shorter repayment periods.
Applying for a Personal Loan
People who wish to get a loan from the African bank can quickly get the service if they apply for loan online. Borrowers start by filling an online loan application form with their details such as their names, ID number, phone number and email address. The bank will later assess the application to determine whether the customer has met the requirements to get the amount they have applied for. The African bank use factors such as your credit score and your bank statements to determine a person’s ability to repay the loan. The loan approval process at African bank is immediate, and the funds are transferred the same day for those who qualify.