If you are looking for how Absa revolving loan work in South Africa, then you are at the right place. Read through this guide to know.
We will start by explaining what revolving loans are
What Is Absa Revolving Loans
This lending arrangement allows you to receive paid-back money from an existing loan.
This product provides consumers with a continual credit line ranging from R15 000 to R150,000 without the need to apply for a new loan each time.
The product is a lifesaver; if you don’t want to keep reapplying for a loan, you need credit but still need credit.
Now that you understand what an Absa revolving loan is, we will show you exactly how the loans work in South Africa.
How does Absa Revolving Loan Work
You can take the loan if you have paid at least 15% of your existing loan.
For example, you take a loan of R100,000 and repay R15,000, you can ask the bank to reborrow the R15,000 regularly.
This Absa South Africa loan has fixed interest rates which means that the interest rates will remain the same during the loan term even if you reborrow your loan.
Your credit profile and affordability determine the interest rate.
The personalized annual percentage interest rate is up to a maximum of 14%.
You are expected to pay at least R1 319 of a revolving credit loan taken for R50,000.
This includes the monthly service fee and a once-off initiation fee.
You are provided with a credit protection plan that protects you from sudden events like loss of income, illness, and death.
Absa will pay off your loan in incase any of the above happens.
This is how Absa revolving loans work in South Africa.
We will now show you exactly how to apply for the loan.
How To Apply For The Revolving Loan
You have to be 18 years or older and with an active transactional Absa account to apply for the product.
You need to have a minimum monthly income of R8, 000 and have a valid South African ID to qualify for the loan.
You can apply online through online banking or the Absa banking app.
You can also visit the nearest Absa branch, where you will be guided to apply for the loan.
You can also contact Absa customer care at 0860 100 372.
This is how to apply for an Absa revolving loan in South Africa.
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