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What Are the Interest Rates of ABSA Personal Loans?

Absa was created in 1991, and since them, it has been offering the most convenient services related to investment, insurance and lending. In order to help as many South African citizens as possible, the bank has branches scattered in all the areas of the country and we will show you how to find them.

                If you keep on eye on this article, you will collect data about the different personal loans that this important institution has ready for you. You can apply for loans that will be useful to finance the purchase of any need, even to make home improvement, to invest on education, or to pay for car of vacations. What is more, you will also find exact information about how it is possible to have access to such outstanding programs.


1. Instant loan:

                One of the most popular loans of ABSA Bank is the instant loan. With this quick and easy program, you can borrow from R250 to R3000. The loan amount has to be repaid in a minimum period of 35 days. It is important to know that as initiation fee, you will have to pay 10%.

                In order to be eligible for any of the programs offered, you have to an employer earning a salary of, at least, R250 and a saving account open at the company. Nothing else!

2. Express loan:

                Another program that lends higher amounts of money is the express loan. In this case, you can borrow from a minimum of R1500 to a maximum of R8000. As far as financing is concerned, terms can go from 2 to 6 months and interest rates are near 5%.

                If you are interested in this program, you have to take into account that you are required to have a salary of at least R1500 and a bank account to deposit the money. As far as documentation is concerned, bear in mind that you need your identity document, a proof of residence, your latest paystub and if you usually work with another bank, the last three bank statements.

3. Personal loan:

                Fortunately, if you are thinking about how to finance a mayor purchase, such as car or a vacation for all the family, there are other loans that offer even higher amount of money. In the case of personal loans as such, they offer from a minimum of R3000 to a maximum of R350000. As amount of money are higher, financing periods can be longer. In fact, terms range from 12 to 84 years. As far as interest rates are concerned, this program is subject to a prime interest rate plus 10.5%.

                Before starting an application, you have to earn more than R2000 per month and have an open bank account. Besides, you will have to show some documentation, such as the identity card, a proof of residence and your last paystub (similar to express loans).

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                Now you have a general idea of what are the loans about, let’s see how interest rates increase of decrease: 

-Imagine you want to borrow R20100. There are many financing periods available. If you want to pay the loan bank in one year, you will get an interest rate of 21%. As a result, you will pay a twelve monthly quote of R2051. That means a total repayment of R24619. The same amount can also be financed in a longer period: 4 year. If you can keep the same interest rate, you will pay 48 monthly quotes of R727. That means a total repayment of approximately R34900.

-If you need a higher amount of money, financing may vary completely. In case you need R300000, installments may increase. Let’s keep the same interest rate -21%- so that you can compare. If you want to repay the loan in one year, you will pay twelve installments of R28000. If you think that this is a high amount, you can choose a longer period: 5 years. As a result, you will have to pay 60 installments of R8216.

                Once you have an idea of the programs, it is also important to know how you can apply for them and here we show you the ways:

-First, you can contact the bank by phone. For general questions, the line available is 0860 008 600. To get specific information about personal loans, you can dial up 0860 100 372. Both lines are open 24/7.

-Secondly, you can contact the ABSA via internet. In fact, you can start online application without the need of leaving your home. You enter the official website, choose the loan you prefer and click on apply now. What is more, you can also send e-mails to representatives to the following address:

-And last but not least, you can also get more personalized attention. This is possible visiting an ABSA agent who is waiting for you in any of the following offices, among others:

                *There is one located in the Shopping Center of Thohoyandou. It is located in the Main Road and it is open every day, except for Sunday. You can also contact this office by phone calling 15 960 9600.

                *Another branch can be found in Kimberley. The exact address is 71 Du Toitspan Rd and its doors are also open Monday to Saturday. The exclusive phone number of this branch is 53 839 5200.

                If you want watch a movie in a new television, go on vacation in a new car or even to remodel your home, ABSA personal loans are all you need. Depending upon the need you have to cover, there are different programs with the most convenient financing. You can borrow from R250 to R350000 and repay in the way that is most beneficial for you. Don’t make money ruin your life. Go to ABSA and enjoy take advantage of its programs!

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Questions and answers

Can I apply for ABSA loans online?

Yes, you can!

I am 19; can I apply for a loan?

Do payments vary in personal loans?

No, as interests fixed, payments remain stable.

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