Debit Order personal Loan
A debit order loan is for customers who have a transactional account that can be debited for the repayment.
- Loan size from R500 to R30,000
- Interest rates are based on the customers individual profile An initiation fee is charged based on the loan size.
- A monthly service fee is charged Term of Loan 3 to 9 month short term debit order loans
- 12 to 60 month long term debit order loans
Payroll Deducted Personal Loan
A payroll-deducted loan is like a debit order loan except the repayment of the loan is directly from your salary as apposed to your transactional account.
- African Bank offers payroll deducted loans from R2,500 to R25,000
- Employers provide staff more favourable rates on payroll deducted loans
From 18,5% interest per year
- An initiation fee is charged based on the loan size.
- A monthly service fee is charged
- 12 to 36 month long term payroll deducted loan
Your debit order loan can be disbursed in one of two ways:
- credit payment to your transactional account for the total loan value
- A combination of cash and direct credit payment.
Premiums at 10% of outstanding loan obligation per annum.
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