Absa Debt Consolidation
Simplify your debt with the highest loan amount
Absa offers one of the highest consolidation loan amounts in South Africa - up to R350,000. If you have significant debt across multiple accounts, Absa can help you simplify.
With competitive rates from 12.5%, fixed rate options, and Absa Rewards, you can take control of your finances while earning benefits.
Quick Facts
Loan Amount
Up to R350k
Highest available
Repayment Term
Up to 72 Months
6 years to repay
Interest Rate
From 12.5%
Fixed option available
Key Features
Highest Loan Amount
Consolidate up to R350,000 - ideal for those with substantial debt across multiple accounts.
Fixed Interest Rate Option
Lock in your rate and never worry about interest rate increases. Your payment stays the same for the entire term.
Lower Monthly Payments
By consolidating high-interest debts into one lower-rate loan, your monthly payment could be significantly reduced.
Absa Rewards
Earn Absa Rewards points on your consolidation loan - redeem for cash back, shopping, or travel.
Interest Rates & Fees
| Fee Type | Amount |
|---|---|
| Interest Rate | From 12.5% - 27.75% p.a. |
| Initiation Fee | Up to R1,207.50 (once-off) |
| Monthly Service Fee | R69 per month |
| Credit Life Insurance | Included |
Example: Consolidating R120,000 of Debt
Here's how consolidating R120,000 over 60 months at 14% could look:
Consolidation Details
Requirements to Qualify
Basic Requirements
- South African citizen or permanent resident
- 18 years or older
- Permanently employed
- Minimum income of R5,500 per month
- Good credit record
Documents Needed
- Valid SA ID document
- Latest payslip
- 3 months bank statements
- Proof of residence
- List of debts to consolidate
How to Apply
Check the Absa App
Log in and go to Apply > Personal Loan to see if you have a pre-approved consolidation offer.
Calculate Your Total Debt
Add up all the debts you want to consolidate - credit cards, store accounts, and other loans.
Get Your Quote
Absa will show your monthly payment, interest rate, and whether you qualify for a fixed rate.
Pay Off & Close Accounts
Use the funds to settle your debts and close those accounts to prevent re-accumulation.
Pros and Cons
Pros
- Highest loan amount (R350k)
- Fixed interest rate option
- Absa Rewards on your loan
- Pre-approved digital offers
- Up to 72 months to repay
- Credit life insurance included
Cons
- Highest minimum income (R5,500)
- Best rates need excellent credit
- Monthly service fee (R69)
- May require Absa account
- Large loan = more interest over time
Important Information
- • Absa is a registered credit provider (NCRCP 7).
- • Consider a fixed rate if you want payment certainty - especially in a rising rate environment.
- • Consolidating large amounts over long terms means paying significant interest - consider a shorter term if possible.
- • You have 5 business days to cancel without penalty.
Frequently Asked Questions
Should I choose fixed or variable rate?
Fixed gives you certainty - your payment never changes. Variable may be lower initially but can increase. If rates are rising, fixed is often safer.
Can I consolidate debt from other banks?
Yes, you can consolidate credit cards, store accounts, and personal loans from any bank or retailer - not just Absa accounts.
How do I qualify for R350,000?
You'll need a high income (typically R20,000+), excellent credit history, and low existing debt. Most people qualify for less based on affordability.
Does Absa pay creditors directly?
Absa may offer to pay your creditors directly for larger consolidation loans. This ensures debts are properly settled and accounts closed.