A secured loan offered to both customers and non-customers wanting to buy a vehicle. Available at a competitive interest rate and secured on the asset being purchased, the loan is repayable over 12 months to 5 years.
What you can expect
- A minimum finance threshold applies.
- The loan amount you qualify for will vary according to your salary, other debt obligations, as well as the market value of the asset provided as security.
- The loan amount is not permitted to exceed 80% of the assessed value of your collateral.
- Flexible repayment options from 12 months up to 5 years apply.
- Our Executive Loan is a secured loan.
Applying for an Executive Loan from Absa is straightforward. You simply need to visit your nearest branch and provide us with the following documents.
- A valid identification document such as a passport or national identity card
- Your latest salary slip
- A letter from your employer confirming your employment if you have been employed for less than one year
- A quotation for the asset along with an evaluation of its value performed by an evaluator acceptable to Absa if the asset purchased will be used as collateral
- In the case where the asset will not be used as collateral but instead another security provided, an evaluation of the market value of the collateral performed by an evaluator acceptable to Absa
- Absa reserves the right to accept or decline any application based on internal policy. We may request additional documentation as deemed necessary.
- If you do not receive any bills in your name, you may bring along the bill of the owner of your residence along with proof of relationship.
- Other documentary proof may be acceptable. Please consult our personal bankers for more information.
You may complete the application form beforehand and bring it along to the branch on your visit. This will greatly speed up the process.