Finance your life with a ABSA Revolving Loan if you are a ABSA customer who is earning more than R 8000 a month, a Revolving Loan will allow you to access funds whenever you need it.
A Revolving Loan is an ongoing or ‘open’ loan facility for an agreed amount. Provided a minimum of 15% of the approved loan has been repaid, you can re-borrow back to the approved limit without affecting your monthly repayments. This means that you can access the available funds whenever you need them, without having to reapply each time.
A Revolving Loan could be the right choice if you:
- Would like ongoing access to a loan of R15 000 or more
- Do not want to have to reapply each time you withdraw funds
- Would like fixed monthly repayments that do not fluctuate with changes in the prime rate
- Are a South African citizen or permanent resident, 18 years or older, with a valid identity document
- Earn a minimum monthly income of R8 000
What you get?:
- Ongoing access to a loan between R8 000 and up to three times your gross monthly salary (Subject to credit risk assessment)
- Fixed monthly instalments calculated as 1/40th of the approved loan amount (please note that this does not translate into 40 equal payments)
- The ability to pay your loan off faster as additional deposits are accepted as capital reductions
- An affordable Credit Protection Plan to settle the outstanding balance in the case of death, disability or retrenchment
- Interest rates based on your individual risk profile