Have you been experiencing financial issues and unable to cover your immediate finances? Or maybe you want to buy a home or car or need finances for some other personal expenses? If such is the case, getting a personal loan might be a great idea.
A personal loan gives you the ability to cover your finances without putting immediate pressure on your budget. However, remember that you need to repay your loan over time every month.
But which bank you should choose to get a personal loan from? The answer is simple. You can get a personal loan from Absa, a registered credit provider in South Africa. Absa personal loans will surely accommodate your needs easily.
Sinceit is a registered credit provider, you can rest assured that you will be easily able to cover your finances. You can take out a loan between R250 and R350, 000. You can get a loan based on your individual circumstances and cover any personal needs you might have. Let’s get to know about Absa loans in detail in this article.
Absa personal loans: How do you qualify?
Following are the requirements for you to qualify for Absa personal loans:
- Proof of residence
- Minimum age of 18 years and above
- Valid South African ID book or card
- Credit protection
- Bank statements of the past 3 months as proof of income
For credit protection, you can either have your plan or you get the credit protection plan offered by Absa.
Absa personal loans: How to apply?
Following is the process to apply for Absa personal loans:
- Before you apply for a personal loan with Absa, you should use the monthly repayment calculator to determine your monthly repayment amount for a specific loan amount and term. Once you have found the monthly repayment amount that suits your budget, you can start filling the application form.
- To go to the website of Absa personal loans, you can click on ‘Snap It’ on our website Snappy Loan. This will take you to their website.
- If you already have an Absa bank account, you can directly login online using a tablet, mobile or PC.
- From the menu, you can choose Apply and Personal loans.
- Fill the application form with the required details and submit the required documents.
- Once your application is approved, the amount will be transferred to your bank account in a few hours.
- You can either apply for loan online at the Absa website or visit your nearest Absa branch and talk with an official about the process.
Absa personal loans: How much money can be borrowed?
When you apply for a personal loan online at Absa, you can get a minimum amount of R250 and a maximum amount of R350, 000. If you want a larger loan amount, you need to earn a minimum of R2, 000. However, if you are applying for a smaller amount, you need to earn a minimum of R1, 500. Also, smaller loan amounts up to R8, 000 get repaid in a short duration of 2-6 months.
Absa personal loans: What are the repayment terms?
To repay your Absa personal loan, you get a loan term of 12 months to 84 months. However, for current Absa customers, the minimum loan term is of 2 months. If you have taken smaller amounts, they usually get repaid in 2-6 months.
Apart from an interest rate, the bank also charges an initiation fee and service charge on the loan amount.
Absa personal loans: What are the benefits?
- With Absa’s personal loan, you don’t need to provide any personal property as collateral. This makes it easy for you to get a personal loan. However, the loan approval depends on your credit history.
- You can find a personal loan calculator with Absa that will help you calculate your monthly repayment amount for a loan amount and term to help you make an informed decision.
- Once your application is approved, the loan amount is transferred to your account quickly, usually, within a few hours.
- With Absa personal loans, you can get competitive interest rates.
- With Absa personal loans, you also get credit protection. This ensures that your debt is paid in the event of an illness, disability, or death.
Absa study loan: A brief introduction
Apart from a personal loan, you can also get a study loan from Absa. This loan will help you fund your education. Following are the things you need to qualify for an Absa study loan.
- Valid proof of South African citizenship
- Proof of residence
- Minimum salary of R3, 000
- Acceptance or registration certificate for any undergraduate and postgraduate program from a university.
The student loan offered by Absa is available for parents, guardians, and students who have a part-time or full-time job with proof of income. You can get a minimum study loan of R3, 000 and a maximum loan of R150, 000.
You can use the Absa study loan for covering your costs for every year of your study. You can use the money to cover the expenses of
- Tuition fees
- Prescribed textbooks
- Accommodation
- Registration fees
- Any computer equipment that you might need to cover your educational needs
To apply for the Absa study loan, you can visit the nearest Absa branch, or apply through their student bureau or by calling their call centre.
Absa express loan
The express loan offered by Absa is a type of short term loan that is usually repaid in 2-6 months. If you have a regular monthly income, you can get an express loan of a minimum amount of R1, 500 and a maximum amount of R8, 000.
When you take the first express loan from Absa, you need to give an interest rate of 5%. If you take any subsequent credit in the same year, you need to pay an interest rate of 3%. You need to pay service and initiation fees as applicable.
If you have a good credit score, you can get your Absa loan application approved in a few days. Once approved, you will get the amount in just a few hours.
If you want to know more about Absa loans, you can visit our website Snappy Loan. You can search, review, and apply for Absa personal loans with just a few clicks.