ABSA Bank Loan
Does ABSA offer personal loans?
Yes, ABSA Personal Loans are repayable over pre-determined, fixed time periods varying from 12 to 60 months. Your interest rate is linked to the amount of funds made available to you and calculated on the outstanding loan amount.
What are the features of an ABSA Personal Loan?
- You can borrow from R5000 to R50 000.
- You will hold a separate loan account.
- Your interest rate will link to your usage.
- Your repayments will be linked to your interest rate.
- You will pay monthly repayments via debit order.
- Your loan must be repaid in full by the end of the fixed time period agreed (i.e. 12 - 60 months).
What are the benefits of an ABSA personal Loan?
It is highly flexible, covering a wide range of individual needs.
A separate statement provides details of your borrowings in full.
You are not tied to a fixed rate. (This benefits you when rates decline).
You pay the exact amount necessary to repay the loan within the period selected by you, based on the current interest rate.
You can plan exactly around the repayment date of your facility.
Are there any extra features?
Yes, you can apply for Credit Life which offers benefits such as Death, Disability, Retrenchment and Dread Disease. To apply for Credit Life ask your personal consultant for more details.
Are there any different types of ABSA personal loans?
You can also apply for a flexi-loan which is available from R2 000, terms are negotiable between 12-30 months.
Will I be eligible to apply for an ABSA personal loan?
- Good credit record and clear on Credit Bureau.
- A transaction account for the monthly debit order.
- Regular income (monthly).
- Should earn more than R3, 500 per month.