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African Bank

  • Personal Loans up to R350,000
  • Low-interest starting from 15%
  • Repayment up to 72 months

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African Bank homepage
Author African Bank. Screenshot of African Bank website.
[Accessed May 4, 2023]

About African Bank

African Bank is one of South Africa’s leading banking services providers offering various credit, banking, investment, and insurance products and services.

In addition to their competitive personal loans, they offer great banking deals and services that come with unique rewards and promotional offers such as their MyWorld campaign.

An iconic South African brand

While African Bank has had its fair share of challenges, it remains an iconic brand, one that has stood the test of time and is committed to serving the people.

It was originally founded in 1975 by Dr Motsuenyane, Dr Maponya and other black businessmen who, even during apartheid, had the courage to attempt to start a bank that would serve their people.

They painstakingly put together the R1 million required to found the bank and achieved the impossible. It’s this relatively unknown story about the bank that truly embodies its core values and has perhaps played an essential role in its resilience.

Transparency is the core African Bank value

African Bank’s values centre around transparency. They believe in clear, open, and honest communication and encourage the expression of their views and those of others.

They believe in accountability which means that they take full responsibility for their operations and decisions. These are disclosed openly and honestly. Finally, they believe in integrity which, to them, means expressing themselves clearly and following through on decisions.

Who owns African Bank?

The majority shareholder is the South African Reserve Bank with 50% ownership. A further 25% ownership lies with the Government Employees Pension Fund, and the balance is split between FNB, Standard Bank, Absa, Nedbank, Investec, and Capitec.

African Bank’s latest acquisitions and growth

Following administration in 2014, African Bank reopened its doors in 2016, ready to take the market by storm. In 2022 not only did African Bank acquire Grindrod Bank but they also bought Ubank with a view to expanding their operations and listing on the Joburg stock exchange.

African Bank Services

African Bank offers some of South Africa’s lowest-rate personal loans and flexible repayment terms designed to mould to your needs.

African Bank’s 12% loans

If you’re looking for a loan between R5,000 and R50,000, African Bank offers one of the lowest interest rate offers on the market at the moment.

You can pay a fixed interest rate of just 12% per annum and enjoy a fixed monthly repayment for terms ranging from 9 to 24 months.

Please note that while the loan is called a 12% loan, interest rates can go up to 24.5% and only customers with excellent credit histories and risk profiles will be offered this rate.

Personal loans up to R350k

African Bank also offer personal loans between R2,000 and R350,000 with affordable and flexible repayment terms to suit your individual needs.

Unlike their 12% loans that have a maximum loan term of 24 months, you can repay your personal loan in up to 72 months.

This ensures that if you have a lower monthly income you can still afford to take out a personal loan to achieve your goals and make your dreams come true.

Debt consolidation loan option

They also offer a debt consolidation loan option which allows you to combine 5 debts into one, lower-interest loan. You also have the option of taking a one-month repayment break, an offer unique to African Bank.

Qualifying criteria for a consolidation loan is the same as for a personal loan but your debts will also have to qualify for consolidation.

Credit life insurance options

When taking out a personal loan, credit life insurance protects you and your family in the event that you can no longer make your loan repayments. Events such as death, disability, and retrenchment are covered.

African Bank – Personal Loan

  • Loan Type Personal Loans
  • Interest Rate 1524.50% p/a
  • Loan Amount up to R350,000
  • Repayment 7 months to 72 months
  • Initiation Fee R69

Benefits of African Bank

  • Flexible repayment terms
  • Personalised loan terms
  • Convenient online application

Personal Loan calculator

The interest rate of a loan will vary based on your credit score and risk profile.
This personal loan calculator is for illustration purposes only.
The use of this loan calculator is subject to our terms of use.

Apply for an African Bank personal loan today

To apply for a personal loan with African Bank you must complete a full application via their website, via your online banking profile if you’re an existing customer, or via their banking app. In-branch and call centre applications are also accepted.

Do you qualify for a 12% African Bank loan?

  • You must be 18 years or over
  • Be employed
  • Have a South African ID number

Documents you’ll be asked to produce

  • Proof of income in the form of a 3-month bank statement or payslip
  • Your South African ID document or Smart ID Card
  • Proof of address

How African Bank will assess your application

As a registered lender, African Bank is required to determine your affordability before making you a formal loan offer. They’ll therefore use your income and expenses to calculate affordability and make use of the credit bureaus to verify your credit status.

This does not mean that you will be rejected outright if you don't have a perfect credit score, but your affordability will need to be established to determine whether you qualify.

While there is a representative example available on their website, only once an application has been made and your details processed will you receive an offer.

Changing your loan terms

African Bank has made it easy to change the terms of your loan if this becomes necessary or desirable. You can repay your loan early by requesting a settlement certificate or have your loan restructured so that you increase your monthly repayments and pay it off sooner.

How your loan will be repaid

There are many convenient ways to repay your African Bank personal loans including via debit order, EFT, by stop order, payroll deduction or in-branch if needed. Your first repayment will be due 7 days after your loan has been repaid.

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African Bank is a trusted & reliable provider of personal loans

In our review, African Bank adheres to the compliance criteria in accordance with the National Credit Act, where the granting the loan will not cause financial distress to the consumer.

✅ African Bank is a registered credit provider in South Africa: NCRCP7638

African Bank Contact

Physical Address

Postal Address

  • Private Bag x170, Johannesburg, 1685, South Africa

Opening Hours

  • Monday 08:00 – 17:00
  • Tuesday 08:00 – 17:00
  • Wednesday 08:00 – 17:00
  • Thursday 08:00 – 17:00
  • Friday 08:00 – 17:00
  • Saturday – Closed
  • Sunday – Closed