Absa Personal Loans are available from R 3 000 to R 150 000 and you can choose your repayment periods from anything between 12 to 84 months.
The exact monthly payments will vary depending on the prime interest rate and your overall loan amount – personal loans below R25 000 for example will have a fixed monthly repayment whereas personal loans above that will have their repayments linked to the prime rate. Absa Personal Loans also come with an affordable credit life cover, which means that the oustanding amount on your loan is settled in the case of an unforeseen circumstance such as death, disability or contracting dread disease. This will also cover your outstanding loan should be become retrenched at any time in the future.
In order to qualify for an Absa personal loan, you should make sure that your credit record is in good standing and that you have a minimu monthly income of R2 000. In addition, you will also need proof of your residential address for FICA requirements and three months’ bank statements if you are not an Absa client.