Personal Loans from ABSA Bank | ABSA Consolidation Loans

Personal Loans from ABSA Bank are among the most popular credit options available to South Africans, providing you with access to a variety of financial solutions that will enable you to live the life you desire.

ABSA has a personalized credit solution for you, if you need money to buy your dream car, money to buy your first home, or money to fund the long-awaited vacation abroad.

ABSA Bank was established in 1991 and is a subsidiary of the ABSA Group Limited, a South African financial service company that offers personal and business banking, corporate and investment banking, and wealth and investment management services to its customers.

ABSA Bank is headquartered in Johannesburg, South Africa, and has operations in Botswana, Kenya, Ghana, Mozambique, Mauritius, Seychelles, Tanzania, Uganda, and Zambia.

Types of Personal Loans from ABSA Bank

ABSA Personal Loans

ABSA Personal Loans from ABSA can support people who need a cash infusion by providing them with up to R350 000 in credit and customized interest rates and repayment conditions to suit their individual circumstances.

ABSA offers its borrowers one of the longest repayment periods in the industry, up to 84 months, compared to its competitors’ average of 60 months for personal loans.

ABSA Personal Loans have the advantage of allowing you to combine all of your current smaller loans into one manageable loan through their consolidation loan, providing you with benefits such as lower interest rates and more flexible repayment terms.

ABSA Revolving Loans

ABSA Revolving Loans are a type of personal loans that people looking for money may apply for. They have the benefit of providing you with a continuous line of credit as long as you repay at least 15% of the original loan.

This loan form, as its name implies, has an unlimited loan term, which means you can keep applying for the money you’ve already paid back without having to apply for a new loan.

Revolving loans include up to R150 000 in funding with set repayment rates and a minimum loan period of 12 months.

ABSA Overdraft Loans

ABSA’s Overdraft facility provides you with a versatile credit line of up to R250 000 for those unplanned rainy days when you need cash quick.

ABSA Overdraft Loans are a continuous credit facility connected to your Cheque account that you can use whenever you want, as long as you are eligible.

The ABSA Overdraft facility has the added benefit of assisting you in maintaining a positive credit history and preventing debit reversals due to insufficient funds.

The overdraft cap will be pre-determined at the branch and will be assessed annually; you will not be charged for the service if you do not use it.

If your overdraft cap is R20,000 and you use it all, you’ll pay an monthly monthly installment of R235.67 at 10% interest, R 319.00 at 15% interest, and R 402.33 at 20% interest.

Your individual credit score will decide the monthly repayment in the example above.

ABSA Home Loans

ABSA Home Loans are among the simplest ways to make your owning a home dreams come true, offering up to 100% financing on the home and the option of fixed or variable interest rates.

If you’re buying your first home or investing in a rental property, ABSA has a home loan plan that’s right for you.

ABSA Vehicle Loans

Are you looking for financing to buy the car you’ve always wanted?

ABSA offers customized vehicle loans that allow you to buy any car you want.

Installment Sale Agreement, Lease Agreement, Rental Agreement, and Islamic Vehicle Finance are the four vehicle finance options offered by ABSA.

Installment Sale Agreement allow you to keep the vehicle when paying it off, with a finance period of 24 to 72 months available. By opting for a balloon payment or a mortgage, you can save money on monthly payments.

The lease agreement provides you with the vehicle to use for the lease term, as well as the option to purchase the vehicle at the end of the lease period without incurring any obligations.

Rental agreements allow you to drive the vehicle of your choosing without the hassles of ownership, and they come with fixed monthly payments that are easy to budget.

What are the requirements for Personal Loans from ABSA Bank?

To apply for a personal loan from ABSA, the borrower must have a South African identity document, proof of residency, and the most recent three months’ pay slips or bank statements.

You may apply for these personal loans at any ABSA branch that is nearer to you, online through their website application form, or by calling their customer service representatives at 0860 100 372.

Benefits of Personal Loans from ABSA Bank

Online Application That Is Easy
Personal loans have a fast and convenient application process that is accessible via their digital channels, which include online banking, banking apps, and cellphone banking.

Increased Loan Amounts
ABSA, unlike its rivals, provides much larger loan balances of up to R350 000, which can be deposited into your account right away.

Interest Rates That Are Competitive
ABSA’s personal loan rates are one of the most favorable on the marketplace, and they’re personalized to your credit rating.

Credit Insurance Plan
ABSA Personal Loans have a Credit Protection Plan that protects your unpaid total debt if you are unable to repay your loan due to retrenchments, injury, or death.

Debt Consolidation
You can merge and pay off your smaller loans with ABSA Personal Loans, helping you with remain with a single, more affordable loan with lower rates and much more cash saving.