Important disclosure

Absa Personal Loans

Make your dreams come true with Absa personal loans. Whether you are starting a home renovation project, acquiring your dream vehicle or financing your children’s tuition fees, Absa has the right finance solution for you.

Absa is a registered financial services provider. The bank offers personal and business banking, credit cards and much more.

To help you budget, we have created a loan calculator that can help to determine your likely monthly payment. Once you input the loan amount, adjust the loan term and then click calculate. It’s easy to use. Go ahead and give it a try.

Calculate repayments

Our study loan offers you the opportunity to borrow funds at a low-interest rate to support yourself or someone you would like to benefit from study funding. Finance your full tertiary experience from the tuition fees, accommodation, study book and technical equipment you need for your studies. If you take out our study loan and you’re offered a lower interest rate elsewhere, we'll beat it. Terms and conditions apply. Pay interest only for the 12 months and only start repaying from month 13.

Overview

Minimum monthly incomeR3,000

Minimum term (months)12 months

Interest rate7.00%

Personal loan APR7.00%

EST monthly repayment (approx)R725

Total repayment amount (approx)R26,100

Total interest & fees paid (approx)R6,100

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

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Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?No

Sponsored No

Data accurate as of12.07.2020

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Tired of those expensive repayments? Then switch your personal loans to Absa. It's easy and with our guaranteed lowest interest rate, you will start saving money immediately. We can switch your personal loans of up to R350 000 and pay your creditors directly.

Overview

Minimum monthly incomeR2,000

Minimum term (months)12 months

Interest rate13.25%

Personal loan APR13.25%

EST monthly repayment (approx)R787

Total repayment amount (approx)R28,332

Total interest & fees paid (approx)R8,332

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

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Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Data accurate as of5.11.2020

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No matter what your plans are, we’ve got a personal loan that suits your needs. We offer the widest range of personal loans of up to R350 000 with a loan repayment term of up to 84 months. If you take out an Absa Personal Loan and you’re offered a lower interest rate elsewhere, we guarantee to beat it.

Overview

Minimum monthly incomeR2,000

Minimum term (months)12 months

Interest rate13.25%

Personal loan APR13.25%

EST monthly repayment (approx)R787

Total repayment amount (approx)R28,332

Total interest & fees paid (approx)R8,332

Rate typeFixed or Variable

Secured or unsecuredUnsecured

Initiation feeR1,207.50

GO TO Absa

Other Fees & Information

Monthly feeR69.00

Other feesUnknown

Redraw facilityNo

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored No

Data accurate as of12.06.2020

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MoneyShop find the best loan suited to your profile with SA’s top loan providers. They have partnered with SA’s top personal loan providers to make your online application process quick and easy! Have a regular income of more than R4,000, bank statements and your SA ID? Apply online today.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate15.00%

Personal loan APR12.90%

EST monthly repayment (approx)R805

Total repayment amount (approx)R28,980

Total interest & fees paid (approx)R8,980

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

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Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

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Go through Fincheck's online application to get matched with personal loan provider that's best suited to your credit score and personal circumstances. Easy online application.

Overview

Minimum monthly incomeR4,000

Minimum term (months)12 months

Interest rate16.00%

Personal loan APR16.00%

EST monthly repayment (approx)R815

Total repayment amount (approx)R29,340

Total interest & fees paid (approx)R9,340

Rate typeFixed

Secured or unsecuredUnsecured

Initiation feeR1,207.50

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Other Fees & Information

Monthly feeR69.00

Other feesR0.00

Redraw facilityn/a

Repayment scheduleMonthly

Early repayments allowedYes

Missed payment feeUnknown

For debt consolidation?Yes

Sponsored Yes

Data accurate as of26.10.2020

GO TO Fincheck

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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.

What type of loan are you looking for?

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;
  • Accommodation;
  • 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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