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African Bank Loan Requirements

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African Bank Loan Requirements: You must be over 18 to apply for a loan and will need to produce a recent proof of income that reflects at least three salary deposits, proof of residence not older than three months, and a recent bank statement reflecting three salary deposits. At African Bank, you can choose to repay a loan over seven to 72 months.

Apply for a Loan in minutes!

Use our loan calculator to help you plan your loan repayments. Whether you are planning for your child’s education, building your side hustle, or transforming your house into your home, a Personal Loan from African Bank can help.

Please enter a Loan amount between R2 000 to R350 000

 

R2 000
R350 000

 

7 Months
72 Months

 

Here are five common requirements that financial institutions look at when evaluating loan applications.
  • Credit Score and History. An applicant’s credit score is one of the most important factors a lender considers when evaluating a loan application.
  • Income.
  • Debt-to-income Ratio.
  • Collateral. 
  • Origination Fee.
24 hours
Usually, the bank takes 24 hours to approve the loan.
Choose a good lender
However, if you’re not sure, it’s always safest to apply for a loan with a bank. At African Bank, you can get a Consolidation Loan to the value of R250 000. You can combine up to 5 loans into one Consolidation Loan, and save with lower repayments and a fixed interest rate.
There are four sets of documents you’ll usually need to prove your identity, address, income, and monthly expenses. Applications also require your credit score and the purpose of the loan. If you aren’t approved for a loan at first, you can try to apply with a cosigner or apply for a secured personal loan.
one to five days
If you get approved for a personal loan through a bank or credit union, you can expect to receive your loan money within one to five days—though some are faster than others.
Instant payments reflect immediately. Debit Orders and Debit Orders Disputes. FREE: Inter-account transfers through the channel of your choice.
Can I apply for a loan coz I don’t have a payslip I do have a bank statement? Unfortunately, you will not able to do so as African Bank requires all clients to provide proof of income with at least three consecutive salary deposits.
Cellphone Banking, for instance, allows you to view your account balance, buy prepaid services and make payments. Simply dial *120*225# to accept the terms and start banking from your phone.
All Shoprite, Checkers & Usave stores now accept cash deposits for major SA banks
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