Primary Repayment Method: Debit Order
When you sign your African Bank loan agreement, you also authorise a debit order on your bank account. Each month, on your agreed payment date, African Bank will deduct your instalment automatically.
Key points:
- The debit order date is set at the time of loan agreement.
- The instalment amount is fixed for the life of the loan (because the interest rate is fixed).
- Ensure your account has sufficient funds on the debit order date every month.
- If the debit order is returned unpaid, a dishonour fee may be charged by your bank.
Repaying via African Bank Online Portal / App
You can make additional payments or ad hoc payments through the African Bank online portal or mobile app:
- Log in to the African Bank online portal or open the African Bank app.
- Navigate to "My Loans" or "Accounts."
- Select your personal loan account.
- Choose "Make a Payment."
- Enter the payment amount and confirm.
Repaying via EFT (Internet Banking)
You can make direct EFT payments to your African Bank loan account from any South African bank:
- Beneficiary name: African Bank Limited
- Account number: Your African Bank loan account number (found on your statement or in the app)
- Reference: Your loan account number
- Bank: African Bank (branch code available from your loan agreement or call centre)
Allow 1–2 business days for the payment to reflect against your loan account.
Repaying at a Branch
Visit any African Bank branch to make a cash or card payment towards your loan. Branch locator: https://www.africanbank.co.za/en/home/locate-us/
Early (Advance) Repayment
African Bank allows early settlement of your loan at any time without penalty charges. This is a right under the National Credit Act.
How to settle early:
- Contact African Bank on 0861 111 011 or log in to the app/portal.
- Request a settlement quote (valid for a set number of days).
- The settlement quote will show the total amount needed to close the loan, including any outstanding interest accrued to that date.
- Make the settlement payment via EFT or in-branch.
- Obtain a settlement letter confirming the loan is paid in full.
Early settlement reduces the total interest you pay over the loan life, since interest is calculated on the outstanding balance.
Payment Holiday / Deferral
African Bank may offer temporary payment relief options in specific circumstances (e.g., COVID-19 relief periods). Contact the call centre on 0861 111 011 to enquire about current relief options. Payment deferrals are not automatic and must be formally agreed in writing.
What Happens If You Miss a Payment
| Stage | Consequence |
|---|---|
| 1 missed payment | Bank may contact you; dishonour fee possible |
| 30 days overdue | Default reported to credit bureaus; credit score impact |
| 60–90 days overdue | Account may be handed to collections |
| 120+ days overdue | Legal action (summons, judgment, emolument attachment order possible) |
Important: A default judgment on your credit record can remain for up to 5 years. If you are struggling, contact African Bank's customer care before missing a payment. You also have the legal right to approach a registered debt counsellor under the National Credit Act to restructure all your debt obligations.
Best Practices for Loan Repayment
- Set your debit order date to match your salary date — reduce the risk of insufficient funds.
- Build a one-month buffer — keep at least one instalment amount as a reserve in your account.
- Make extra payments when you can — any extra payment reduces your capital balance and total interest.
- Monitor your loan account monthly in the African Bank app.
- Request a settlement quote before the end of your term to confirm your final payment.
Frequently Asked Questions
Can I change my debit order date? Contact African Bank on 0861 111 011 to request a debit order date change. This is usually possible but must be arranged at least 5 business days before the next scheduled deduction.
Is there a penalty for early repayment? No. Under the National Credit Act, African Bank cannot charge an early settlement penalty on personal loans.
What is the African Bank banking details for EFT repayment? Use your loan account number as the reference. Contact African Bank at 0861 111 011 to confirm exact banking details, as they vary by account type.