Absa bank is owned by the Absa Group, which also provides loans as one of its services. The majority of bank shares in Kenya, Ghana, Botswana, Mauritius, Tanzania, Seychelles, South Africa, Mozambique (Absa and National Bank of Commerce), Uganda, and Zambia are held by the Absa Group. Additionally, they have offices in Namibia, Nigeria, the UK, and the US. The group also has insurance businesses in Zambia, Botswana, Kenya, Mozambique, South Africa, and Tanzania.
There are several different loan alternatives available from Absa Bank Ghana for different uses. However, different features and conditions may apply depending on the sort of loan you are applying for. As a result, we will cover everything you need to know about Absa bank loans in this post.
Loan Offers Available in ABSA Bank
The bank has several loan offer available to their customers. Some of these offers includes:
1. ABSA Direct Personal Loan
This is the option for you if you’ve had an Absa account for as least six months and require an unsecured loan. A direct loan can help you quickly and successfully finance whatever additional funds you need, whether you need it for a vacation, education, car, or even a house.
Benefits of ABSA Direct Personal Loan
- Obtain credit up to GHS350,000.
- 6 to 72 month repayment terms are flexible.
- Interest rates and fees that are competitive
- Loan application does not require any security or collateral.
- Applications are processed quickly and without hassle.
- An Absa Direct Loan offers affordable loan insurance
- No unexpected hikes because of stable interest rates
- Adaptable choices for repayment dependent on your other financial commitments
- Innovative loan management assistance to make it easier for you
- Low-cost credit For six months, life insurance provides protection from layoff, permanent disability, and death.
Requirements of ABSA Direct Personal Loan
- To be eligible, you must have an Absa account.
- Account should have a salary credit of at least one month.
- Accessible to salaried employees
2. Scheme Loan
You can enter into a contract with Absa to provide staff corporate loans through the Scheme Loan, which is open to both public and private organizations. Banking is brought to an employee’s door, making it convenient, simple to schedule, and completely hassle-free.
- Borrow up to GHS350,000 with flexible 6- to 72-month payback terms
- Free credit safety
- Employee paychecks are withheld to cover repayments.
- Competitive fees and interest rates
- Simple approval
- Quick financial access
- There are funds available for almost any need.
- No security or collateral is required to apply for a loan.
- Simple application procedures and rapid approval turnaround times
- Fixed interest rates prevent any unexpected increases.
- Flexible alternatives for repayment based on other financial commitments
- There is a credit life insurance policy that protects against death and permanent disability.
- Affordable credit life insurance for six months against layoff, permanent incapacity, and death
- Employees who get their salary through Absa or another bank and have worked for their employer for at least six months are eligible.
What are the requirements for the Scheme loan?
For Non-Absa account holders:
- National ID card (or passport for non-Ghanaians)
- Provide your most recent bank statements for the last six months (certified)
- Bring a loan application that has been completed
3. Employee Salary Overdraft
Give yourself the peace of mind you require by using the Employee Salary Overdraft. Your salary account will have a credit limit placed on it so you can withdraw additional money as needed.
Benefits Scheme Loan
- Borrow between GHS 500 and GHS 20,000*
- With a 12-month minimum payback period, revolving credit facility
- Flexibility to exceed a predetermined limit
- Possibility of covering checks that would otherwise bounce
- The overdraft cap is accessible for a calendar year and payable on a monthly basis.
- The restriction is renewed and made usable again after a year.
- Fixed-rate mortgage
- Quick approval
- Money is available right away.
- Absence of waiting times
- Quick approval timelines and painless application procedures
Advanced assistance for you to more simply manage your loan
- It is possible to obtain credit life insurance coverage against death and permanent incapacity.
- To apply, you must be at least 18 years old.
- Salary employees are eligible for this loan arrangement.
- If you’ve maintained a salaried account with Absa for at least six months, you may be eligible for an employee salary overdraft.
- Proof that you’re employed long-term.
4. ABSA Home loan
There has never been a simpler, quicker, or more convenient way to own your ideal house. Whether you’re buying a home, taking out a loan against one you already own, or upgrading your current home, Absa can assist you.
Benefits of a home loan
- It is OK to use an annual percentage rate of 26.53%.
- Provide financing up to 90% for house acquisitions and up to 70% for equity release and home improvements.
- Offers a maximum debt service ratio of 50%
- The bank will lend you up to GHS5,000,000 depending on your salary and the price of the home you’re purchasing.
- Offers a tenor of five to twenty years.
- The bank provides credit and home insurance. Life insurance that provides coverage for retrenchment, permanent incapacity, and death
- Utilize an equity release to borrow against your property.
- Make home improvements and renovations using a mortgage.
- A home loan takeover allows the bank to acquire your mortgage from another financial institution.
Read also: Loan Application Letter Sample