Benefit from discounted rates with a Scheme Loan, which is available to 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.
No security required
You do not have to supply collateral to qualify for a loan.
We offer retrenchment and credit life insurance.
Open to all Scheme employees
Absa salary account holders as well as non-Absa clients can apply.
- 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.
- Completed application form
- Current payslip
- Salary account with Absa Bank or three months bank statements from your current bank
- Valid Omang
- For non – citizens; passport, valid work and residence permit
- Confirmation of employment
- Confirmation of physical address
- Copy of your contract if you are employed on a contract basis
- Marriage certificate if you are married, and consent from your spouse where it applies
- Form A if you are married out of community of property
- Credit Life is compulsory
- Balances of all loans and credit cards
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