19 March 2018

Borrow the better way

My Money Matters |

Personal Loans

Whether it’s renovating your kitchen, repairing your car, covering education costs or planning a much-needed holiday, there are times when we could all do with some financial help.  A personal loan is a great way to cover these needs, whether they’re big or small, planned or unplanned. The thought of borrowing though can be complicated and feel overwhelming.

As Absa, we want to help by giving you all the info you need so that you can make the right choices. #BorrowTheBetterWay, is a handy guide that explains our lending solutions, like our personal loans, and shows why getting one with Absa is the better way

Instant Loan

This is a quick and easy loan that you can apply for directly at any Absa ATM or on Absa Online, 24 hours a day, seven days a week. It’s a perfect ‘month-filler’ loan for when you need extra cash over the weekend and can’t wait for the bank to open on Monday.

  • This loan is for Absa customers who earn a regular monthly income of R250 or more
  • It caters for loan amounts from R250 up to R 5000
  • It has a maximum repayment period of 35 days
  • No interest is charged but a once-off initiation fee of 10% excluding VAT is charged
  • Apply at any Absa ATM or at absa.co.za/personal/borrow

Express Loan

This loan is useful for those unexpected emergency situations. A burst geyser that needs replacing, that school trip you just can’t say no to or anything else that requires a fast, moderate cash sum. With a relatively short repayment term, you’ll also ensure that you don’t end up paying far more than you borrow and settle your loan much faster.

  • You need to earn a regular monthly income of R1 500
  • It offers loans to the value of R1 500 to R8 000
  • You have up to six months to repay this loan
  • A maximum monthly interest rate of 5% per month is charged.
  • Apply at any Absa branch

Personal Loan

This is essentially the all-purpose personal lending option, with a very flexible repayment term. It’s perfect for both planned and unexpected life events that require a sizable investment.

  • You need a regular monthly income of R2 000
  • It offers loan amounts between R3 000 and R350 000
  • You can repay the loan over a period of 12 and 84 months
  • Apply at any Absa branch, call 08600 08600 or go to absa.co.za/personal/borrow

Revolving Credit

This is a loan that allows you to access funds whenever you need them, without having to reapply. Once you’ve paid off 15% of your Revolving Credit Facility, you can access the same amount you have paid off again without reapplying.  This is a great option if you need flexibility and continuous access to credit.

  • This option is for Absa customers who earn a regular income of at least R8 000
  • It offers loan amounts between R15 000 and R150 000
  • Apply at any Absa branch, call 08600 08600 or go to absa.co.za/personal/borrow

Switch and Save

  • If you have personal loans with other credit providers, bring them to Absa for a more affordable instalment at the lowest interest rate.*
  • Apply at any Absa branch, or call the contact centre on 08600 08600

Loan Application Criteria

To apply for an Absa loan, you need the following:

  • Be 18 years or older
  • A valid SA ID or Smartcard
  • Proof of residence (municipal or rates bill/cell phone statement; not older than three months)
  • A transactional bank account into which your salary is paid

 

Terms and conditions apply

*Price guarantee terms and conditions apply

 

Disclaimer: The advice contained on this blog is for general purposes only and does not take into account individual circumstances, objectives or financial needs. Accordingly, readers are advised to seek appropriate advice from licensed professionals prior to making any investment, or taking up a financial product or service.

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