Absa Personal Loan Interest Rate
Overview
In recent years more South Africans have come to rely on personal loans to help them meet their most pressing financial emergencies. While South Africans borrow from family and friends occasionally, research has shown that more people are turning to personal loans as a final solution.
Absa bank, one of the foremost financial service providers in South Africa offers a range of products and services. One of these is the Absa Personal Loan.
The Absa Personal Loan is an ideal solution for individuals looking to find ways to pay for their tertiary education costs, for repairs on their cars or for renovations on their home.
Documents required to apply:
- Valid proof of ID
- Proof of residence
- Latest payslip
These loans are offered at competitive interest rates. Personal loan interest rates can be described as the fee that is charged by various lenders in order to provide financial services. These interest rates can either be fixed or variable for the duration of the loan. The lending institution charges an interest rate that is in line with regulations set by the National Credit Regulator.
Absa Bank uses the prime interest rate to determine loan repayments. Loan applicants for loans below R25 000 can expect a fixed Absa Personal loan interest rate. Those borrowing in excess of this amount will be charged a variable interest rate by the bank. Interest rates on these types of loans can typically be between 2 and 5% a month.
The maximum personal loan amount offered is R350 000. Absa Personal Loans are flexible, with 12 to 84 months to pay.
Absa also has a “Best Price Guaranteed” offer on loan solutions. The bank promises to beat any competing interest rate from any other registered credit provider.
To find out more about the Absa Personal loan Interest Rate, visit the bank’s website www.absa.co.za or call 0860 100 372.
