Absa Bank Personal Loan (South Africa) is owned and run by the Barclays Africa Group. They offer such financial services as short term loans, wealth management, corporate and investment banking among other retail banking services.
They offer personal loans in a range of up to R350,000 with flexible interest rates and repayment duration of up to 84 months, with provisional pre-qualification for members.
For a loan of R50,000 with a repayment of a duration of 36 months, a monthly fee of R1997 at an interest rate of 21% including a service fee.
To apply for a loan, specifically for personal use, these requirements must be met.
1. An applicant must earn at least R2 000 regularly per month
2. Must be at least 18 years of age
3. Be able to provide the bank account into which monthly salary is paid
4. Must have a valid identification or a smart card
5. Must have a verifiable residential address
6. Must provide 3 of most recent pay slip
Absa members also have an option for instant loans from any ATM ranging from R250 to R5000, when these requirements are met.
1. A good credit record
2. A regular monthly income of R250 or more
3. An Absa bank account into which your monthly salary is paid
4. You must be 18 years of age or older
Absa bank offers 3 ways by which an applicant can apply for funds. The most popular is through the internet. The second is by visiting a branch of the bank or calling the customer service office.
They also provide financial services for home loans, Car loans, and college financial aid. Their home loan offers flexible repayments terms. Payment can be made over a term of up to 30 years. The applicant also gets to choose from a range of options of interest rates.