In our guide today, we will focus on Absa private banking universal package in South Africa.
This structured lending solution provides Absa private banking clients with a tailor-made credit facility to support wealth creation aspirations.
We will first show you what you need when applying for the universal package.
Requirements For Private Banking Universal Package
Below are the requirements to qualify for this package:
- You need proof of income such as payslips for full time employed individuals
- Self-employed individuals should provide their latest business financial statements and confirmation from auditors
- You need proof of residence, such as a utility bill
These are the basic requirements for the Absa private banking universal package in South Africa.
Benefits And Features
We will now show you the benefits and features of this package.
The product offers an amortizing loan with over 20 years loan term.
You can set up sub facilities within the universal package, each with its own unique description and own statement for simple account management and proper taxation.
Payments for each sub-facility are managed through a different monthly debit order.
Current accounts are linked to this package for your day-to-day financial needs.
The current accounts linked are the private banking account, practice management account, and private banking Trust.
The package may be held by individuals, trusts, and professionals, including entities registered as close corporations, Pty’s incorporated companies’ partnerships, and sole proprietors.
These are the features of the Private banking universal package in South Africa.
Absa Private Banking Universal Package
You are flexible to manage your day-to-day banking transactions using a private bank account, Practice Management Account, or a Private Trust Account.
You can utilize various collateral types as security and obtain an overall lending limit at one home loan interest rate.
The collateral used includes residential properties, commercial property, share portfolios, fixed deposits, investments and endowment policies, and offshore investments.
You can use the available funds within your limit in any way you want.
You can take advantage of an investment opportunity to invest, purchase a new home, or travel worldwide.
This is all you need to know about the Absa private banking universal package in South Africa.