Consolidation Loan

Simplify your debt with one consolidation loan. Combine up to 5 loans into one single consolidation of up to R250 000 and get one lower repayment

What you need to apply for a Consolidation Loan

For an African Bank Consolidation Loan offer suited to your lifestyle, you will need to have the following documents on hand:

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Most recent proof of income, reflecting three salary deposits

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Proof of residence not older than three months

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You must be over 18 to apply for a Loan

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Latest bank statement, reflecting three salary deposits

Rest assured that your credit is insured should anything happen to you that would prevent you from making repayments.

Settlements

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As a Category a Consumer, you’ll be covered (either to settle your outstanding obligation in terms of your credit agreement/facility or pay installments towards your credit agreement) in the event of death, permanent disability, temporary disability, retrenchment, unpaid leave or short time.

Installments

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Choose your Break is a unique African Bank feature that we offer you as an existing customer, enabling you to take a break from payment on qualifying loans.

Exclusions

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If you are a Category B Consumer, you will be covered for Death only (we settle your loan and/ or credit card debt).

Payment options range from 18-72 months.
Interest rate (APR) from 15% to 27.50%
Insurance rate from 5.04% to 5.4%
Representative example: All prices include VAT, R20 000 borrowed for 12 months. Once off initiation fee (capitalized) R 1197, Monthly admin fee R69.00 post 1% VAT increase. Representative APR 15% ,Representative insurance rate 5.4%. Monthly installment amount payable R 2 036

Do you need more information to make taking out a loan an even simpler decision? Click on any of the informative African Bank credit and personal loan brochures below

Payment options range from 9-72 months
Interest rate (APR) from 15% to 27.50%
Insurance rate from 5.04% to 5.4%.

Terms and Conditions

Representative example: All prices include VAT, R20 000 borrowed for 12 months. Once off initiation fee (capitalized) R 1197, Monthly admin fee R69.00 post 1% VAT increase. Representative APR 15% ,Representative insurance rate 5.4%. Monthly installment amount payable R 2 036

What our customers are saying

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