Absa Personal Loan
Loans up to R350,000 with Absa Rewards
Absa (formerly Barclays Africa) offers one of the highest personal loan amounts in South Africa - up to R350,000. Combined with Absa Rewards, it's a compelling option for existing customers.
Whether you need funds for debt consolidation, home renovations, or a major purchase, Absa provides flexible terms and competitive rates for those with good credit.
Quick Facts
Loan Amount
R2k - R350k
One of the highest
Repayment Term
6 - 72 Months
Up to 6 years
Interest Rate
From 11.5%
Variable rate linked to prime
Key Features
High Loan Amount
Borrow up to R350,000 - tied with African Bank for the highest unsecured personal loan in SA.
Absa Rewards
Earn Absa Rewards points on your personal loan. Redeem for cash, shopping, or travel.
Pre-approved Digital Offers
Existing Absa customers can check for pre-approved offers in the app with instant approval.
Competitive Starting Rate
Rates from 11.5% for clients with excellent credit profiles - one of the lowest in the market.
Interest Rates & Fees
| Fee Type | Amount |
|---|---|
| Interest Rate | From 11.5% - 27.75% p.a. (prime-linked) |
| Initiation Fee | Up to R1,207.50 (once-off) |
| Monthly Service Fee | R69 per month |
| Credit Life Insurance | Included (compulsory) |
* Best rates require excellent credit and an existing Absa banking relationship.
Example: What Will You Pay?
Here's an example of a R80,000 loan over 60 months at 14% interest:
Loan Breakdown
* Use Absa's online calculator for an accurate quote based on your credit profile.
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 to excellent credit record
Documents Needed
- Valid SA ID document
- Latest payslip
- 3 months bank statements
- Proof of residence
* Pre-approved Absa customers may skip document uploads
How to Apply
Absa Banking App (Fastest)
Log in and go to Apply > Personal Loan. Pre-approved customers get instant decisions.
Online Banking
Log into Absa Online and navigate to Products > Apply for a Loan.
Website
Visit absa.co.za and use the loan calculator. Start your application online.
Branch / Call Centre
Visit any Absa branch or call 0860 100 372 to apply with assistance.
Pros and Cons
Pros
- High loan amounts up to R350,000
- Competitive rates from 11.5%
- Absa Rewards on your loan
- Pre-approved offers in app
- Large branch network
- Credit life insurance included
Cons
- Higher minimum income (R5,500)
- Variable rate can increase
- Monthly service fee of R69
- Best rates need excellent credit
- May require Absa account
Important Information
- • Absa is a registered credit provider (NCRCP 7).
- • Variable interest rates fluctuate with changes to the prime lending rate.
- • You have 5 business days to cancel without penalty.
- • Never pay upfront fees to secure a loan - this is a scam warning sign.
Frequently Asked Questions
Do I need an Absa account?
While non-Absa customers can apply, existing customers get faster processing, pre-approved offers, and potentially better rates.
How do Absa Rewards work on loans?
You earn Absa Rewards based on your monthly payment and reward tier. Points can be redeemed for cash back, shopping, flights, or lifestyle benefits.
Can I get a loan with impaired credit?
Absa primarily serves clients with good to excellent credit. If you have impaired credit, consider African Bank or Bayport as alternatives.
How quickly will I get the money?
Pre-approved customers can receive funds within hours. New applications typically take 24-48 hours after document verification.