Benefit from discounted rates with a Scheme Loan
Scheme Loans are available for employees whose employers have a scheme agreement with Absa. The monthly instalments to repay your loan is deducted directly from your salary by your employer.
What you can expect
- Borrow up to P650,000 with no security required.
- Enjoy competitive interest rates and loan fees.
- Flexible repayment periods range from 12 to 72 months, provided the loan end date is before retirement or expiry of contract.
- Retrenchment insurance cover is offered to secure your loan against retrenchment.
- In the event of a retrenchment, the total outstanding balance of your loan will be settled by the insurer.
- Credit life insurance is offered to cover the loan in the case of a customer’s death or permanent disability.
- It's a quick approval process.
- Your employer must have a scheme agreement with Absa.
- Absa Bank salary account holders and non-Absa Bank salary account holders can apply.
- No collateral or security needed is required to apply for the loan.
- Monthly repayments are deducted directly from your salary by your employer.
- Your latest payslip
- Employment confirmation
- Your valid Omang or passport for non-citizens
- Your residence and work permit for non-citizens
- Address confirmation document
- Bank statement for the last 3 months for non-Absa Bank salary account holders
- Your marriage certificate, if married in community of property
- Form A, if married out of community of property