What you need to know
A revolving credit is a loan facility that continuously revolves. You can apply for a facility between the amount of R15 000 to R350 000. The facility does not have a maximum loan term as the term is indefinite.
Once 15% of the facility limit has been repaid, you can revolve back to the original facility limit or any other amount lower than the limit. Your monthly payments stay consistent and will only change should service fees change.
Minimum: 12 months
Maximum: The term is infinite
Receive personalised Annual Percentage Interest Rate (APR), up to the maximum of prime +14%.
Estimated interest repayment:
A monthly repayment of at least R1 319 can be expected of a revolving credit facility taken for R50 000.
*Includes a monthly service fee and once-off initiation fee.
Credit Protection Plan:
The Absa Credit Protection Plan will cover you in the event of death, disability, critical illness, terminal illness or loss of income. Credit life insurance is mandatory for all revolving loans.
How do I apply
- A valid South African ID document or Smart card
- You must be 18 years of age
- Proof of residential address such as a municipal or rates bill and cellphone statement
- A regular monthly income of R8 000 or more per month
- An Absa bank account into which your monthly salary is paid