Debt Consolidation Loans

Do you have multiple creditors and want to simplify?

Our Consolidation Loan is a credit management product that allows you to settle other debt and take the remaining capital out all in one loan. This helps you manage your credit simpler and more cost-effective way

African Bank debt consolidation loans offer the following benefits:

  • Enables you to consolidate your debt with repayment terms from18 to 60 months
  • Simplifies the administration of multiple lenders and multiple loans
  • Often results in savings, due to the consolidation of administration fees
  • A reduced instalment frees up cash flow
  • A reduced instalment may also result in the customer being able to access additional capital
  • No settlement quotes are required and customers can consolidate up to five accounts from a wide range of credit providers

In order to qualify for an African Bank personal loan, you need to be 18 years or older, and bring the following documents along to your nearest African Bank branch:

  • ID book
  • Latest original payslip
  • 1 month’s bank statement reflecting your salary deposit or savings book and
  • Proof of residence.*

You can also apply for a debt consolidation loan now online.

**With regards to proof of residence is any of the following documents, amongst others, reflecting your name and current residential address are acceptable:

  • Latest utility bill
  • Municipal account
  • Retailer account
  • Document from an insurance company
  • Payslip
  • Letter from a traditional authority
  • Ward counsellor
  • Declaration from a landlord and affidavit from a person who is living with you.

All documents provided should be less than three months old to be accepted.

Terms and conditions and affordability rules apply


You will be covered for the following events as a Category A Consumer, either to settle your outstanding obligation in terms of your credit agreement/facility or pay instalments towards your credit agreement/facility depending on the event

  • Death (Settlement)
  • Permanent Disability (Settlement)
  • Temporary Disability (instalment)
  • Retrenchment (Instalment & Conditional settlement)
  • Short Time (Instalment)
  • Compulsory Unpaid Leave "Temporary Lay-Off" (Instalment)

  • If you are a Category B Consumer, you will be covered for Death only (we settle your loan and/ or credit card debt)
  • You will not be covered for Retrenchment, Short Time and Compulsory Unpaid Leave within 90 days from the start of the policy.
  • Any transaction on the credit facility "Credit Card" after the insured event will not be covered.
  • Underwritten by: Guardrisk Life Limited. Terms and conditions apply.