One of the things that are crucial for a comfortable life is having enough money to cover your expenses. For most of our lives, we are trying to figure out how we can best use our finances so that we can make every dollar count. We are always planning on how to pay the bills, cover our rent, groceries, and more.
This becomes difficult especially when we are in a tight financial situation. That’s when having a reliable and trusted bank by your side that can offer you a personal loan becomes crucial. One of the banks that you can trust to get a personal loan is Africa Bank.
There are several reasons why African Bank is a great choice to get a personal loan from.
- The bank has been in South Africa for several years. This allows them to understand the specific financial needs of the South Africans. This prompted them to create personal loan plans according to these requirements.
- African Bank is transparent with its customers. They will let you know the total costs of your loan before you borrow it.
- Lastly, the bank works in compliance with the National Credit Act No, 34 of 2005. This makes them a certified credit provider in the country.
African Bank personal loans: How does it work?
If you are thinking of applying for African Bank personal loans, here are a few things you must know.
- Loan amount: When you apply for a personal loan at African Bank you can get a maximum loan of R250, 000 with a repayment term of 7 to 72 months.
- Fixed repayments: The bank gives fixed repayments which means you can always plan your budget prior.
- Easy application: The bank has a simple, quick, and easy application process. You can either apply online or visit the nearest branch for the application process.
African Bank personal loans: What are the requirements?
If you apply for loan online with African Bank, these are the requirement you need to fulfil.
- Proof of residence
- Proof of income that shows salary deposits for the past 3 months
- Bank statements that show salary deposits of the past 3 months
- The minimum age should be 18 years or more
- Active email address
- Valid ID issued by the South African government
African Bank personal loans: What are the interest rates?
The interest rates at African Bank range from 15% to 27.75%. The insurance rates range from 5.04% to 5.4%.
African Bank personal loan: What is the application process?
The first step to applying for a personal loan at African Bank is using the loan calculator. The loan calculator will allow you to determine the monthly repayment amount for the loan amount and the terms you have chosen. This will allow you to make an informed decision.
Once you have chosen the loan amount and term that suits you best, you can fill out the application form and upload the documents. The representatives from the bank will get back to you for verifying the information. Once your application is verified and approved, the loan amount will be deposited in your bank account right away.
African Bank personal loans: Advantages
- The bank deposits the loan amount in your bank account after the approval of your application.
- The repayment amount is fixed that allows you to plan your budget prior and never miss a payment.
- The bank provides flexible repayment terms with a maximum loan term of 72 months.
- You can easily make the application online. You don’t have to go anywhere to make the application.
- If you choose the break option, you can skip few payments on qualifying products.
- The interest rates offered by the African Bank are competitive.
- The bank also provides loan settlement options in the event of disability, illness, death, retrenchment.
African Bank personal loans: Repayment options
If you want to know your repayment dates, you can check the loan agreement. You need to make the first repayment seven days after the loan amount is deposited in your account.
After this, you can deposit the repayment amount every first day of the month. You can use the following modes of repayment:
- Direct debit order from your bank account
- Payroll deduction
- In-store payments
- Monthly deduction on your payday
- Visa or Mastercard payment
African Bank personal loans: Benefits of applying
One of the biggest benefits of African Bank personal loans is that you have a large amount to cover your expenses rather than smaller and multiple amounts generated from your credit card. This allows you to manage everything easily.
- Improve Credit Score
Taking out an African Bank loan will allow you to improve your credit score. You can use the loan to repay your other debts thus giving a boost to your credit score. You can also improve your credit score by paying back your African Bank personal loan in the given time. Having a good credit score is important as banks will check the score before approving your loan application.
- More Money than Credit Cards
African Bank personal loans give you more money than credit cards at fixed interest rates. This makes it easier for you to cover your expenses.
African Bank: Other types of loans available
- Debt Consolidation Loan
If you want to get loan online, you can also apply for a debt consolidation loan. This will allow you to repay all your smaller loans.
- 15% loan
A low-interest loan offers fixed interest rates of 15%. This loan has flexible payment terms and fixed interest rates. You can get this loan online, over the phone, or by visiting the nearest African Bank branch.
- Value-Added Deals
The bank goes a step further by collaborating with South African brands that can offer you education and entertainment vouchers. This will improve your credit. You can choose the deal as per your preference and add it to your credit.
There are few other things you should know about African Bank loans.
- You can’t get a loan from an African bank if you are blacklisted. You can apply for a consolidation loan.
- The maximum loan amount you can get from African Bank is R250, 000.
Now that you know everything about African Bank loans, you can visit our website Snappy Loan to search, review and compare different loan offers.
You can not only find loan offers from African Bank but also other lenders and loan providers. Visit the website now.