The personal loan interest is correlated to the usage of the funds given and calculated on the remaining loan amount. You can make extra payments which are accepted as capital reductions.
If you need extra money then you will have to apply for a new loan. This will be easy to get.
Features of the Absa Personal Loan
- Loan Amount ranging from R3,000 to R150,000
- Separate Loan account
- The interest rate on the loan will link to ruling reference rate
- You can choose the repayment period which suits your needs. Absa allows between 12 to 84 months (the lowest amount loan size of R30,000 for all applications more than 60 months)
- Equal monthly instalments and depends on rate changes
- You can easily pay back the loan through Debit Order
- If you happen to get all the money to pay back the loan (maybe through a bonus at work, or sale of an asset) then you can settle the debit for the absa personal loan at any time and you will not incur any penalty interest
Benefits of the Absa personal loan
- Extremely flexible and can be used to cover a wide array of needs
- You will get a separate statement which provides details of your loan in full
- You are not tied to a fixed rate and you always benefit when interest rates go down
- You pay the precise amount essential to repay the loan within the period selected by you, (remember based on the current interest rate in the market)
- You can plan exactly around the repayment date of your facility
- Credit Life Assurance on Personal Loans: The Credit Life offers benefits such as Death, Disability, Retrenchment and Dreaded Disease cover. If taken out, it will be serviced on a monthly basis
How to qualify for an Absa Personal Loan
- A good credit record and clear on Credit Bureau (you must not be blacklisted)
- A transaction account for the monthly debit order
- You need to have a minimum income of R2,000 per month
- Micro Loan – a flexible loan available from R2,000 to R15,000, with negotiable terms between 12 and 60 months.