African Bank’s current owners began in the year of 1993 as Theta Securities. Through subsequent name changes and acquisitions, African Bank Investments Limited (ABIL) came into being five years later in 1998.
Currently, African Bank is one of two operations that are handled by ABIL. The African Bank is one of the more popular banks in South Africa and is licensed as a locally controlled bank.
Types of Personal Loans Offered
African Bank provides two different types of personal loans designed for different types of needs. It offers a long term personal loan and a short term personal loan. Here is some information on what these two types of personal loans are about.
1. Long Term Personal Loans:
This is a personal loan that is suitable for people looking for larger amounts of money for larger investments. This personal loan can result in a person acquiring anything between R12 000 and R180 000.
The repayment schedule set for this personal loan would also vary on the basis of the size of the amount being borrowed. The repayment schedule thus can range from 36 months to 84 months.
Depending upon the time period that the personal loan is active for and the total amount borrowed, the interest rates would vary. On a general level, the interest rates levied by African Bank on its long term personal loans can range from 2.6 percent to 6.1 percent.
2. Short Term Personal Loans:
Short term personal loans from African Bank are designed for those people who need quick cash infusion for a short amount of time. Effectively, the amount that a person can borrow through this type of loan is also capped off fairly low.
A person can borrow anything between R5 000 and R10 000 via this type of African Bank personal loan. Furthermore, the repayment period is determined on the basis of the amount borrowed but is kept short as well. The repayment period range is three months to 12 months.
Benefits of Going for African Bank Personal Loans
African Bank personal loans come with insurance benefits wherein the borrower and his family are protected against various unforeseeable circumstances. The protection afforded includes situations involving death, permanent and temporary disability and retrenchment.
Moreover, at 84 months, the repayment period that African Bank personal loans offer is one of the longest in the country. This allows the borrower some measure and freedom and leeway when it comes to paying back his personal loan.
Prerequisites and Requirements
Getting African Bank personal loans is a fairly simple process. During the application process, the borrower would be required to furnish certain documents and meet various qualification criteria. Consider the following.
1. The borrower should be above 18 years of age
2. The borrower should be permanently employed
3. Proof of identity will need to be provided in the form of the South African identity number
4. A salary slip to prove a source of steady income will be mandatory
5. Contact information such as telephone number and address will be required
Personal loans and consumer services is one of two core areas that the African Bank Investments Limited operates in. This allows the company to focus on its services and ensure that professionalism is maintained.
Resultantly, African Bank personal loans are suitable for most individuals in South Africa because of the way they are managed.