The Absa personal loan is one of the most popular personal loans in South Africa. This is because Absa is one of the leading banks in South Africa.
In addition, when you apply for an Absa personal loan, Absa promises to give you the best interest rate. As a matter of fact, Absa promises that if you switch your personal loan to them and get a lower interest rate elsewhere, they’ll beat it, subject to their terms and conditions.
In this article, we will look what you need to apply for an Absa personal loan and how you can apply for the loan.
Absa Personal Loan Overview
Loan Amount: Up to R350 000
Terms: From 12 to 84 months (from 2 months for current Absa customers)
Interest Rate: Personalised Annual Percentage Interest Rate (APR), up to the maximum of prime +17,5%.
Representative Example:
Loan Amount: R50 000
Terms: 36 Months
Interest Rate: 21%
Initiation Fee: R1 207.50
Service Fee: R69
Monthly Repayment: R2 135.74
Total Repayment: R76 469.25
What you need to know
The Absa personal loan is a loan product from Absa bank which is an Authorized Financial Services Provider and a registered credit provider.
Absa is one of the leading banks in South Africa.
The advantage of getting a loan from a bank as compared to other finance providers is that operation of bank is regulated. This means you can expect to be treated honestly and fairly.
Personal loans from Absa are unsecured. This means you don’t have to provide any collateral in order to get a loan.
Once your loan is approved, how you use your personal loans is entirely up to you. Some things you can use your loan for include school fees, medical expenses and vehicle repairs.
How to apply and get approved
The first thing you should remember is that for any form of credit, you’ll need a good credit record in order to get approved. This is also true when you apply for an Absa personal loan.
Your credit record and affordability will be used in determining how much you qualify for.
Application for a personal loan, can be done online, through a branch or by calling the Absa call centre on 0860 100 372.
To apply for a personal loan over 12 months or more, you need to:
- Earn a regular monthly income of at least R2 000 per month
- Have a bank account into which your income is paid
- Be 18 years or older
To apply for a smaller personal loan over 2 to 6 months, you need to:
- Earn a regular monthly income of at least R1 500 per month
- Have an active Absa bank account into which your income is paid
- Be 18 years or older
You’ll need the following documents:
- Your ID book or card
- Proof of residence (not older than 3 months)
- Last 3 months payslips or bank statements
To make sure you are approved for a personal loan you’ll need to make sure you have a good credit record.
Also, make sure you meet all the requirements listed above. Furthermore, when you submit your application make sure all supporting documents are available to avoid delays in your application,
In addition, make sure you can afford the loan as finance providers will not approve a loan that you cannot afford. To check affordability, you can make use of the Absa personal loan calculator.
Absa Personal Loan Calculator
This is a useful took found on the Absa website that can be used to check what your monthly repayments will be for your desired loan amount.
We strongly recommend making use of the Absa personal loan calculator before submitting an application.
When you get an idea of what the monthly repayments could be, this will help you see if you can afford the loan.
In addition, you’ll be able to see the interest you have to pay back and the total amount payable.
Important thing to note is that the calculator will only give you estimates. To get more accurate figures you can get hold of Absa for a quotation.
Conclusion
Absa is a bank which has been operating in South Africa for years. Their track record speaks for itself.
You can definitely trust them with their loan products. And as stated earlier, the operation of banks in South Africa is regulated.
Besides personal loans Absa also provides other loan products. For other products see the following articles:
Absa Vehicle Finance
Absa Home Loans
How To Apply for An Absa Express Loan
Absa Personal Loan Contact Number
For more information, you can contact Absa directly using the details below:
Website: www.absa.co.za
Telephone: 0860 100 372
Address:
7th Floor
Absa Towers West
15 Troye Street
Johannesburg
2001