African Bank Personal Loan
Fixed rates and loans up to R350,000
African Bank specializes in unsecured lending for South Africans who might not qualify at traditional big banks. They offer some of the highest loan amounts - up to R350,000.
With fixed interest rates that don't change with prime, African Bank is popular for debt consolidation and large purchases where you want predictable monthly payments.
Quick Facts
Loan Amount
R2k - R350k
Highest in the market
Repayment Term
6 - 72 Months
Up to 6 years
Interest Rate
Fixed Rate
Won't change with prime
Key Features
Fixed Interest Rate
Your rate stays the same for the entire loan term. No surprises when prime increases.
Highest Loan Amount
Borrow up to R350,000 - more than most other banks offer for unsecured loans.
Wider Acceptance
African Bank considers applicants who might be declined by traditional banks, including those with average credit scores.
Debt Consolidation Specialists
They'll pay off your other debts directly, consolidating everything into one payment.
Interest Rates & Fees
| Fee Type | Amount |
|---|---|
| Interest Rate | 15% - 27.75% p.a. (fixed, based on profile) |
| Initiation Fee | Up to R1,207.50 (once-off) |
| Monthly Service Fee | R69 per month |
| Credit Life Insurance | Included (compulsory) |
* Fixed rates mean your payment never changes, even if the Reserve Bank changes interest rates.
Example: What Will You Pay?
Here's an example of a R100,000 loan over 60 months at 20% fixed interest:
Loan Breakdown
* Use African Bank's calculator for an exact quote. Your rate depends on your credit profile.
Requirements to Qualify
Basic Requirements
- South African citizen or permanent resident
- 18 years or older
- Regular income (employed or self-employed)
- Minimum income of R3,500 per month
- Bank account in your name
Documents Needed
- Valid SA ID document
- Latest payslip (or 3 months if self-employed)
- 3 months bank statements
- Proof of residence
How to Apply
Online Application
Visit africanbank.co.za and complete the online application form. Get a quick decision.
Phone Application
Call 0861 111 011 to speak with a consultant who can process your application over the phone.
Branch Visit
Visit any African Bank branch with your documents. Find your nearest branch on their website.
Retailer Partners
Apply at partner stores like PEP, Ackermans, and other Pepkor retailers.
Pros and Cons
Pros
- Highest loan amount (up to R350,000)
- Fixed rates - payment never changes
- Considers average credit profiles
- Lower minimum income (R3,500)
- Good for debt consolidation
- Accepts self-employed applicants
Cons
- Interest rates can be higher than big banks
- Fixed rate doesn't benefit if prime drops
- Monthly service fee of R69
- No mobile app for loan management
- Limited branch network
Important Information
- • African Bank is a registered credit provider (NCRCP 7638).
- • Despite the fixed rate, larger loans over longer terms mean significantly more interest paid overall.
- • You have 5 business days to cancel without penalty.
- • Beware of scams - African Bank will never ask for upfront payment to release your loan.
Frequently Asked Questions
Can I get approved with a low credit score?
African Bank considers applicants with average credit scores who might be declined elsewhere. However, a very poor score may still result in decline or higher rates.
How long does approval take?
Online applications typically get a decision within 24-48 hours. In-branch applications can be processed same-day if all documents are in order.
Can they pay off my other debts directly?
Yes, for debt consolidation loans, African Bank can pay your creditors directly. This ensures the debts are actually settled and simplifies the process.
What happens if I miss a payment?
Contact African Bank immediately at 0861 111 011. They may offer payment arrangements, but missed payments affect your credit score and incur penalty fees.