A personal loan can be used for different purposes, be it purchase of personal effects or development of a project. Every purpose has an application structure. This product, among many others run by the ABSA Bank personal loan, forms a strong financial culture which spun across the monetary sector. The process allows a customer to apply for a loan with flexible terms and the best interest rate in the market.
Features of ABSA Bank Personal Loan
- All persons above 18 years are eligible to access the loan.
- The loans have a repayment schedule of between 1 and 7 years. This is dependent on the size of the loan and the payment agreements.
- The bank has a maximum Personalized Annual Percentage Interest Rate (APR) of 17.5%.
- The repayment model is based on the amount taken as a personal loan. For instance, the amount paid per month for an R 50,000 loan with a repayment span of 3 years with a 21% interest rate, is R 1,997. The amount is inclusive of a service fee paid per month and an initiation fee paid with the first installment.
- ABSA bank has a credit protection plan; a surety of loan payment completion from the ABSA Life Limited. In case of any fatality or delay in payment based on unforeseen factors, the loan payment will be completed.
Why Personal Loans Stands Out
The amount given rated against the payment period shows flexibility in payment. With a maximum of R 350,000 and repayment duration of up to 84 months, the loans are among the most competitive in the market.
ABSA bank members have an added advantage in loan acquisition. There is a pre-qualification process that allows one to check his or her loan limit online. If the customer has a good repayment record, the chances for qualifications are higher.
The loan can either be accessed online or in one of the numerous bank branches. If applying online, fill in the required details on a form provided and submit. For physical bank applications, visit any branch, talk to the credit officer and make the application.