African Bank
Combine up to 5 loans into one, with fixed interest rates, up to R500 000 and a generous rewards system. Flexible repayment terms make managing debt easier.
The African Bank Consolidation Loan offer is designed to help South Africans simplify debt management. You can combine up to five different loans into one, reducing your monthly repayments and potentially saving on interest rates. The maximum consolidation value goes up to R500 000, providing flexibility for those with higher outstanding debts.
This consolidation loan features a fixed interest rate, making budgeting easier. Repayment terms range from 18 to 72 months, allowing you to select a period that matches your financial situation. A unique advantage is the Audacious Rewards programme, where you earn 1.3% of your instalments back in points.
How to Apply for the African Bank Consolidation Loan
- Apply 24/7 via the African Bank app or online banking registration.
- Alternatively, visit an African Bank branch in person.
- You can also call their dedicated call centre, making the process accessible to everyone.
- Online applications require no data charges on African Bank digital platforms.
- Simply provide proof of payment for settled loans to finalise the process.
Key Advantages
This loan combines up to five accounts, reducing hassle with a single monthly repayment. Fixed interest rates mean you avoid surprises along your repayment journey.
The flexible repayment window and the ability to pause a payment for one month (if you qualify) make it quite customer-friendly. The Audacious Rewards programme is an extra incentive, letting you earn points with every payment.
Potential Drawbacks
However, you must still qualify based on African Bank’s criteria, which could limit access for some applicants. The maximum benefit is reserved for those consolidating multiple loans.
While combining loans can lower your repayment, the extended term could increase the total amount repaid over time.
Verdict
African Bank’s Consolidation Loan is a sensible choice for those seeking to streamline their financial obligations. It’s best for disciplined borrowers who want to save on repayments and manage debt efficiently. If you need to simplify your debt and value a fixed monthly cost, this offer is worth considering.
