Revolving Loans

A Revolving loan is a loan with a fixed monthly repayment. A unique feature of this product is that it allows you to borrow again up to your original loan amount, once 15% of the loan has been repaid. You can repay more into the loan at anytime. The interest rate you will pay on the loan will vary based on your affordability and credit record. Debt protection is available on these revolving loans should you want it.

Loan Information

 
Product Name FNB- Revolving Loan Standard Bank- Revolving Credit Plan Absa- Revolving Loan Woolworths Financial Services
Loan amounts available (depending on your affordability and credit profile) R6,000 - No Maximum R6000 - R300,000 R15,000 up to three times your gross monthly salary (max loan amount- R150, 000) R1,000 - R75,000
Payment Term Unlimited (Access your cash once 15% of the loan has been re-paid) Unlimited as long as the minimum fixed monthly installment is paid As long as a minimum of 2,5% of the loan amount is repaid each month, there is no maximum repayment period 12, 24, 36, 48, 60 months
Qualifying Criteria You must have an FNB Personal Cheque Account -Must be a South African citizen or permanent resident, have a valid green ID book and be over 18 years old:

- You must earn a gross monthly income of at least R8,000 and have a transactional account that your salary gets paid into
-Must be a South African citizen or permanent resident, have a valid green ID book and be over 18 years old:

- You must be an Absa customer with a transactional account older than 6 months and earn a gross monthly income of at least R8,000
- Must be over 18 years old and have a valid SA ID book

-You need to be permanently employed and earn at least R2,000 per month

-Have an active bank account

Monthly Service Fee R40 (you only pay this fee if you use the revolving loan facility) Varies based on the loan amount (please note there is also a once off initiation fee) Varies based on the loan amount (please note there is also a once off initiation fee) R26 (There is a R350 initiation fee)