ABSA Bank offers an Instant Loan, a short-term loan product available to existing customers in South Africa. This loan allows you to get access to quick cash ranging from R350 to R8,000.
The application process is designed to be simple and convenient, with options to apply at any Absa ATM, through cellphone banking, or online banking.
There’s no need to submit additional paperwork or documents for this loan. Moreover, you can apply anytime, day or night.
See also:ABSA South Africa Student Loan, Requirements, Application
What is Required for ABSA SA Instant Loan
To ensure a smooth application process for an ABSA South Africa Instant Loan, it’s important to meet the following eligibility criteria:
- You must be 18 years of age or older.
- You should have a good credit record.
- A regular monthly income of R3000 or more.
- An active Absa bank account where you receive your monthly salary.
- Have been pre-selected i.e. have a prequalified limit of more than R350.
How this Service Works
- You can apply at any ABSA channel (ABSA ATM, online banking, and cellphone banking). You will be required to accept the quote as well as the terms and conditions.
- If your application is approved, the funds will be made available in your transactional account immediately.
- The repayment amount will be deducted from your transactional account balance on your next salary date, which is typically within 35 days. Ensure you have sufficient funds to cover the deduction on that date.
- The interest rate charged ranges from 0% to 5%, based on your credit profile and the number of instant loans taken in a calendar year.
- An initiation fee ranging from R80 up to 10% of the loan amount (excluding VAT) will be deducted upfront. This fee is based on your credit profile.
How to Apply for the Loan
You can apply for an ABSA Instant Loan in South Africa conveniently through any ABSA ATM, cell phone banking by dialing *1202272#, or online banking. Be sure to follow the prompts carefully during the application process.
To apply through online banking, follow these steps:
- Access the ABSA Bank SA internet banking platform.
- Log in with the required details.
- Select full service.
- Select Apply.
- Select Lending solutions.
- Select Absa Instant loan.
- The loan you qualify for will be displayed on the screen.
- Complete the application.
Other points to Note About ABSA SA Instant Loan
- You can take an Instant loan product up to 9 times per annum as long as you qualify and can afford it.ABSA performs credit checks against your profile to check for affordability before paying out the loan to you.
- There are no top-ups. You have to apply afresh after settling your previous loan.
- The loan repayment is due on your next salary date within 35 days, hence cannot be extended.
- The loan has a free credit protection plan of up to R5 627, which will cover you in the case of your death.
See also: ABSA Bank South Africa Fixed Deposit Account Details, Rates
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