ABSA Overdraft South Africa Application

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ABSA Overdraft South Africa Application

ABSA Overdraft South Africa Application-An overdraft is a credit facility linked to your cheque account. An overdraft that gives you cover for rainy days. Absa overdrafts come with a flexible repayment plan. You only get to pay a once-off initiation fee of up to R1 207.50 on a new facility.

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How to apply for an ABSA South Africa overdraft

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  • Log in to the App
  • Tap the 3 parallel lines (Burger icon)  at the bottom right of your Home screen
  • Choose the “Buy”  option
  • Choose the “Overdraft” option and follow the instructions

How does Absa Overdraft work?

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Do you want a reserve of extra money available in your account, just in case? An overdraft on your cheque account could be all you actually need.

If you have any challenges, see ABSA South Africa Contact Details

Most times it’s easy to lose track of how much money is in your account when you’re busy. Payday can sometimes seem a long way away. An overdraft from Absa provides you with a safety net of additional money, up to a pre-agreed limit. Enough to cover everyday expenses when there’s nothing left in your account. There are three different overdraft options, they include;

A fixed overdraft option with a limit that revolves and is reviewed each year. You can keep using the funds up to your agreed overdraft limit, as long as you make regular repayments. At the end of your contract year, your limit is renegotiated.

A reducing option with a limit that decreases as you pay it off each month. This is a great option. Especially if you know you’ll only need to borrow for a short while and prefer not to have a revolving limit.

An indefinite option with a limit that revolves around an unspecified period. You can keep using these funds, until your agreed overdraft limit, as long as you make regular repayments.

Qualification requirements for an Absa Overdraft.

The following requirements are necessary to qualify you for an Absa Overdraft;

In order to qualify for an Absa loan, you need to have a minimum monthly income of R2 000 and a good credit record, You must also either have an existing Absa Bank cheque account or be applying for one. 

Prospective applicants must have a valid ID (as a South Africa citizen) or passport number (as a temporary citizen)

If you are married in a community of property, you need your spouse’s consent to apply.

When you meet all these criteria, then you’re just a step away from getting your application approved. As a new customer, all you have to do is visit the official Absa platform and apply from there.

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