ABSA is known to be one of the largest banks in South Africa and the variety of options when it comes to loans. An ABSA revolving loan can be a great benefit to clients who need regular access to credit for a variety of expenses.
The amount of credit qualify for will be determined by your income as well as your credit status, and a few other traditional package. If you have an existing bank account with ABSA and you earn more than 8000 and a month, you can get access to a revolving credit facility and access to funds whenever you need it.
Revolving credit facility is seen as an ongoing loan facility for a specified amount. As long as you make a minimum payment for the proof loan, you can borrow more money up to your proof limit, without affecting your monthly repayments. This means that you will have access to the funds whenever you need them, without having to reapply for credit every time.
The reforming credit loan will be ideal if you:
- 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
With revolving loan you will get access to our loan of between R15,000 and R150,000, subject to a maximum of three times your monthly salary. Instalments will include fees and interest.