Absa Multiplan Account

Absa Multiplan Account 2023, Structure Your Home Loan Into More Accounts

Our guide today will focus on the Absa Multiplan account in South Africa.

We will start by briefly explaining what a Multiplan account is.

What Is A Multiplan Account

This account allows you to structure your home loan into multiple accounts to suit your individual needs.

You save interest by financing more debt at the preferred home loan rate over a short time.

This Multi-Plan account is ideal if you want to finance a second-hand car, buy furniture, improve your home or finance your education expenses.

Now that you understand what a Multiplan account is, we will go ahead and show you exactly how the account works.

Absa Multiplan Account

The account consists of a primary account which is your original home loan account, and one or more secondary accounts.

Each Absa Multiplan secondary account will have its own repayment term, which does not exceed that of the primary account.

The account will also have its own statement, Flexi Reserve and an interest rate option, whether fixed or variable rate.

You will repay each loan separately through a debit order.

Every secondary account has its designation. Examples include; A New Car Account or Ken’s College Account.

 When you opt for the Flexi reserve on each Multiplan account, you can access any additional funds paid into the account.

This account is highly flexible and a cheaper money management tool.

You can increase your Absa home loan and set up Multi-plan accounts by applying for a further advance if there is equity in the property value.

You can also apply for a ReAdvance to take your loan back up to the loan granted amount.

This is how the Absa Multiplan account works in South Africa.

We will now show you the requirements to qualify for this account.

Requirements To Open This Account

Below are some of the primary requirements for this account:

  • Should be a South African resident 18 years or older
  • A valid South African ID or smart card
  • Qualified for Absa home loan
  • Need to provide valid proof of residence not older than three months.

These are the basic requirements to qualify for the Absa Multiplan account in South Africa.

Here is the list of other great and recommended guides:

New Business Loan, Money Builder AccountMoney Market, Online Loan, Payday Loan, Pension Backed Loan, Notice Deposit, New Business Account, Non-Resident Account, Private Banking, Gold Value Bundle, Transact Account, Open New Account, Savings Account, Overdraft Cheque, Student Account, Additional Credit Card, Affinity Card, Prestige Account, Premium Account, Private Wealth, Visa Signature Card, Absa Stikvel Account.

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