Maintain Good Credit With an ABSA Overdraft
Overview
Now a subsidiary of Barclays Africa Group, Absa Bank is a JSE-listed banking institution that provides a range of financial services to millions of clients. The bank, which provides advanced personalized solutions, has operations which have expanded to countries including Botswana, Zambia, Mozambique, Nigeria and Namibia.
In addition to an array of transnational, investment and savings solutions, Absa also offers various credit services such as overdraft solutions.
Tell me more about the ABSA Overdraft?
The Absa Overdraft may be an ideal solution for when you need “a little bit of extra that can go a long way”. The service is ideal for when you need some extra cash.
It is essentially an extension of credit from a lending institution when an account reaches zero. The individual is allowed to continue withdrawing money even if the account has no funds in it. In this case, the account is said to be “overdrawn”.
The facility is provided by the bank for a particular fee and individuals or businesses are charged interest on the excess amount that is withdrawn for the length of time.
The Absa Overdraft service is available on various accounts, including
- Gold Value- R 10 000 per month at a cost of R 98 per month
- Platinum- R 25 000 per month at a cost of R 159 per month
- Flexi Value Bundle- R 3000 per month at a cost of R 55 per month
- Gold Graduate- available at R 49 per month to individuals who are just entering the working world
- Private Banking Exceller- R 6250 per month at a cost of R 399 per month for a package
What benefits are offered by the ABSA Overdraft?
- It may help maintain a good credit history
- It can help to cover any shortfall in your account
- You have the benefit of tailor-made interest rates
- It includes an affordable Credit Protection Plan
- You have a flexible repayment term of at least 12 months
What are the qualifying criteria?
- Earn R 2000 or more per month
- Have an Absa Cheque account or be in the process of applying for one
- Provide a valid South African ID
- Provide your latest payslip
- Provide proof of residence
- Provide latest 3 months’ bank statement
To Contact ABSA Call: 0860 100 372
