Absa Personal loan: calculate and show you the best offers

Without requiring a collateral, Absa Personal Loan provides you the loan for South African citizens to enjoy the money of choice totally free. So if you are planning to renovate your home, celebrate a wedding, travel to other places and enjoy a vacation, go to parties and much more, a personal loan is always the best option of easy financial access to help you. 

Absa personal loan services are known for having a lower interest rate than a credit card. Because of this, customers often use it in order to pay off their own card debts using the borrowed money. 

In addition, the monthly amounts are not variable, containing a fixed payment amount for the customer and making it easier for those who have an unstable income stream.

Obtaining Your Absa Personal Loan

Flexibility is one of the strengths of Absa’s loans, as it places no limits on small or large loan application amounts, coming in at R250 up to R350 000.

If you want to feel secure with issues of serious illness, disability, death or reduced spending Absa Personal Loan provides you with a credit protection plan to cover these unfortunate eventualities. 

Absa also provides a price guarantee program. Standing out among competitors when it comes to interest rate, always excelling with the lowest percentage. It is a guarantee of Absa having the best offer, offering a lower rate than other financial institutions may offer, always customizing to the terms of your current personal loan and with a significant reduction in monthly repayments to make it easier to pay those installments. 

The deadline to apply for the Price Guarantee program and take advantage of its benefits is 30 business days after receiving your Absa personal loan, by contacting the institution itself and requesting a form. 

It is possible to take advantage of the pre-approval benefits to get another personal loan in the future.

Interest and rates

The APR for the Absa personal loan is dependent on the prime rate being more than 18%. A service charge and a one-time fee are charged every time you apply for the loan. 

The smallest possible loan amount is R3 000, and it is possible to be interest-free if payment is made within a month. 

To make your financial analysis easier, Absa’s website has a loan calculator so you can check the best repayment terms for the loan you select. A great simulation for you to take better care of your financial situation and not spend unwisely.

Repayment schedule

The amount borrowed and the repayment terms are interlinked; the larger the amount borrowed, the longer the term, and the smaller the amount, the shorter the term, reaching a minimum of 6 months and a maximum of 84 months. However, the longer the term, the higher the interest rate and charges will be.

How to request the ABSA Personal Loan

• Access the Absa Personal Loan portal and click on “Apply now”.

• If you are an outbound customer – click on Absa Customer and then use Online Banking Login to Absa Online Banking

• Accept SureCheck

• You will then receive a pre-approved loan amount and term. It is optional to enter the amount you would prefer to get the loan and the given time period. 

• After this information, the calculator will make an installment calculation linked to the criteria you have entered. 

• Fill in the necessary details

• Confirm your personal data

• Confirm your employment details

• Confirm your income and expenditure details

• After filling in, you will then be shown which ones best fit your profile, leaving you the option to Accept, Save or Reject the offer.

• If you accept the offer, activate the notification of your loan agreement

• Review the details of your DebiCheck debit request and finally click on accept

• And that’s it! You can enjoy your already approved loan and in a short time it will be deposited in your account

For new ABSA customers, the following documents are required:

Personal identification book or card

Proof of residence, no older than 3 months. For example: a statement from the municipality, a rental contract or lease, a statement from Telkom or cell phone.

Last 3 months of bank statements

Finally, you can fill out the loan form according to the instructions described above. 

ABSA Personal Loan Calculator

ABSA’s personal loan calculator gives you a preview of the amounts you will need to repay and also that you would like to receive, all tied to the term also selected by you.

The details displayed by the ABSA personal loan calculator are:

• Total repayment

• Total interest paid

• Total Credit Protection Plan

• One time initiation fee

• Monthly service charge (this is a fixed amount of R69 for all ABSA loans)

• Your estimated monthly repayment

Do I qualify for an ABSA personal loan?

To find out if you can get a personal loan with ABSA, you need to meet the requirements listed below:

• be 18 years of age or older

• earn a minimum monthly income of R2 000 per month

• have a South African bank account into which your income is being paid

If you want a short-term personal loan for 2 to 6 months, the requirements are:

• be 18 years of age or older

• earn a minimum monthly income of R1 500 per month

• have an Absa bank account into which your income is being paid

Not be connected with debt counseling or be delinquent in debt. If you have passed this debt analysis, you are able to move on to the next step and apply for a personal loan.

Contact details

To contact ABSA you can call 0860 100 372 or look for one of the Absa branches nearest you.

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