Today we will discuss the Absa express loan in South Africa.
This is a short-term unsecured loan with a fixed repayment term of up to six months.
The loan is perfect for you when you need money and want to pay it back quickly.
We will first show you the requirements to qualify for this loan.
What Are The Requirements For The Express Policy
Below are the basic requirements to qualify for an express loan:
- You need to be above 18 years
- A Valid South African ID document or smart ID card
- Proof of residence such as a municipal or rates bill
- A minimum monthly income of R1500
- Proof of income such as payslips or bank statements
- You should have a transactional account with Absa, which has been active for at least three months.
These are the basic requirements to qualify for an Absa express loan in South Africa.
Absa Express Loan
The minimum repayment term is two months, and the maximum is six months.
The maximum monthly interest rate is 5% for the first-time loan and 3% for an additional loan taken in the same calendar year.
For example, if you get a loan of R5 000 over six months at an interest of 5%, your monthly installment will be R1200.
You are charged an initiation fee and a monthly service fee accordingly.
You are required to apply for credit protection to protect the loan in the event of loss of income, critical illness, disability, or even death.
You can cancel the credit protection and replace it with your own existing credit life plan as long as it remains effective for the duration of the loan agreement.
This is how the Absa express loan works in South Africa.
How To Apply Or Register For Absa Express Loan
If you are an existing Absa customer, you can apply for the loan online through Absa internet banking or the app.
When you log in to the app, select loans and then select apply for an express loan.
Select the express loan option, read the terms and conditions of the loan, and agree on the repayment plan.
If you are a new Absa customer, you need to visit any Absa branch near you to apply.
This is all you need to know about Absa express loan in South Africa.