Absa revolving credit facility is a line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. One financial house in South Africa with exactly this kind of product is Absa. Absa has taken pride in offering a revolving credit facility in South Africa.
Absa Revolving Credit Facility is the right choice if you are looking for a financial facility that would give you 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, if you are a South African citizen or permanent resident, 18 years or older, with a valid identity document and you earn a minimum monthly income of R8, 000.
Other benefits of this product include fixed monthly installments 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, interest rates are based on your individual risk profile, it also has a roll over ability which means you can take up another loan if the first loan is completely repaid, etc.
To access this product offering, Absa can be contacted on 0860100372.
