African Bank offers personal loans from R500 to R30000. Repayments can be made by monthly debit order or taken directly off your salary. Payroll-deducted personal loans are available from R2500 to R25000. Interest rates start from 18.5% a year. You will be charged an initiation fee and a service fee and payment terms range from 12 to 36 months.
african bank loans
African Bank offers short-term and long-term personal loans. The bank is promoting short-term loans charging 0% interest on loans from R1000 to R8000 with a repayment period of three to 12 months. But 0% interest doesn’t mean cash for free. The consultant I spoke to said repayments over the 12-month period would be R849 a month, which would include the R901 initiation fee, the R57 monthly service fee and the R50 credit life insurance. The total amount repaid on R8000 would be R10188, so African Bank would make R2188.