ABSA Revolving Loans – As one of South Africa’s main commercial banks, ABSA has been at the forefront of technical innovation in terms of their service offering, providing clients with a wide range of banking, credit, investment, and insurance products and services.
ABSA strives to meet the many requirements and desires of its clients, and one of its hallmark products is the ABSA Revolving Loan, which provides consumers with a continual credit line ranging from R15 000 to R150 000 without the need to apply for a new loan each time.
Why choose ABSA Revolving Loans?
A revolving loan, in its most basic form, is a lending arrangement that allows a borrower to receive paid-back money from an existing loan without having to reapply for a new loan.
This implies that if a borrower takes out a R100,000 loan and repays R15,000, they can ask the bank to re-borrow the R15,000 on a regular basis.
This option is available if the borrower has paid back at least 15% of the loan amount.
This ABSA Bank credit solution is a lifesaver for those who don’t want to go through the trouble of reapplying for a loan every time they need credit, but still need a credit lifeline.
These loans have fixed interest rates, which indicates that the interest rates will remain the same during the loan term, even if you re-borrow additional cash.
The amount of interest charged on these loans will be determined by the applicant’s credit profile and affordability.
Another benefit of applying for ABSA Revolving Loans is that they provide a Credit Protection Plan that protects you and your family from unforeseeable events such as layoffs, sickness or incapacity, and death.
When you encounter any of these events, your debt does not go away instantly; you will still be responsible for paying it back, and with this Protection Plan, ABSA will pay off your outstanding loan sum.
How do I apply for ABSA Revolving Loans?
The applicant for an ABSA Revolving Loan must have a monthly income of at least R8 000, be above the age of 18 and in possession of a South African Identity Document, and have an active transactional account with ABSA.
You may apply online or in person at one of their branches, where you can chat with one of their advisors who will provide you with all of the essential information about these loans.
ABSA Revolving Loans Contact Details
To learn more about how to activate this fantastic ABSA product, call them at 0860 100 372 and speak with one of their pleasant and knowledgeable advisors. You may also obtain more thorough information by going to www.absa.co.za and reading up on their website.