African Bank offers a competitive loan consolidation solution, letting you combine up to 5 existing loans into a single, manageable Consolidation Loan. You can qualify for up to R500 000, all while locking in a fixed interest rate—making budgeting simpler every month.

Flexible repayment terms range from 18 to 72 months, so you can tailor your plan to suit your needs. No settlement quotes are needed from your existing creditors; just provide proof of payment once your old loans are settled and enjoy the ease of one reduced monthly payment.

Plus, African Bank rewards you even as you pay off your loan. You earn 1.3% of your monthly instalments back in Audacious Rewards points—adding real extra value to your consolidation journey.

How to Apply: Step by Step

Applying is straightforward. You can use African Bank’s online platform or download the app to start an application anytime, anywhere. Alternatively, visit a branch or call their contact centre. Provide your ID, proof of income, and details of the loans you want to consolidate.

No complicated paperwork is needed. Once you’re approved, African Bank will pay out your existing debts directly and create a single repayment structure for you. You can even choose a repayment break month if you qualify, giving you extra flexibility when you need it most.

Key Advantages

With one repayment date, planning your budget becomes much easier. Fixed interest means your instalments stay predictable. African Bank doesn’t charge for data on their app or online applications, so you can apply freely at your convenience.

Another perk is the ability to combine both big and small loans, up to five in total, into one hassle-free account. This can help you save on fees while improving monthly cash flow.

Potential Drawbacks

Keep in mind that while consolidation can simplify your debt, extending the repayment term could lead to more interest over time if not managed properly. Only combine loans if you are committed to staying debt-free afterwards.

Additionally, your eligibility for the full R500 000 and special features depends on your profile and meeting African Bank’s credit approval standards.

Verdict

African Bank’s Consolidation Loan stands out for its generous limit, reward system, and ease of application. It’s a smart choice if you’re looking to bring multiple debts under control. However, as with any financial product, be sure to review the loan agreement terms for your specific circumstances.