African Bank asks for your latest proof of income to assess your application. You’ll also need three months’ bank statements showing three salary deposits.
How your income is assessed and what your credit insurance covers
Your income evidence supports the affordability assessment. African Bank also checks your credit; approval depends on passing both assessments.
Credit insurance can settle your loan, but your category sets the cover. For Category B, it settles the debt on death only.
What the repayment example adds up to over a year
African Bank’s representative example is R20 000 over 12 months, with a representative APR of 15%. Monthly instalments are R2 036. R2 036 multiplied by 12 totals R24 432.
In that R20 000, 12-month example, a capitalised once-off initiation fee of R1 197 is included. The R69 monthly admin fee is included too. All prices include VAT.
The age, income and online details you need
For your online quote, also have your mobile and email ready.
- Be over 18; pass credit and affordability checks.
- Have your latest proof of income.
- Have three months’ bank statements showing three salary deposits.
- Online, provide your South African ID and full name.
How to request your Personal Loan offer
- Apply online, by phone or at a branch.
- Online, enter personal and financial details.
- Enter the one-time PIN to continue your quote.
- If approved, the bank presents your loan offer.
FAQ
Can I take a break from repayments on my African Bank Personal Loan?
Choose your Break lets you take a payment pause. It’s available only to existing customers with eligible loans.
What does credit insurance cover if I’m a Category A consumer?
Category A cover clears debt or pays instalments. It covers death, permanent or temporary disability, retrenchment, unpaid leave or short time.
Do I need to collect my loan money at an African Bank branch?
African Bank deposits your loan directly into your bank account. You don’t need to collect the funds at a branch.
Can I explore loan amounts before I apply online?
The Personal Loan calculator lets you explore R2 000 to R500 000. These are simulation limits, not a guaranteed loan amount.