logofairbanker

African Bank Review

Important: The offer on Fairbanker has expired

We're sorry, but this campaign is no longer active on Fairbanker. However, we have an alternative for you. Click here to view alternative offers.

R 500
R 250 000
Duration
1 year
APR (est.)
27.50%
Interest rate cost (est.)
R 15 513,84
Total cost (est.)
R 115 513,84
Monthly payment
R 9 626
over 12 months
Apply
Representative example: Estimated repayments of a loan of r30,000 over 36 months at a maximum interest rate of 29.25% apr would be r1,381 per month including fees. Repayment terms can range from 2 - 72 months. Our service is free, and we only work with NCR-licensed lenders in South Africa. Minimum apr is 5% and maximum apr is 60%.
  1. Loan Amount
    R 500 - 250 000
  2. Duration
    7 - 72 months
  3. APR
    27,5%
  4. Min. Age
    18 years

African Bank

African Bank stands out in a crowded market with coverage for the needs of individuals across various income brackets. Their offers empower people from all walks of life to achieve their financial goals, from personal loans and credit cards to savings plans and investment options.

A long history of reliability, coupled with an unwavering commitment to financial inclusion, makes African Bank a trusted partner for South Africans seeking practical, flexible, and empowering financial solutions.

Loan Products and Features

African Bank’s loan products meet you at the point of your needs in different financial situations. A breakdown of their key offerings include:

Personal Loans

African Bank’s personal loans provide financial assistance for various purposes, from home improvements to unexpected expenses. Approved applicants get paid the same day.

  • Loan Amounts: R2,000 to R250,000

Repayment Terms:

  • Flexible terms ranging from 7 to 72 months.
  • Fixed interest rates ensure consistent monthly payments.
  • Early repayment options with no penalties.

Credit Cards

Their credit cards offer financial flexibility to let you shop with confidence.

Key Benefits:

  • Competitive interest rates tailored to your profile.
  • Earn rewards with every purchase.
  • Flexible repayment options and 24/7 online account management.

Savings and Investments

African Bank’s savings accounts offer some of the most attractive interest rates. It’s an investment option that guarantees financial growth.

Products:

  • Fixed Deposit Accounts with some of the highest interest rates in South Africa.
  • Access Bank Account with no monthly fees and competitive interest on balances.
  • Notice Savings Accounts for flexible withdrawals.

Insurance Products

African Bank’s Credit Life Insurance covers your loan repayments in case of unforeseen events.

There are also Funeral Plans to provide financial support during challenging times.

Application Process

Applying for African Bank's products is a smooth and efficient experience: All it takes is:

Step 1: Choose Your Product
Check out their range of offerings on their website or at their branches. Choose from their personal loan, credit card, or savings plan.

Step 2: Use Online Tools
For loans, use the online calculator to estimate repayments and select a plan that suits your needs.

Step 3: Submit Your Application
Complete the online application form or visit a branch. You’ll need to provide personal information and the required documentation.

Step 4: Approval and Disbursement
Once approved, funds are disbursed swiftly. For small loans, it’s a same-day payout.

Step 5: Monitor and Update Your Account

African Bank’s user-friendly portal allows you to manage your accounts, view balances, and make payments online, saving time and effort.

Eligibility Criteria and Required Documents

With its responsible lending practices, African Bank has clear eligibility requirements. Here's all you need to apply:

Eligibility Criteria:

  • Must be 18 years or older.
  • A valid South African ID.
  • A minimum monthly income (amount varies by product).
  • Proof of affordability based on your income and expenses.

Required Documents:

  • Valid South African ID.
  • Recent payslips or proof of income.
  • Three months’ bank statements showing salary deposits.
  • Proof of residence (utility bill or similar document).

Rates and Repayment Terms

African Bank is big on transparency, especially with fees, interest rates, and repayment terms.

Fixed Interest Rates

All loans come with fixed interest rates. Rest assured that your monthly repayments will remain consistent throughout the loan term.

Flexible Repayment Options

  • Choose repayment terms ranging from 7 to 72 months for personal loans.
  • Pay off loans early without incurring penalties.

Credit Life Insurance

African Bank includes optional credit life insurance to cover repayments in case of unforeseen events like retrenchment or disability.

Conclusion

African Bank empowers South Africans through financial inclusion and innovation. Their personalized solutions and commitment to community impact have solidified their position as a leader in the lending space.

Customers enjoy access to a diverse range of products, transparent terms, and a customer-first approach.