The ability to access cash whenever you need it is an enticing solution to many financial glitches faced by individuals and families. Absa has recognised this need and has endeavoured to become the first choice in credit provision. Absa’s Revolving loans are available to Absa transactional account holders earning R8,000 or more per month. The credit facility is an on-going or ‘open’ loan facility for an agreed amount. Provided a minimum of 15% of the approved loan has been repaid, you can 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 re-apply each time.
With Absa Revolving Loans, the borrower has the flexibility to decide how often they want to withdraw from the loan and at what time intervals. These are not considered term loans because, during this allocated period of time, the facility allows the borrower to repay or take the loan out again. Borrowers may use as much of the credit as is available and only pay interest on what they have used.
Absa’s Revolving loan service is suitable for individuals who would like on-going access to a facility of between R15 000 to R150 000 (subject to a maximum of three times your gross monthly salary.) Applicants need to be at least 18 years of age or older. They need to be South African citizens or permanent residents. Advantages available are the fixed monthly repayments that do not fluctuate. Interest is based on clients’ individual risk profiles. A Credit Protection Plan is included.
To benefit from Absa’s Revolving Loan service, call: 0860 100 372.