Have you heard of the Absa revolving credit facility in South Africa? Do you know how it works? If not, then read through this short guide to learn.
You can get funds when the need arises without reapplying for funds with this product.
The name revolving credit came about because the loan continually revolves.
You have to meet the requirements set up by Absa bank.
We will show you the requirements to qualify for this product
Requirements For Absa Revolving Credit Facility
Below are some of the standard requirements to qualify for the Absa revolving credit facility in South Africa:
- A valid RSA ID or smart card
- Applicants must be 18 years or older
- Proof of actual residence, such as a municipal or rates bill and cellphone statement.
- Regular monthly income of at least R8 000
- You should have an Absa bank account into which your income is paid
These are the basic requirements for Absa revolving credit facility in South Africa.
Absa Revolving Credit Facility
You can apply for a facility between R15 000 and R150 000, and there is no maximum loan term.
The loan term for this product is indefinite, so you can keep on applying for this loan.
You can revolve back to the Absa original facility limit or any amount lower than the limit once you repay 15% of the facility limit.
Your monthly payments should remain consistent and should only change when the service fee changes.
The minimum repayment term is 12 months, and the maximum is infinite.
The credit protection plan is essential to cover the loan in the event of terminal or critical illness, loss of income, permanent or temporary disability, and even death.
To qualify for credit protection, you should have a revolving loan with a limit of R200 000.
This is how the revolving credit facility works in South Africa.
Absa Credit Facility Interest Rates
You receive a personalized annual percentage interest rate (APR) of up to a maximum of +14%
The monthly installments include a monthly service fee and a once-off initiation fee.
For a revolving facility of R50 000, you are expected to pay a monthly installment of at least R1 319.
This is all you need to know about Absa’s revolving credit facility in South Africa.
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