Can you imagine having a life without finances? Especially having so many financial obligations choking you up from all corners. It could be a little easier to imagine this, but I bet you it’s the worst life anyone can lead. Therefore people get debt consolidation loans, personal loans, business loans, travel loans, etc. Absa loans are for people who need money to fulfill their financial obligations. As you read along, you’ll know more about Absa loans, their requirements, how to apply, etc.
About Absa loans
Absa Group owns the Absa bank, and Absa loans are one of the services that Absa banks offer.
The Absa Group owns most of the stakes in banks in Kenya, Ghana, Botswana, Mauritius, Tanzania, Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda, and Zambia. Besides that, they also have offices in Namibia, Nigeria, the United Kingdom, and the United States. Moreso, the group has insurance operations in Botswana, Kenya, Mozambique, South Africa, and Zambia.
Furthermore, they also offer a range of retail, business, wealth management, corporate, and investment solutions to customers and clients across South Africa.
If you earn R25,400 (single or joint) they will offer:
- Home loan of up to 100%
- 50% discount on bond registration fees
- You could receive zero initiation fee if you save R6,037.50
- Access to great insurance and retirement plans
- You could also qualify for a government housing subsidy program. And this comes in FLISP (Finance Linked Individual Subsidy Programme).
What are the requirements for Absa loans
Could you get a loan without meeting some requirements? The answer is ‘No.’ This is because requirements from lenders help them get information about borrowers. So that whoever meets the criteria for a loan will stand a better chance of getting it.
The following are Absa loans requirements:
- Get your identity (ID) book or card.
- Show proof of residence that is not older than 3 months.
- Provide your last 3 months’ payslips or bank statements.
- You should be 18 years or older before they can accept your request.
- You need to be earning at least R1,500 or R2,000 depending on the size of the loan.
What is the maximum or minimum amount I can borrow from Absa loans
Knowing the maximum and minimum loan amount of a lender will help you know if it suits you. This is because the loan amounts lenders offer usually vary.
The maximum loan amount of Absa loans is R350,000. Whereas the minimum amount is R250.
How can I apply for Absa loans
You must make a loan application before you can get it. It’s now easier to make loan applications these days than before because of the advancement in technology.
The following is how to apply for Absa loans:
- You can apply for their loans online with your smartphone, tablet or personal computer.
In order to apply online, do this:
- Absa has a repayment calculator on their page. It will help you know what your monthly repayments are (could be). It would be nice to have an idea of what your monthly repayment would be when you check it with the calculator.
- Thereafter, click the button “Go To Site.” They’ll take you to Absa’s secure application page.
- If you already have an active Absa bank account, just log in online on your mobile, tablet, or PC.
- Once you’re done with that, select “Apply” and select “Personal loan” from the menu that appears.
- Then fill out the details they require.
- Once they approve your application, you can have the money in your bank account within minutes.
- Apply online by completing the form if you are a new Absa account holder. Or you can visit Absa offices to apply in person.
- By visiting any of their branches and requesting the loan you want.
- You can call their call center and put through your loan request and follow their guidelines.
How much money can you get with an Absa personal loan
There is a minimum amount of R250. Meanwhile, the maximum amount is R350 000. You must earn at least R2000 to be eligible for this range. Those with smaller individual loans (up to R8000) typically repay their loans over a period of 2-6 months. Furthermore, for these smaller amounts, you only have to earn 1500 Rand.
What is the interest rate for Absa loans
Loans come with interest rates and that’s ultimately the profit lenders make. Interests are pats on the back of lenders for the risks involved in the money they lend to borrowers.
However, Absa loans, have a Personalised Annual Percentage Interest Rate (APR). And this is up to the maximum of prime +17,5%. They also have an estimated interest repayment. Where the estimated monthly repayment on an R50,000 loan taken over 36 months at an interest rate of 21% per month would be R1,998.
How can I check my Absa loan balance?
Absa loans have provided a way for customers to check their loan balances. With this, they can always stay informed regarding their loan balances.
The following is how you can check your Absa loans balance:
- Dial *120*2272# on your mobile phone.
- Then follow the prompts.
- If you are successfully registered, you can check your balances immediately.
- You can carry out all your regular banking within 24 hours.
How do I get a personal loan from Absa
Within 10 minutes, your bank account will be credited with the funds. Which loans does Absa offer for R150 000? The high loan amount with Absa can only be approved on a Personal loan since the other alternatives are for smaller amounts, up to just R8000.
What are the repayment terms for Absa loans
Loans always come with repayment terms. Lenders and borrowers usually have an agreement on when the loan has to be paid back. For Absa loans, the repayment is from 12 to 84 months. But typically from 2 months for current Absa customers.
What are the pros of Absa loans
Absa loans have some pros that bring clients to them. They are;
- They do not need any collateral from you before you get a loan. Instead, for you to get a loan from them, your credit history has to be excellent.
- They offer a personal loan calculator that lets borrowers know all the costs involved with borrowing money.
- Once they approve your credit, they transfer the money quickly into your bank account for immediate use.
It’s clearly pointless not to think about money these days. Especially with inflation that is hitting many countries these days. However, the leap of faith that everyone has to accomplish tasks bothers on loans. Preferably, loans that require little or no difficulty in their application process. More so loans that you could get within minutes once they approve your credit. This is actually what Absa loans are all about.