In our guide today, we will briefly discuss the Absa personal loan in South Africa.
If you want a personal loan to cater to your needs, Absa is the solution for you.
The loan can be either short-term or long-term, and you get a personalized interest rate.
We will first show you the qualifying criteria for these loans.
Qualifying Criteria For Absa Personal Loan
Below are the primary requirements to qualify for an Absa personal loan:
- You should be 18 years or older
- You must provide your ID or smart card
- Proof of residence not older than 90 days
- Proof of income not older than 90 days
- Active Absa bank account
These are the main basic requirements to qualify for a Personal loan in South Africa.
Absa Personal Loan
You need to earn a regular monthly income of at least R1500 per month to apply for a personal loan over 2 to 6 months.
To apply for a loan over 12 months or more, you need a minimum monthly income of R2000.
If you are an existing Absa South Africa customer, you may have a provisional loan offer available for you.
You et a personalized annual percentage interest rate of up to a maximum of 17.5%.
The interest repayment included all service and initiation fees.
This is how the Absa loan works in South Africa.
Now that you know how the personal loan works, we will show you why you need a credit protection plan on your loan.
Why You Need A Credit Protection Plan
You should have a credit protection plan which will alleviate your family’s financial burden if you are diagnosed with either a terminal illness, critical illness, loss of income, temporary or permanent disability, or in the event of death.
The plan covers your monthly installment for a limited time if you become temporarily disabled or are unable to earn income.
You can make multiple claims for temporary disability and loss of income.
The outstanding balance on your personal loan is paid in the event of permanent disability, terminal illness, or death.
Plan A covers all the five events of misfortune, whereas plan B does not cover loss of income.
This is why you need credit protection for your Absa personal loan in South Africa
