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

For peace of mind for life's unexpected insurable events, we offer you Credit Life Insurance on all of our personal loans. This covers the following events, either to settle the outstanding obligation in terms of the credit agreement/facility or to pay instalments towards the credit agreement/facility depending on the event-

  • Death (Settlement)
  • Permanent Disability (Settlement)
  • Temporary Disability (Settlement)
  • Retrenchment (Instalment & Conditional Settlement)
  • Short Time (Instalment)
  • Short Time Cover
  • Compulsory Unpaid Leave/Temporary Lay-off(Instalment)

Terms and conditions apply

You will not be covered for Retrenchment, Short Time and Compulsory Unpaid Leave within 30 days from the start of the policy.

Underwritten by: The standard General Insurance Company Limited

The Insurance fee is calculated at the time of the application and included in your fixed monthly instalment

A customer may provide an alternative insurance policy, which is equivalent to the Stangen policy