Loan Terms Summary Table
| Parameter | Value |
|---|---|
| Minimum loan amount | R500 |
| Maximum loan amount | R350,000 |
| Minimum repayment term | 7 months |
| Maximum repayment term | 72 months (6 years) |
| Interest rate type | Fixed (personalised per applicant) |
| Minimum interest rate | From 15% per annum |
| Maximum interest rate | 27.5% per annum (NCA cap for personal loans) |
| Initiation fee | Up to R1,207.50 (NCA maximum, once-off) |
| Monthly service fee | Up to R69.00 per month |
| Credit life insurance | Included in monthly instalment |
| Currency | South African Rand (ZAR) |
| Disbursement method | EFT to your bank account |
| Prepayment penalty | None — early repayment allowed |
Note: Your actual interest rate is personalised and determined by your credit score, income, and existing debt obligations. The figures above represent the full allowable range under the National Credit Act.
Borrower Eligibility Requirements
To qualify for an African Bank personal loan, you must:
- Be a South African citizen or permanent resident with a valid South African ID.
- Be at least 18 years of age.
- Have a regular verifiable income (employment, self-employment, or pension).
- Have a South African bank account in your own name.
- Pass African Bank's affordability assessment (income minus all existing monthly expenses and debt obligations must leave sufficient surplus).
- Have no adverse court orders or administration orders currently active against you.
Documents Typically Required
- South African green barcoded ID or smart ID card.
- Latest 3 months' bank statements (most recent payslip for salaried employees).
- Proof of residence (not older than 3 months).
Total Cost of Credit — Example Calculation
Example: R50,000 loan over 48 months at 20% p.a. (illustrative rate)
| Component | Amount |
|---|---|
| Principal | R50,000.00 |
| Initiation fee (once-off) | R1,207.50 |
| Monthly instalment | ≈ R1,520 |
| Total monthly service fees (48 × R69) | R3,312.00 |
| Total interest over 48 months | ≈ R22,960.00 |
| Total repayable (approximate) | ≈ R77,480.00 |
This is an illustrative example only. Your actual repayment amount will differ based on your personalised interest rate, insurance premium, and the actual fees applicable to your loan agreement. Use the African Bank loan calculator to get a personalised quote.
Risk Warning
Important: Taking out a personal loan increases your monthly financial obligations. If you miss a payment, African Bank will report the default to all South African credit bureaus (TransUnion, Experian, Compuscan/Experian, XDS). A default record can affect your ability to access credit for up to 5 years. Late payments attract interest at your contracted rate on the overdue amount. If you are struggling to repay, contact African Bank's debt counselling referral line before missing a payment. Debt counselling is a legal right under the National Credit Act.
Frequently Asked Questions
What is the minimum salary required for an African Bank personal loan? African Bank does not publicly disclose a minimum salary threshold. The requirement is that after paying all monthly obligations (including the new loan instalment), you have a legally sufficient net discretionary income (NDI) as defined under the NCA.
Can I get a loan over 6 years (72 months)? Yes. African Bank offers repayment terms up to 72 months, but this is generally reserved for larger loan amounts.
Are fees negotiable? The initiation fee and monthly service fee are capped by the National Credit Act but are not negotiable — they are set by law.