African Bank
Combine up to 5 loans into 1. Fixed rate, lower monthly repayment. Qualify for up to R500 000 and earn rewards on each repayment you make.
African Bank’s Consolidation Loan is designed for South Africans looking for an easier way to manage their debt. You can consolidate up to five loans into one, with a potential maximum value of R500,000, and benefit from reduced monthly repayments thanks to a fixed interest rate and potentially lower fees. Repayment periods are flexible, ranging from 18 to 72 months, making it possible to significantly improve your monthly cash flow.
How to Apply for an African Bank Consolidation Loan
- Apply online any time via the African Bank website or mobile app.
- No data charges apply for digital platform use.
- Alternatively, apply in person at any African Bank branch.
- Or call the African Bank call centre for guided assistance.
- Once approved, provide proof that your other loans are settled.
Key Pros of African Bank’s Consolidation Loan
Managing multiple debts becomes easier with just one monthly repayment, reducing the risk of missed payments or confusion. The fixed interest rate means you’re protected from rate hikes, and monthly repayments stay predictable. Plus, you earn 1.3% in rewards on every instalment, adding value over time.
The ability to take a one-month repayment holiday (subject to qualification) is another plus, especially if you need financial breathing space.
Key Cons of African Bank’s Consolidation Loan
To qualify, you must provide proof that your previous loans have been settled, which can add extra admin and slow down the process. The loan is only available to those who can meet African Bank’s affordability and credit checks.
Missed payments can affect your credit profile, and extending your loan period may increase your total interest paid over time.
Our Verdict
If you have multiple debts and want simpler, predictable repayments with a chance to save on monthly costs, African Bank’s Consolidation Loan is worth serious consideration. The rewards programme and flexible application process are strong points, though you should be sure to understand your total cost of credit before signing up.
