Categories: Banking News Reviews

African Bank Limited review 2021

AFRICAN BANK LIMITED
Type Private
Industry Financial Services
Address 59 16th Road,
Midrand,
Johannesburg,
South Africa
Products Banking, Loans, Checking, Savings, Investments, Debit and credit cards, personal loans
Website Africanbank.co.za

African Bank Limited is a South African based retail bank that offers financial services and products. The bank is licensed as a locally controlled bank by the South African Reserve Bank.

The bank’s products include credit and debit cards, insurance, personal loans, checking, investments, loans and banking. African Bank has full operations in South Africa with a countrywide branch distribution network.

Services offered by African Bank

Loans

African Bank offers loans that suits your personal needs. Loans are split into four categories to cater to different types of lenders. Categories include personal loans, consolidation loans, 15% loans and value-added deals. All these loans are discussed below.

Personal loans

African Bank personal loans can be taken to buy a car, home renovation, etc. You can apply for a personal loan to the amount of R250,000.00 with flexible payment terms.

Payment terms can be adjusted according to your needs between 7 months to 72 months to repay the debt.

Repayments are fixed on personal loans meaning that you pay one quoted amount for your entire debt period.

Therefore, you know exactly how much you going to pay and for how long. The interest rate charged is based on your credit profile.

Personal loans interest charges between 15% to 27.50 % per annum on owed amount.

Applying for African Bank personal loan is easy as it can be done online or alternatively at any African Bank branch.

When applying for a personal loan you will need to submit the following documents :

  • Most recent payslip. Payslips must be showing income for the past 3 months.
  • Proof of residence that is not older than 3 months from the day of application.
  • At the time of applying, you must have turned 18 years.
  • Must have the latest 3 months bank statement reflecting 3 salary deposits from the previous 3 months.

You can apply for African Bank personal loan here.

Consolidation loan

Consolidation loan simplifies your debt by combining up to 5 loans into one single consolidation.

Your debt from other banks can be consolidated into one and beheld with African Bank. The maximum consolidation loan amount is R250,000.00.

Repayment terms are flexible to suit your needs. Consolidation loans can be repaid between 12 to 72 months. Since the interest rate from African bank is fixed, you then get to pay less monthly repayments on your loan.

African Bank allows for a break on repayment of a consolidation loan, meaning you can take a month without making a repayment.

The 15% loan

This loan allows your interest rate to stay the same for your loan period. The 15% loan offers a fixed interest rate and fixed monthly repayments for your loan.

Borrowers can borrow up to R50,000.00 on the 15% loans. Deposit of the loan goes straight to your bank account after approval.

You can repay the 15% loan between 12 to 72 months.

Value added deals

With value-added deals, you get a chance to borrow for financing electronic products.

This is possible because African Bank got into a partnership with some of the leading brands in technology. You can now buy electronics using African Bank finance.

You can buy laptops, cellphones, printers and other electronic accessories.

Banking

African Bank provides an all in one banking solution that allows you to bank, share and save.

With a subscription to any African Bank banking services, you get access to the bank’s internet banking, cellphone banking and mobile app banking.

Bank Accounts

MyWORLD: bank Account is a primary account that comes with ‘one power pocket’, ‘one savings pocket’ and it links up to five pockets to your account.

Power pocket: power pocket is a separate account that can be linked to your primary account. You can get a separate card for the power pocket account to transact with ease.

The card will have its unique account number. You can share the card with friends and family and you can add up to 10 members to view the account.

Savings pocket: savings pocket is a separate account with a unique account number. The account offers a good interest rate of up to 5.5% per annum.

You can access funds anytime. With the savings pocket, you can add up to 10 members to view the account. However, you cannot link a card to this account.

African Bank Credit cards

African Bank Silver Credit Card

With 2% interest back on the positive balance per year, silver credit card not only rewards for positive credit but comes with a long list of benefits.

The credit card has a 60 days interest-free grace period. A Silver credit card comes with free swipes at any till point in any country.

African Bank Gold Credit Card

The Gold credit card has a 3% interest back per annum on a positive account which is 1 point better than the silver credit card.

The credit card has a grace period of 60 days interest-free when you pay your credit card in full by the due date.

A gold credit card comes with freebies such as free card swipes, SMS updates and travel assistance.

African Bank Insurance

African Bank offers insurance for your credit life and funeral insurance.

Credit life: credit life insurance covers your debts when you lose your income. Insurance covers when facing retrenchment, disability, death and compulsory unpaid leave.

Those who are self-employed or on pension are only covered for death and disability on loan and credit card debt.

Funeral insurance: funeral insurance covers for funeral costs. You can cover up to 8 children with yourself and spouse on 1 cover.

Payout is within 24 hours upon approval. Premium stay stagnant and don’t change.

African Bank Limited Executives

Name Position
Basani Maluleke Chief Executive Officer
Gustav Rwubenheimer Chief Financial Officer
Piet Swanepoel Chief Risk Officer
Hendus Venter Chief Information Officer
Vere Millican Group Executive : Credit
Mellony Ramalho Group Executive : sales, branch network
Lindiwe Miyambu Group Executive : Human Capital

Conclusion

Since going through a curatorship in 2014 and restructuring to a new entity, African Bank has come back with a more positive response from its past business model.

The company now has one of the fastest loan approval systems in the country, showing that the bank is willing to use technology to their advantage. It is one of the leading banks in the country when it comes to using technology for clients’ convenience along with the big banks like FNB, Standard Bank and Capitec

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Lethabo Ntsoane

Lethabo Ntsoane is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in reviews and financial tips.

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