Compare the best loans of South Africa and find the lowest rate
ABSA is a company that gives you the power to carry out different actions and apply for varied loans. The application is fast and easy and the calculators are at display for you to use. You can borrow, invest, apply for a loan and get financial aid for any purpose you may have in mind. This company has been in the industry for many years now and is ready to show you what it can offer. It provides banking solutions and cards. The accounts are also created for students and graduates to help them pay for tuition, college and classes, which can be incredibly expensive. Besides, you can also do international banking with ABSA. In this essay it is possible to find details of loans, calculators, email address and ATMs to save you the effort of looking for this information somewhere else.
What are the offers at ABSA when it comes to loans?
At ABSA, you will come across loan amounts as well as repayment terms that are flexible. These loans can be of a maximum of R 350 000 and the term for repayment can reach up to a total of 84 months. The company gives you the possibility to compare the loans and choose what is most convenient for you. You can even be pre qualified at ABSA, especially if you are a customer of the company. With a price guarantee given by ABSA, you will be able to reach the best interest rates possible.
Getting to know the loan details at ABSA
There are a few details that will help you better understand the features and details of the loans at ABSA. In general, the loans are similar to the ones provided by other South African companies but there are certainly some brilliant differences to benefit you:
The term for repayment can be of a year up to 84 months
The rates can be personalized, which means you get to negotiate your own rate and can reach a maximum prime of +17,5%
If you want to get closer to an estimation of an interest repayment, then your estimated repayment could be regarding a loan of R50 000 in a period of 36 months. Now imagine that if this loan is set at 21% monthly, then your interest repayment could be of R1 997. In this amount is being included the initiation fee as well as the service fee.
You can access a plan for credit protection at ABSA. It provides protection in cases of critical illness, death, retrenchment and or disability. In order to get this cover, you should apply for loans of amounts that do not exceed R15 000.
Are there any requirements for you to apply at ABSA?
The ABSA applicants are asked to earn a monthly income (regular) of a minimum of R2 000 monthly. They must have a bank account where they receive their income and they for sure must be of 18 years old.
Additional information regarding ABSA loans: do you need to bring something with you?
You will be asked to show a smart card or a valid ID document that proves you are a South African citizen
You will have to show proof of residential address. This can be done through rates bill or a municipality bill that does not exceed the three months old
The last three bank statements per moth
Are there any online loan calculators at ABSA?
Learning to use an online loan calculator is easier at ABSA. You have three different categories:
For personal loans
For revolving credit
The calculators are easy to use. You have to introduce the numbers, always respecting the limit and you will obtain the estimated values. Let us calculate for a personal loan. If the amount you are interested in borrowing consists in R 250 and you need it for a month, then your estimated repayment would be of R 275.00 per month. The initiation fee would be of R25.00. The qualifying criterion for this loan is that you must earn R12, 000 each month.
What if you want to calculate overdraft? In that case, imagine that you want to access R500 and the amount to be used regularly is of R500. The interest rate could be set at 14%. Therefore, your monthly repayment would be of R74.83. The monthly interest that is paid would be of R 5.83 while the monthly service fee would be of R69.00.
What if, on the other hand, you want to calculate revolving credit? In that case you only have to introduce the amount you are interested in borrowing, such as R15000. Hence, your monthly repayment would be of R375.00 since your monthly fee would be of R69.00 and the initiation fee would be of R1, 050.00. In this particular case, the qualifying criterion is that you earn R8, 000 each month.
Are there any ABSA ATMs?
There are multiple ATMs that you can browse. There are ATMs in Cape Town, in Messina, in Nance field, for instance, and you can ask ABSA to provide you with directions in order to get to any of the ATMs. Here you will find some bits of information that are useful:
The requirements were established before, but the main requirement is the age, the ID (which must be valid) and the income per month.
011 501 5050
In conclusion, ABSA might be the solution you were looking forward to solving your financial issues. It is simple, fast and easy. What else do you need? The company will help you find the right insurance, deal with overdraft and even find creative solutions for revolving credit. A loan might make a difference in your life when it gets hard. Call today and receive further information to decide on what is best for you. If you are not sure yet, you can contact a member of ABSA and they will guide you with anything you need.