African Bank
Combine up to 5 loans into 1 with repayments from 18 to 72 months. Enjoy a fixed rate, lower monthly payment, and earn Audacious Rewards points.
African Bank presents its Consolidation Loan, an attractive option for South Africans who want a single, manageable repayment. You can combine up to five loans into one, with loan amounts reaching up to R500 000. Repayment terms are flexible, ranging from 18 to 72 months. What makes this loan offer even more appealing is the fixed interest rate, which ensures added control over your finances and no surprise increases.
To apply for the African Bank Consolidation Loan, you can use the easy online process, visit a branch, or call the contact centre. You’ll benefit from no extra data charges when using their digital platforms. Importantly, you don’t need settlement quotes—just proof of payment that your other loans have been settled. Choose your repayment date and enjoy a one-month repayment break if you qualify.
How to Apply
- Register on the African Bank app or website.
- Fill out the consolidation loan application form.
- Upload your required documents and proof of settled loans.
- Choose your repayment terms and date.
- Submit and await approval.
Advantages
One standout benefit is the ability to bring up to five separate loans into a single, manageable repayment. Additionally, the fixed interest rate means your monthly payments remain predictable.
With repayments extended up to 72 months and loan amounts up to R500 000, this solution can significantly ease your monthly financial stress. The addition of earning 1.3% of your loan instalments back in Audacious Rewards points is also a favourite feature.
Disadvantages
The main limitation is that only up to five loans can be consolidated. If you have more, you’ll need a different solution.
Another consideration is the eligibility criteria, which may exclude applicants with poor credit or those unable to settle prior loans.
Our Verdict
The African Bank Consolidation Loan is well-suited for those aiming to simplify their debt, reduce repayments, and manage budgets effectively. With flexible terms, a fixed rate, and added rewards, it’s a comprehensive option for responsible borrowers.
