Most South Africans do not know about the Absa debt consolidation loan. If you are among that number, this is the right place.
Please read through this guide to learn about it.
This facility is designed to ease debt consolidation for Absa clients.
It is basically a home loan and cheque account accessed by Absa internet banking with a single management fee to cover your everyday transactions.
We will first show you the benefits of this loan.
Benefits Of This Debt Consolidation Policy
You can use your fully secured assets and utilize equity available in your home loan to consolidate your debts.
You get to save a substantial amount of interest by consolidating your debts into a flexible home loan.
Financial harmony also increases the property value of your home.
You can consolidate your debts by two levels, that is, the cost efficiency through the single fixed management fee and by linking all your accounts into one facility.
Financial harmony gives room for more control and ease of financial management.
You also save on the fee costs and pay only one fixed monthly management fee that includes internet, telephone banking, and daily transactions.
These are the major benefits of the Absa debt consolidation loan in South Africa.
Absa Debt Consolidation Loan
Your monthly income should be at least R2 000 for you to qualify for this loan.
The fixed monthly fee is R190 and covers all daily transactions like debit orders, cash deposits and withdrawals, transfers, subscriptions, home loan administration fees, and electronic banking.
You are not limited to the number of transactions so that you can transact as much as possible for the fixed fee.
You also get an immediate interest rate benefit when you pay funds into a home loan.
When you successfully apply for the home loan, you get up to110% access to equity available in a secured asset.
This is how the Absa debt consolidation facility works in South Africa.
How To Apply Or Register For Absa Debt Consolidation Loan
You can apply online through https://www.absa.co.za/personal/loans/manage-my-debt/explore/.
You can also apply at the nearest Absa branch.
You need to produce your South African ID and proof of residence not older than 0 days.
You also need proof of income, such as the three latest bank statements.
This is all you need to know about the Absa debt consolidation loan in South Africa.