If you have an Absa transactional account and are earning R8 000 or more a month, a Revolving Credit facility will allow you to access funds whenever you need it.
A Revolving 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 re-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 reapply each time.
Not for you? Find the right loan.
- Would like on-going access to a facility of between R15 000 – R150 000 (subject to a maximum of three times your gross monthly salary)
- Would like fixed monthly repayments that do not fluctuate with changes in the prime rate
- Are a South African citizen or permanent resident, 18 years or older, with a valid identity document
- Earn a minimum monthly income of R8 000
- On-going access to a loan between R15 000 and R150 000 (subject to a maximum of three times your gross monthly salary).
- Fixed monthly instalments calculated as a portion of the approved loan amount as well as the monthly service fees, the interest charged on loan and, if applicable, the monthly fee for the Credit Protection Plan
- The ability to pay your loan off faster, as additional deposits are accepted as capital reductions
- An affordable Credit Protection Plan to settle the outstanding balance if you die, become permanently disabled or get one of the dread diseases. A monthly amount of 3% of the total insured will be paid for a limited period if you are retrenched or temporarily disabled.
- Interest rates based on your individual risk profile
- A loan with a roll-over ability, so you can take up another loan if the first loan is completely repaid