ABSA Bank Loan

Below is the information on the ABSA Bank Loan.

No matter what your plans are, we’ve got a personal loan that suits your needs

How to apply and get your money fast

All you need is

Your ID book or card
Proof of residence (not older than 3 months)
Last 3 months payslips or bank statements

You can apply online, through a branch or by calling our call centre.

Do I qualify for a personal loan?

To apply for a personal loan over 12 months or more, you need to:
Earn a regular monthly income of at least R2 000 per month
Have a bank account into which your income is paid
Be 18 years or olderTo apply for a smaller personal loan over 2 to 6 months, you need to:
Earn a regular monthly income of at least R1 500 per month
Have an active Absa bank account into which your income is paid
Be 18 years or older

What could my loan instalment be?

Repayment term:
From 12 to 84 months (from 2 months for current Absa customers)

Interest rate:
Personalised Annual Percentage Interest Rate (APR), up to the maximum of prime +17,5%.

Estimated interest repayment:
The estimated monthly repayment on a R50 000 loan taken over 36 months at an interest rate of 21% per month would be R1 998*.
*Includes all service and initiation fees.

Credit Protection Plan:
The Absa Credit Protection Plan will cover you in the event of death, disability, critical illness, terminal illness or loss of income. Credit life insurance is mandatory for all personal loans.