Minimum and maximum loan periods vary between 1 months and 10 years. Comparison interest rates vary between 6.55% and 60% p.a. Total interest repayments vary between R685.05 and R844.12 over the life of the loan. *Comparison rate is based on an unsecured loan of R20,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.
Getting an Absa personal loan
Financial issues sometimes happen when you’re not expecting them. Thus, getting an Absa personal loan helps you solve these sudden and urgent money challenges. Most importantly, Absa loans accommodate your needs. Furthermore, Absa is a registered credit provider and will therefore grant you credit responsibly.
This is because they vary and adjust to match your budget and other individual circumstances. As such, you can get between R250 and R350 000 in your bank account. You can use the money for any purpose, including paying for your education.
How do you qualify for an Absa personal loan?
To apply for a personal loan with Absa you need:
- your ID book or card;
- proof of residence issued in the last 3 months;
- payslips or bank statements issued in the previous 3 months;
- to be 18 years and older; and
- credit protection.
You can get a credit protection plan from Absa, or you can have your own.
How do you apply?
- Use the repayment calculator on this page to get an idea of your monthly repayments.
- Click the button “Go To Site”, you’ll be taken to Absa’s secure application page.
- If you have an active Absa bank account, login online on your mobile, tablet or PC.
- Click on “Apply” and select “Personal loan” from the menu that appears.
- Fill out the required details
- If your application is approved, you can have the money in your bank account in as little as minutes.
- If you are a new Absa account holder, apply online by completing the form. As a second option, you can visit Absa offices to apply in person.
How much money can you get with an Absa personal loan?
The minimum amount is R250. On the other hand, the maximum amount is R350 000. To qualify for this range, you need to be earning at least R2 000. However, smaller personal loan amounts (up to R8000) get repaid over 2-6 months. Furthermore, for these smaller amounts, you only have to be earning R1500.
What are the repayment terms?
Absa personal loans are to be paid back in 12 to 84 months. However, for existing Absa customers, the repayment term can be as early as 2 months. Absa charges a service and initiation fee on top of the interest fee.
Benefits of getting an Absa loan
- No security needed. This means you don’t have to use your property as collateral to get a cash loan. Instead, getting a loan depends on your credit history.
- Absa offers a personal loan calculator that lets you know all the costs involved with borrowing money.
- Once the credit is approved, the money is quickly transferred into your bank account for immediate use.
- Affordable and competitive interest rates.
- You also get Credit Protection to ensure that your debtstill gets paid if you die, or become disabled, ill, or retrenched.
Absa study loan
If you need money to pay for your fees and studies getting an Absa student loan can brighten your future. Here’s what you need to qualify for the credit:
- South African citizenship;
- a salary or income of at least R3000;
- proof of address; and
- proof of acceptance or registration for an undergraduate or postgraduate qualification.
The student loan is available for parents, guardians, or part-time students who are fully employed and have proof of income. The minimum amount is R3 000, while the maximum amount is R150 000.
You can borrow money for every year of study to cover the costs of:
- Prescribed textbooks;
- Tuition fees;
- Registration fees;
- Computer equipment that you use for your studies.
You can apply for an Absa study loan by visiting their branch, through an Absa student bureau, and lastly by calling their call centre.
Absa express loan
This is a special short term loan that offers quick cash which is then paid back within two to six months.
For those with a regular monthly income, you can get:
- A minimum amount of R 1 500
- A maximum amount of R 8000
Interest rate is set at 5% for the first loan that you take in a year and 3% for any other credits that you also take within the same year. In addition, service and initiation fees also apply.
How long does an Absa personal loan take to be approved?
Once you lodge your application and assuming your credit score is in good standing, it will only take a couple of days for your loan to be approved.
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