Absa Business Revolving Loan

Overview

Financing a business has always proven to be a challenge for many. Most businesses need capital before they can really get going. As a business owner, you generally need equipment, materials, stock as well as money to pay salaries, rent, telephone bills, etc. The need for finance is therefore always there. Absa which is among the top for banking institutions in the country has stepped in to offer the business revolving loan.

The Business Revolving Loan  is a short to medium term borrowing option. With a revolving loan, you have indefinite access to an agreed amount. Once you have paid back 15% of the original loan amount, the repaid amount becomes available again.The minimum loan amount is R25,000 and there is no upper limit.You can borrow money from a set amount that collectively decided on between the bank and the client, after which you will need to pay back a certain amount before you can draw money again. A minimum monthly repayment of 1/40th of the money borrowed is required and you can make lump sum deposits and withdraws on your account.

Some of the amazing benefits you gain through this loan include the fact that this loan can be used to manage cash flow,seasonal eventualities or even your projects.You can also use it for working capital, bridging finance or to pay for stock in trade.

When it comes to the qualifying criteria, the minimum security requirement is the personal suretyship of the principal.

Absa can be contacted on 0860040302.