African Bank’s Consolidation Loan lets you bring together up to five of your existing loans into a single, manageable monthly repayment. This offer is available for loans up to R500,000 and features repayment terms ranging from 18 to 72 months. You lock in a fixed interest rate and, on top of that, you can earn 1.3% of your repayments back as Audacious Rewards points, creating an additional incentive to pay on time.

How to Apply for the Consolidation Loan

• Apply online through African Bank’s app or website—no data charges apply for these platforms.
• Visit your nearest African Bank branch if you prefer personal service.
• Reach out to the bank’s call centre for telephonic assistance with your application.

Highlights: What Makes This Loan Stand Out?

African Bank’s Consolidation Loan is designed with flexibility in mind. The application process is highly accessible, suited for both digitally savvy customers and those who prefer face-to-face interaction. Customers benefit from a fixed rate, predictable monthly payments and a choice of repayment breaks when needed. Additionally, there are no settlement quotes required—simply provide proof that settled loans are paid.

A Couple of Drawbacks

There are some limitations to note. Customers can only combine a maximum of five loans, so if you have more, certain debts will not be included. The eligibility criteria may also be restrictive, depending on your credit profile and the loans you want to combine. Moreover, you’ll need to provide proof of payment for settled loans to finalise the process.

Our Final Verdict

Overall, African Bank’s Consolidation Loan offers strong value for South Africans looking to streamline their finances and save on monthly repayments. Its fixed rates, rewards and straightforward application suit a range of needs, though not all debt can be consolidated. It’s particularly attractive to those looking for flexible terms and minimal hassle in consolidating up to five loans.