African Bank Loan Application for 2023

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African Bank Loan Application for 2023

African Bank Loan Application for 2023- Loans that are tailored to suit your needs are provided by the African Bank of South Africa.

African Bank Loan Application Product and Benefits

  • you can take it out from R50O to R150,000.
  • Comfortable repayment period: from 3 to 60 months.
  • Fixed repayment instalments.
  • Quick access to the loan, as it is distributed directly into your bank account.
  • Repayments via debit order form your bank account, which saves you a lot of unnecessary time.
  • You can apply for a personal loan now online- 24 hours a day, 7 days a week.

Requirements: In order to apply a personal loan, you need to be 18 years old or older and bring to the nearest African Bank branch the documents stated below:

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  • ID book.
  • Latest original payslip.
  • Bank statement of one month, which states your salary deposit or savings book.
  • *Proof of residence.

NOTE: The documentation should be no older than 3 months in order to be accepted by the bank.

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  • Latest utility bill.
  • Municipal account.
  • Retailer account.
  • Document from an insurance company.
  • Payslip.
  • Letterform an authority.
  • Ward councillor.
  • Declaration from a landlord/affidavit.

African Bank Loan Application Insurance

  • ICredit Life: When life´s unexpected events happen, they assist you with insurance in all of the loans they offer. This covers the following situations, either to settle the obligation in terms of the credit agreement or to pay instalments towards the credit agreement according to the specific event: death  (settlement), permanent disability (settlement), temporary disability (instalment), retrenchment* (instalment and conditional settlement), short-time*(instalment), short-time cover, compulsory unpaid leave*(instalment), and temporary lay-off (instalment).

These items (*) do not cover you within 30 days from the start of the policy.

Important Note: The insurance fee is calculated when you apply and the fee is included in your fixed monthly instalment.

  • II. Funeral Cover: They paid out their claim within 24 hours, and if it does not happen, they will pay you to double. You can choose between different cover options, which includes the following alternatives: main member-only (R35); main member + one spouse or partner (R55); main member + children (max 8) (R49); or family (main member + one spouse/partner + children (max 8)(R69).

The amounts mentioned before apply for the benefit amount of R10,000. But if you want to increase it, you can increase the amount of your instalment (cover options).

In the case you want to add a family member, the amount depends on the age: if the person is younger than 22 years old (R15) or 22 years or older (R35).

  • III. Crime Injury: When you or your family are injured, the African Bank supports you with cash. You can claim online by downloading and completing the claim. Claims limits are: 1 claim per assured person during 6 months, 4 family members (max) can be claimed, and 4 extended family members can be claimed.
  • IV. Personal Accident: When you or your family are affected by an accident, the African Bank also supports you with cash. Claims limits are the same ones as for “crime injury”.

Break form Loan Instalments: You can choose when taking a break, and it is available for their customers. This option allows the customers to take a break from payments. It is a unique feature offered to customers that have met the repayment requirements during the period of their personal loan. The break can be taken once a year and can be activated in any African Bank branch or over the phone by calling the call centre.

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Tel: 011 256 9000
59 16th Road

Tel: 0861 123 456

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