The Absa Revolving Loan is a useful facility when you need an ongoing loan to help you meet your financial needs. Absa Bank has a long history in the South African financial market. The institution continues to grow steadily. Now forming part of the Barclays group, Absa strives to extend its leverage on the financial market.
This facility is most ideal if you need ongoing access to a loan. With the Absa Revolving Loan, you can continue to re-borrow on an agreed limit.
How does it work?
A minimum of 15% of the initial loan amount must be paid back for you to have access to the loan. You also need to have access to an Absa Transactional account to qualify. There is no need to re-apply every time you need a loan.
What are the qualifying criteria?
- Be a South African citizen
- Have a valid South African I.D.
- Be 18 years or older
- Have an Absa Transactional Account
- Earn at least R8000 per month
The Absa Revolving Loan gives you access to between R15 000 and R150 000 in finance. In addition to not having to re-apply any time you need access to cash, Absa gives you the benefit of having fixed monthly repayments. This means that you don’t have to worry about fluctuations in the interest rate affecting your monthly repayments. Interest rates are based on your individual risk profile.
Because Absa values being able to give its clients peace of mind, the Credit Protection Plan is included, so that your outstanding loan balance is paid off in the event of your death, or if you become permanently disabled or you get a dread disease which renders you unable to pay off your debt.
To find out more about the Absa Revolving Loan, visit www.absa.co.za. You can also simply call 0860 100 372.