ABSA Personal Loan Requirements

ABSA Personal Loan

ABSA, a child of Barclays Bank, was founded in 1991 as a merge of several financial providers in South Africa, namely, United Bank, Allied Bank, Sage and Volkskas Bank Group. Its headquarters is in Johannesburg, South Africa. ABSA Bank offers the following financial and banking products and services to customers: ABSA Personal Loan, International banking, prepaid debit card, credit cards, transactional accounts, investment, and saving solutions.

The abbreviation ABSA stand for Amalgamated Banks of South Africa Limited. This financial lending service institution is a part of Barclays Bank PLC-the biggest shareholder with a shares stake of 55.4%. The bank prides of over 40K permanent employees, R1.288 trillion assets, operating income of R21.5 billion, and revenue of R75.7 billion as of 2018.

ABSA also offer bank assurance, wealth and property management services. ABSA financial loans can be used to pay school fees, cater for vacations, and carry out long-term investments. Their trading hours are as follows:
Monday-Friday 8.30 to 3.30 pm, and 8 am to5pm
Saturday 8 am to 11 am, and 8 am to 1 pm.
Sunday- closed and 9 am to 1 pm

ABSA Personal Loan Requirements

Besides collateral, for a customer to apply for loan, s/he must have:
• A clean credit record. This means that the applicant should not have defaulted paying for any credit from other money lending institutions.
• A Smart ID card from the republic of South Africa
• Be 21-60 years old
• A regular income of R250 or more per month
• Receive their salary through an ABSA account
• A good credit score
• Ordered and received a copy of their credit report
• A record of paying bills and debts in time
• Submit a joint personal loan application form with a creditworthy cosigner
Customers who want to determine if they qualify for ABSA loan can view their limits at any ABSA ATM or ABSA online.

Loan Application Process and Application types

To apply for a loan, an applicant should use any of these three methods:
• Apply it online
• Contact financial consultant on 0860 100 372
• Visit the nearest ABSA branch for help
The manual application process requires the applicant to get a personal loan form from the nearest branch, fill in the personal and financial details, attach the relevant documents, and submit it for approval as soon as possible. On the contrary, the form can be filled and submitted online within no time. Upon submitting all the required materials and information, ABSA financial consultants approve or turn-downs the application within 2 days and 1 week.

ABSA Personal Loan Interest Rate

The repayment period is often between 6 and 72 months, based on the amount borrowed. ABSA personal loan interest rate varies between 6% and 36%. The actual rate a customer is assigned varies based on a number of factors such as credit score, annual income, credit history, and current debt. For instance, if a customer borrows R20, 000 at an interest rate of 5% and a payment period of 5 years. Using the ABSA loan calculator, they should enter the loan amount as ‘R20, 000’ and ‘5’ as the repayment term, and 5% as the annual interest rate. Their monthly repayment amount will be R377.42.