Absa Bank Personal Loan and How to Apply it?

Absa Bank (South Africa) is owned and run by the Barclays Africa Group. They offer financial services as short term loans, personal loan options wealth management, corporate and investment banking among other retail banking services. Requirements of getting Absa Bank Personal Loan is in below:

Absa Bank personal loan is the widest in which a range of up to R350, 000 with flexible interest rates and repayment duration of up to 84 months, with provisional pre-qualification for members.

To apply for a loan, specifically for personal use, these requirements must be met.

  1. An applicant must earn at least R2, 000 regularly per month
  2. Must be at least 18 years of age
  3. Be able to provide the bank account into which monthly salary is paid
  4. Must have a valid identification or a smart card
  5. Must have a verifiable residential address
  6. Must provide 3 of the most recent pay slip

For an amount of R50,000 personal loan with a repayment of a duration of 36 months, a monthly fee of R1,998 at an interest rate of 21% including a service and initiation fees.

Absa members also have an option for instant-loans from any ATM ranging from R250 to R5,000, when these requirements are met.

  1. A good credit record
  2. A regular monthly income of R250 or more
  3. An Absa bank account into which your monthly salary is paid
  4. You must be 18 years of age or older

Please note that credit life insurance is mandatory for all personal loans. It aims to cover death, illness and disability.

Absa bank offers 3 ways by which an applicant can apply for funds. The most popular is through the internet. The second is by visiting a branch of the bank or calling the customer service office on 0860 100 372.

They also provide financial services for home-loans, Car-loans, and college financial aid. Their home-loan offers flexible repayment terms. Payment can be made over a term of up to 30 years. The applicant also gets to choose from a range of options of interest rates. Absa Bank offers best interest rates to make people’s dream come true with flexible loan amount and repayment term.