Absa Bank Personal Loan Full Review
Meet Absa Bank and the personal loan you have been looking for, borrow up to R350.000, and get the boost your life needs
Have you been looking for a high-amount personal loan with fairly low interest rates and a longer repayment term? Then check out the ABSA Bank Personal Loan!
With Absa’s loans, you can borrow up to R350,000 while still enjoying the bank’s exclusive advantages and rewards.
Got interested? Check out the major benefits, amounts, fees, and terms you need to know about Absa Bank’s personal loan.
Who is Absa Bank?
A renowned bank in South Africa, Absa Bank has been operating for more than 150 years, making it one of the oldest financial institutions in the country.
With over 800 branches and 4,000 ATMs throughout South Africa, Absa Bank is proud of its commitment to providing high-quality banking services for its customers.
Currently, Absa Bank offers a wide range of financial products and services, including personal and business accounts, investments, insurance, wealth management, personal loans, and much more.
How does an Absa Bank personal loan work?
Designed to meet your specific needs, Absa Bank’s personal loans can be used for a wide variety of reasons.
From debt payment to medical expenses, educational needs, and even a vacation, you can use Absa’s personal loans for whatever reason you might want.
You can borrow any amount from R350 to R350,000, depending on your financial situation and credit history.
The loan terms range from 12 to 84 months, giving you flexibility in choosing a repayment schedule that works for you.
One of the best things about Absa Bank’s personal loans is that they are unsecured, which means that you don’t need to provide collateral to secure the loan.
And even with all those benefits, Absa Bank’s personal loans have one of the most competitive interest rates in the country, with rates starting at 13.5% APR.
It’s worth noticing that your actual interest rate will depend on your credit profile, income, and other factors.
Besides all of its benefits, high amounts, and longer repayment terms, Absa Bank’s personal loans offer various advantages.
Those advantages begin with Absa’s lack of an early payment fee, which allows you to pay off the loan before its terms end without paying any kind of penalty.
That means you can pay a lot of money in interest over the years, making the loan more affordable to you.
And even before applying, you can access ABSA’s website and make full use of their personal loan calculator to estimate your monthly payment amount based on the terms that best suit you.
You can also enjoy Absa’s Loan Insurance, which can get your monthly instalments covered in case of a sudden loss of income, disability, critical or terminal illness, or even death.
Other advantages include:
- Quick and easy application process
- No collateral is required.
- Flexible repayment terms
- Competitive interest rates
Lastly, Absa Bank also offers a rewards program called Absa Rewards, which provides cashback rewards for using Absa Bank’s products and services.
Are there any disadvantages?
As with many other financial products, while Absa Bank’s personal loans have many advantages, there are a few things to consider, beginning with its fees.
For start, Absa Bank will charge a one-time initiation fee and a credit protection fee for every personal loan you might contract.
For example, a Rs 50,000 personal loan would incur an origination fee of Rs 1,207 and a credit protection fee of Rs 121. The bank also charges its clients a monthly service fee of R69.
It is also important to notice that Absa Bank will charge you for late payment, and default penalties may be applied as well.
How do I apply?
If you’re interested in an Absa Bank personal loan, tap the green button and learn all the requirements you must meet before applying.