African Bank offers a personal loan solution designed to suit a variety of financial needs. Their loans range from R2 000 to R500 000, offering repayment terms from as short as 7 months to as long as 72 months. Although rates depend on your credit profile, a standout is their competitive 12% loan on amounts up to R50 000. Every loan comes with credit life insurance, protecting you and your family against eventualities like retrenchment, disability or death. You can apply online, via phone, or simply walk into a branch.

How to Apply: Step by Step

1. Determine the loan amount and repayment term that suits you using the online calculator.
2. Start your application online, over the phone, or at your nearest African Bank branch.
3. Supply the required personal and financial documentation for assessment.
4. Wait for approval. If approved, funds are paid directly into your bank account.
5. Begin your repayments as scheduled with easy monthly deductions.

Pros of African Bank Personal Loan

The loan offers highly flexible amounts and terms, enabling you to borrow small or large depending on your goals.

Another advantage is the built-in credit life insurance, providing invaluable protection without extra paperwork or cost.

Cons of African Bank Personal Loan

Interest rates can be higher for those with lower credit scores, so not everyone will qualify for the lowest advertised rates.

There are no branchless or 100% digital application options for those preferring an entirely online experience.

Our Verdict

African Bank’s personal loans stand out thanks to flexible repayment terms, competitive rates especially for the 12% offer, and comprehensive credit life coverage.

If you need a reliable loan solution with protection built in, and appreciate in-person or phone service options, this is a strong contender in the South African loan landscape.