Absa Personal Loans are available from R 3000 to R 150 000 and come with competitive interest rates as well as flexible repayment terms. Choose to repay your personal loan from Absa from anything between 12 to 84 months.
Absa Personal Loans below R25 000 will have fixed monthly repayments and you have as many as 60 months to pay.
For Absa Personal Loans above R25 000, your monthly repayments will vary and it will be linked to prime interest rates. With this options you get as long as 84 months to pay!
Absa Personal loans for R30 000 and more will give you more flexible repayment terms and it’s best you speak to a personal loans consultant to discuss the options available.
Absa Personal Loans also offer affordable credit life cover to help you settle the outstanding value of your personal loan in the event of an unforeseen circumstance. That means you will be covered in the event of your death, disability or contracting dread disease. With this cover included in your Absa Personal loan, you will also be covered if you are retrenched.
Some tips of ensuring your Absa personal loan repayments are done in time:
- your monthly Absa personal loan repayment will be deducted by debit order, so ensure you have enough cash in your bank account. If your debit order is rejected, you will face a high penalty fee and it will have a negative impact on your credit rating
- additional payments will be accepted but as capital reduction. Your personal loan from Absa can be settled at any time and there will be no penalty interest charged.
Other charges on your Absa personal loan:
· There will be an initiation fee charged when your personal loan is taken up, how much this fee will be will depend on your risk profile.
· There is a flat monthly service fee of R57.
Want to know if you qualify for a personal loan from Absa?
If your credit record is in good standing, you could be on your way to a personal loan from Absa . you need to be a South African citizen or permanent resident and have a valid ID document. You also need to be older than 18 years in order to qualify for a personal loan from Absa.
A minimum income of R2 000 is required and you need to have a valid account into which your salary is deposited.
Remember that you will also need proof of your residential address for FICA requirements and three months’ bank statements if you are not an Absa client.
