Personal loans offered by the African Bank enable any individual to borrow money in time of need. The African Bank Personal Loan allows you to borrow from R2000 to R350000 and comes with a flexible repayment option.

This loan is specially designed with Audacious Rewards points. You can earn 1.3% of your loan installments back as a reward. You can use those rewards to make purchases in the audacious rewards store. The store has amazing offers and discounts from partner networks.


African Bank Personal Loan simulation

If you take a loan of R20,000 for 12 months, you will be entitled to pay a one-time initiation fee which is R 1197 for this borrowing amount, an admin fee of R69.00 per month post 1% VAT increase, an interest rate of 15%, and an insurance fee 5.4%. Your total monthly installment will be R 2036. This price will be VAT inclusive.



To get a personal loan that is suited to your lifestyle, you must be at least 18 years old and need to submit a few documents to apply for the African Bank Personal Loan. Those are:

  • You will need to submit the most recent income statement. It can be a payslip;
  • You have to submit your recent 3 months bank statement that reflects salary deposits.

About the African Bank

African Bank Limited is a South African retail bank. It offers financial products and services in South Africa. African Bank Limited is a licensed locally controlled bank by the South African Reserve Bank (SARB). It is headquartered in Midrand, South Africa, and has branches countrywide.

The National Federal Chamber of Commerce (NAFCOC) felt the necessity to open a bank for South Africans in 1964. Sam Mostuenyane guided NAFCOC and took the initiative to raise capital to start the bank.  African Bank Limited was founded on 31 July 1975 and was a subsidiary of African Bank Investments Limited. This bank opened its first branch in Ga-Rankuwa near Pretoria. It was listed on the Johannesburg Stock Exchange.

African Bank faced financial difficulties in 1995. At that time the controlling stake of this bank was acquired by Natal Building Society and New African Investments Limited for R100 million  New management restructured the bank into a lending bank and listed it again on the JSE.

Theta Investment Group Limited acquired the license of this bank in 1998 and the next year it changed the name to African Bank Investments Limited.

In 2014, African Bank Limited was legally protected by the South African Reserve Bank, under the South African Banks Act, Act 94 of 1990.

The SARB proposed a restructuring and an association of six South African banks and the Public Investment Corporation approved the proposal. African Bank Holdings Limited was created and the business was renamed Residual Debt Services Limited (RDS). RDS received its banking license on 4 April 2014.

African Bank Limited came with a new entity on 4 April 2016. It comes with the required licenses and registrations. In May 2022, African Bank introduced business banking into their services because Grindrod Bank has specialized in the corporate and investment banking sector.

Step by step to take out the loan

To apply for the African Bank Personal Loan, you need to visit the personal loan page, click on apply, and follow five simple steps.

  • In the first step, put your name, contact details, and South African ID;
  • The second step is about your financial details;
  • The third step is setting up your one-time PIN, in the fourth step you will get your offer;
  • The fifth step is confirming your loan application.

You can track which phrase your loan application is passing through from their website.


Positives and negatives of the loan

Positive sides

  • Customizable loan amount;
  • Online banking facilities;
  • You can choose your flexible loan term;
  • Calculate the monthly installment before borrowing;
  • Get 1.3% back from your installment;
  • Has credit life insurance coverage;
  • Existing African bank customers can take a break from payment on qualifying loans.

Negative sides

  • To apply for this loan, you must be 18 years old;
  • Have to submit your salary statement;
  • Interest rates could be lower;
  • Compulsory insurance fee.

What other types of loans does the bank offer?

Besides personal loans, the African Bank has a Consolidation Loan. The African Bank Personal Loan enables a group of up to 5 loans into consolidation loans for managing it efficiently. This loan also offers to borrow up to R350000 with an interest rate starting from 15% to 24.50%. The loan term is from 18 months to 72 months.

The 12% Loan is another funding solution from the African Bank. It comes with a fixed interest rate of 12% but the payment term is from 9 to 24 months.

Lastly, African Bank’s tech deal enables you to pay for tech purchases in an installment. The repayment term is over 24 months and the interest rate is 12%

Fees & fees

The interest rate (APR) for this loan starts from 15% to 24.50% and the Insurance rate starts from 5.04% to 5.4%. There is an initiation fee for once based on the amount and a monthly admin fee of R69.00. The monthly installment amount is inclusive of VAT.

Customer service

African Bank has an automated live chatting option enabled on its website. Your queries will be answered from their automated response system. But if you want human assistance, you can request a callback by filling out your contact information.

You can directly call them for ethics and fraud cases on 0800 633 633, fax them on 0864 944 107, or send an email to [email protected]. In case of complaints and compliments, you can call them on 0861 111 011 and the business banking service number is 0861 123 120.

The corporate office is located at 59 16th Road, Halfway House Estate, Midrand, Gauteng 1685, South Africa. You can find your nearest African Bank branch. They post recent updates on Facebook, Twitter, Instagram, and Linkedin.



African Bank has a mobile app to ensure customer experience smooth banking. The app is available at the Apple Store, Play Store, and Huawei Appgallary. You will find all the versions together on their website.