African Bank Consolidation Loan
Combine up to 5 existing loans into one easy repayment. Borrow up to R500,000, benefit from lower instalments, fixed rates, and earn Audacious Rewards points.
African Bank’s Consolidation Loan offers a convenient way for South Africans to merge up to five existing loans into one manageable monthly repayment. You can qualify for a loan amount up to R500,000, with term options ranging from 18 to 72 months. The interest rate is fixed, so your instalment won’t change unexpectedly during the loan period.
This offer is designed to simplify your payments and reduce your overall instalments through a lower interest rate and reduced fees. The added benefit is earning 1.3% of your instalments back as Audacious Rewards points, further improving your financial position.
How to Apply for an African Bank Consolidation Loan
- Gather your relevant financial information and proof of income.
- Apply online 24/7 via the African Bank App or website, or visit any branch.
- No settlement quotes are needed, but proof that your previous loans are settled is required.
- Choose your repayment terms and receive a straightforward loan agreement to review and sign.
- Enjoy the benefit of a one-month repayment break if you qualify.
Top Benefits
One of the main advantages of African Bank’s Consolidation Loan is the ability to combine up to five loans into a single, fixed repayment, making your monthly budgeting easier.
The fixed interest rate ensures no surprises over the life of your loan. Plus, flexible terms and the chance to earn back Audacious Rewards points sweeten the deal.
Potential Drawbacks
Eligibility is confined to applicants who have up to five existing loans and meet African Bank’s credit criteria.
While fixed rates offer stability, some borrowers prefer variable rates that could decrease over time depending on prime lending rates.
Final Verdict
African Bank’s Consolidation Loan could be a strong fit if you’re juggling multiple debts and looking for simplicity, lower monthly payments, and rewards. It’s a practical way to regain control over your finances if you meet the bank’s application and affordability criteria.
