Business Revolving Loans
Have you had to urgently purchase stock to meet an unexpected surge in sales? Perhaps you need to buy an expensive piece of equipment to meet a crucial order? There are regularly occasions when you need to access additional funds and a Business Revolving Loan from Absa will allow you to do so without the hassle of having to reapply each time.
A Business Revolving Loan is an ongoing or 'open' loan facility for an agreed amount. Provided a minimum of 25% of the approved loan has been repaid, you can re-borrow back to the approved limit without affecting your repayments. This means you can access the available funds whenever you need them, without having to re-apply.
A short to medium-term financing option, a Business Revolving Loan is the ideal way of obtaining working capital and bridging finance items such as stock-in-trade and incidental equipment.
A Business Revolving Loan could be the right choice if you:
- Would like ongoing access to a loan of between R25 000 or more
- Do not want to have to reapply each time you withdraw funds
- Would like the certainty of fixed monthly repayments
- Are between long-term loans or purchasing property and need money to 'bridge' the gap
- Would like a guaranteed amount on hand for use as long as the loan term lasts.
- Would like to be able to make lump-sum deposits and withdrawals
Did You Know?
- Ongoing access to a minimum loan of R25 000 with no upper limit
- Interest calculated on the prime interest rate
- Fixed monthly instalments calculated as 1/40th of the approved loan amount (please note that this does not translate into 40 equal payments)
- Competitive interest rates based on the risk profile of your business
- The ability to draw up to the amount of the loan at any time, provided a minimum of 25% of the approved loan has been repaid