African Bank Application Process
Step 1: The application process includes a request that you provide African Bank with all information about your monthly income and expenses so that the bank can determine whether you can afford the loan. Step 2: Our consultants use the above information along with information from the credit bureau to analyse your monthly expenses and calculate the instalment you can afford to pay. We want to make sure you do not experience financial difficulty while repaying your loan. If your application for credit is unsuccessful, you may ask for written reasons as to why your application was declined. If your credit application is declined because of information recorded on the credit bureau, African Bank will provide you with the details and contact information that will enable you to make an enquiry at the credit bureau. If you fail to inform African Bank of your inability to pay the instalments or if you provide incorrect information, you may not be fully protected by the NCA (National Credit Act 34 of 2005).
Once the application process is complete you will receive a pre-agreement statement and quotation that is valid for five (5) business days. These documents have important information regarding the cost, charges, interest rate, monthly instalments and terms for repaying your loan or credit facility