What are the African Bank loan requirements? We have been getting questions about this from some of our readers. African Bank is a major bank in South Africa, offering a raft of products that are attractive to people. As an example, they have the MyWorld Account that has no monthly fees and no transaction fees. You are here because you are an African Bank customer and you wish to take our a loan. What are the requirements for you to get one?
What do I need to get a loan from African Bank?
The following are the African Bank loan requirements;
- You need to be over 18.
- Proof of income showing 3 month’s salary.
- Proof of residence. This should be less that 3 months old.
- A bank statement showing deposits of your salary.
How long do I have to repay an African Bank loan?
Those are the African Bank loan requirements. The requirements are similar to what you will find with any other bank in South Africa.
But after you have taken out a loan, how long will you have to repay it? According to African Bank, you have up to 72 months in which to make your loan repayment.
That’s 6 years. It should be enough time for you to make your loan repayment.
In this article, we showed you the African Bank loan requirements. It was noted that African Bank is a popular financial institution in South Africa. It was also noted that a lot of African Bank customers will be looking to take out loans.
That’s great in that it enables you to buy whatever it is that you wish to buy on credit. You don’t have to wait years while trying to save money. African Bank advises people not to take out more than one loan at once.
That way, you will be able to manage your repayments. That’s because loans are great, but they can turn into a burden if they are not managed carefully.