African Bank now provides interest free, short-term loans to foreign nationals who are formally employed and residing in South Africa. There are also the first bank to offer 0% interest on short-term loans, making this quite significant product update for them.
Types of Loans for Foreign Nationals
One of the loans they offer is a consolidation loan, which will give you these benefits:
- Enables you to consolidate your debt with repayment terms from 18 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
They also have prime interest loans. A Prime Loan is a loan that is offered at prime interest rate. Prime interest rate is fixed at the time of application, this means that when the prime interest rate increases or decreases during the term of your loan, it will not affect your repayments
This type of loans allows you to fulfil the financial requirements of prime moments from R1 000 and R20 000 with a comfortable repayment period between 3 to 18 months
African Bank is one of the most well-known banks in South Africa and they offer various loan options for people looking to obtain credit. With an easy to use online application function, you can provide your basic information and you’ll receive an offer within minutes.
