African Bank offers one of South Africa’s most popular personal loans, with amounts ranging from R2 000 up to R500 000. The main highlight is a competitive interest rate, with options as low as 12% for loans up to R50 000. With terms starting at 7 months and going up to 72 months, borrowers enjoy flexibility in creating a repayment schedule that works for them.

The application process for African Bank’s personal loan is straightforward. You can apply online from the comfort of your home, by phone, or at any African Bank branch. Their loan calculator helps you quickly estimate monthly repayments based on your selected amount and preferred term, making budgeting easier before you commit.

How to Apply: Step by Step

• Select the loan amount you need within the R2 000 to R500 000 range.
• Choose a repayment term, anywhere from 7 to 72 months.
• Complete the application online, by phone, or in-branch.
• Wait for approval—the bank will review your information promptly.
• If approved, funds are paid directly into your bank account.

Key Pros of African Bank Personal Loans

One big advantage is the flexible loan amount and repayment period, which allows for personalisation to match your financial situation. The interest rate, especially the 12% loan for up to R50 000, is lower compared to many other unsecured loans in South Africa.

Additionally, African Bank offers Credit Life Insurance with its loans. This means that in the event of retrenchment, death, or disability, your outstanding loan is covered, ensuring peace of mind during life’s unexpected moments.

Consider the Cons

While the application and approval process is streamlined, approvals are subject to strict credit assessments. This means you must have a solid credit record and meet affordability checks to qualify for the best rates.

Another factor is that only those who add Credit Life Insurance benefit from loan protection. This can increase the monthly repayment amount, so it’s important to factor that in before signing.

Our Verdict on African Bank Personal Loans

For those seeking an unsecured personal loan in South Africa, African Bank’s product offers strong advantages: competitive rates, high flexibility, and quick access to funds. However, ensure you review all terms, including insurance add-ons and repayment commitments, before committing.