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Product Guide: ABSA Personal Loans

Quick Personal Loan Overview

  • Minimum Loan Amount: R3,000
  • Maximum Loan Amount: R250,000
  • Minimum Length of the Loan: 12 Months
  • Maximum Length of the Loan: 84 Months
  • APR: 32%

Quick Student Loan Overview

  • Minimum Loan Amount: R3,000
  • Maximum Loan Amount: R150,000
  • Length of the Loan: 12 Months
  • Repayment Length of the Loan: 12 Months
  • APR: 9,25%

Life happens when you least expect it – be ready with a Personal Loan from Absa.

Whether you want to give your lifestyle a boost or you have an unexpected expense to deal with, a Personal Loan from Absa is a cost-effective way of dealing with it.

Absa Personal Loans are flexible. This means you can borrow amounts from R3 000 and up with affordable repayment periods that range from 12 to 72 months*.

What you get with an approved Personal Loan from Absa:

  • Immediate access to your funds after approval.
  • Competitive interest rates.
  • Flexible repayment terms.
  • The ability to pay off your loan faster (extra payments reduce the capital amount of the loan).
  • Easy approval if you require additional funds.
  • An affordable Credit Protection Plan to settle the outstanding balance if you die, become permanently disabled or are diagnosed with a dreaded disease. A monthly amount equal to your instalment amount will be paid for a limited period if you are retrenched or temporarily disabled. (Optional)

How to apply

Applying for a personal loan is quick and easy!

If you are an existing Absa customer, all you need to do is log-on to Absa Online. You will then proceed to click on ‘Apply’ at the top tabbed navigation, and select ‘Personal Loan’ from the menu that appears on the page.

You will enter your requirements, and as simply as that, you could have the money in your account in less than 10 minutes! Remember, no collateral is needed to apply for your personal loan as your application will be based on your creditworthiness.

If you are registered for Absa Online, you may see a provisional loan amount on the main accounts page. If you are a new Absa customer, all you need to do is apply online, complete the quick and easy form, or visit your nearest branch.

Absa Student Loans

Not sure how you are going to pay your tuition fees and buy all the textbooks you need?

Absa customers have the opportunity to take out study loansso that they can finance their own studies or those of their loved ones.

An Absa Study loan offers you

  • Financing of SETA and SAQA courses, textbooks, accommodation and equipment fees.
  • Lending at Prime Rate + 1.8% interest rates.
  • Absa Study loans are offered at Absa Student Bureaus situated in SA’s leading tertiary institutions, the Absa Sales Contact Centre and selected Absa Branches throughout South Africa.
  • Numerous launches take place during the year to make students aware of Absa’s great study loan benefits, which includes some great giveaways!

Qualifying criteria for a student loan application

  • A customer needs to earn a monthly income of minimum R3000 per month.
  • A customer will be approved based on their affordability and risk.
  • Proof of income from the person undertaking the study loan is required.
  • Proof of study in the form of a final letter of acceptance or proof of registration from the institution and proof of course costs for the year of study is required.

Benefits

  • A customer will pay the Prime + 1.8% on their study loan.
  • A customer is offered a 15% discount on study equipment when they apply for a study loan.
  • The study loan forms part of the Student Package, which includes a student credit card and a cheque account. You will also have access to PC Package from Absa*
  • Access to an Absa Credit Protection Plan which covers the outstanding amount of the study loan in events of disability, retrenchment, diagnoses of a dreaded disease or loss of life.

*Note added by Fincheck as read upon Absa website.


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Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.