What are the ABSA bank loan requirements? It’s something that people have been asking. If you are an Absa customer, one thing that you may want to do is to take out a loan. We have heard a lot from people who say loans are bad. That’s not actually the case. A loan allows you to acquire assets that you would otherwise have had to wait years to buy. It’s hard saving money, and a loan gives you the ability to get what you need without having to wait years for it. But what do you need in order to acquire a loan from ABSA?
What do I need to get an Absa loan?
The following are the Absa bank loan requirements;
- You need to have a South African ID book or card.
- Absa also requires that you have proof of address. This can be in the form of a utility bill in your name or a lease agreement that you signed. Your proof of residence should go back no more than 3 months.
- Also required are your pay slips going back three months. You can also present a bank statement that goes to the previous 3 months.
- For personal loans running for 12 months or more, you need to earn a minimum of R2000 per month to qualify. For loans running for less than 12 months, then you need to earn over R1500 per month.
- You also need to be over 18.
What else do you need to know?
Those are the Absa bank requirements. Absa is one of the biggest banks in South Africa. They offer a wide range of products, including loans. Now that you know the requirements, you can make your application.
Note that you can apply for a personal loan with Absa even if you do not currently bank with them. Also note that each applicant needs to get a Credit Protection Plan.
This is insurance that gives you cover in the event that you fall sick or die. It also covers you if you get disabled and can no longer make your monthly payments.
In this article, we showed you the ABSA bank loan requirements. It was noted that there are certain things that you need in order to qualify for an ABSA loan.
These requirements are almost universal to all banks in South Africa and elsewhere. What the banks are trying to do by demanding so much from you is to make sure that you will be able to make your repayments.
So, they carry out due diligence to ensure that they know you. Should you meet all the requirements, then you will be able to get a loan. You can even apply for one online.