ABSA Revolving Loan is a personal loan which is available to people who earn R8 000 or more a month, a Revolving Loan will allow you to access funds whenever you need it.
A Revolving Loan is an ongoing 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.
A Revolving Loan could be the right choice if you:
- Would like ongoing access to a loan of R15 000 or more
- Do not want to have to reapply each time you withdraw funds
- 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