ABSA is a financial services group which has different products like ABSA Personal Loan, home loan, car loan, credit card and saving plans. It’s headquarters are located in Johannesburg, South Africa. It was formerly known as Barclays Africa Group Limited and began as Amalgamated Banks of South Africa, hence the abbreviation ABSA.
They are an African brand, being the majority shareholder in 11 African banks with two being in Tanzania. The other nine are in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Uganda, and Zambia. There are two representative offices in Namibia and Nigeria, and insurance operations in six countries including Botswana, Kenya, Mozambique, South Africa, Tanzania, and Zambia.
ABSA Personal Loan Interest Rates
The ABSA personal loan is flexible in terms of the amount and the repayment term. A customer can get a personal loan of up to R350,000 with a loan repayment term of up to 84 months. If the amount borrowed is R3,000, then the repayment term is around 12 months. So the range that can be borrowed is R3,000-R350,000 and the range of the repayment term is 12 to 84 months. There is also the express loan where customers can borrow from R1,500-R8,000 with the repayment term being 2 to 6 months.
The APR can be up to the maximum prime of +17.5%. Personalised Annual Percentage Interest Rate (APR) will be applied. So if a customer borrows R50,000 that has a repayment of 36 months at an interest rate of 21% per month, the amount he or she will be paying is R1,998. This amount also includes a monthly service fee and a one-off or one-time initiation fee. Sometimes a customer might find an interest rate that is lower at a financial institution other than that of the ABSA personal loan. If the customer receives a lower interest rate elsewhere for a product that is the same as an ABSA personal loan, they can get an interest rate that is lower than the competing offer.
ABSA Personal Loan Application
In order to apply for loan, there are certain requirements that have to be met. The applicant has to be 18 years of age or older with a bank account where income is deposited. There also has to be a regular monthly income of at least R2,000. There are three things that the applicant has to bring with them to help with the process. A valid South African ID document or smart card, proof of residential address such as a municipality or a rates bill that is not older than three months. The third requirement is the latest three pay slips or three months’ bank statements. Customers can apply online, visit their nearest branch or apply over the phone.
There are different types of personal loans to choose from. In addition to the two mentioned earlier, the personal and the express, there are three others to consider. There is the Revolving Credit Facility and the Overdraft. The Overdraft is loaded into the cheque account. The Switch and Save is another type of loan for personal use where you can change loans if the repayment is too expensive. The Quick Cash or Instant loan is another option. It is best to speak with an advisor to know what’s best for different situations.
If you need more help you may feel free to call them on 0860 100 372. Please note that you may apply online, through a branch or by calling their call centre.