securedloan
Benefits of a Business Secured Loan
- Designed to fund the purchase of large business assets at competitive interest rates, secured on any suitable asset
- A loan of up to SCR1 million
- Repayable over 1 to 5 years
Requirements
- The loan amount you are eligible for will depend upon your business turnover and its debt obligations, as well as the market value of the security provided (the loan amount may not exceed 80% of the assessed value of that collateral)
- An arrangement fee and management fee is applicable when applying for the loan
Types of loans available
unsecuredloan
Benefits of an SME Scheme Loan
- Access to up to SCR250,000 for virtually any purpose
- Competitive rates and fixed monthly repayments
- Repayable over 1 to 5 years
- Maximum loan amount of SCR3 million
- Repayment period of 5- 7 years
- Business contribution of 2.5 % on others
- 20% contribution on real estate development projects
- One-off arrangement fee
- Moratorium can be negotiated(up to 6 months)
- You will know exactly what your monthly repayments will be and the repayment amount will remain the same until the loan is cleared, provided the interest rate remains constant
Requirements
- Must have an annual turnover below SCR6 million
- The loan amount you are eligible for will depend upon your business turnover and other debt obligations that it may have
- An arrangement fee is applicable when applying for the loan
- Not applicable for refinancing of existing loans
- The scheme has a two-tier rate structure and a grace period of 6 months
-5% on the first SCR1 million
-7% on the next SCR2 million
Documents required when you apply at a branch
- Your business registration documents, such as business name registration certificate (in case of sole traders or partnerships), or company registration certificate and other company formation documents such as memorandum and articles of association (in case of companies)
- Business licence certificate if applicable to your business type
- Documentary proof of business address
- A valid identification document such as passport or national identity card for the proprietor, partners, shareholders and/or directors
- Documentary proof of address such as a utility bill (not more than three months old) for proprietor, partners, shareholders and/or directors
- Audited financials (last three years)
- Cash flow (month-to-month and yearly)
- CIS (Credit Information System) form
- Project memorandum or business plan
- Proof of equity
- Absa reserves the right to accept or decline any application based on internal policy.
- We may request additional documentation as deemed necessary.
- Please consult your business banking relationship manager for more information.
*Terms and conditions apply.
*Facility is subject to credit approval.
overdraftfacility
We offer our clients both secured and unsecured overdraft facilities. Our overdraft facility allows you to finance the day-to-day cashflow requirements of your normal business activity.
How it works
- Any amount in excess of SCR250,000 requires adequate security cover and is available up to one year after which it can be renewed
- You are encouraged to advise your dedicated relationship manager of your intention to renew the facility at least 2 months in advance of the expiry of the facility
- With our secured overdraft facility, you can make use of the funds in your fixed deposit accounts for day-to-day cash management
- We offer you up to 90% of the balance in your fixed deposit as the overdraft limit on your current account of the same currency as the fixed deposit
- This overdraft facility is made available in connection with activity on your current account and is repayable on demand
- A pre-agreed interest rate is applied and interest is paid only on the amount utilised
- As per our latest Tariff Guide an Arrangement Fee of 1% of the facility amount is charged upfront
Documents required when you apply at a branch
- Your business registration documents, such as business name registration certificate (in case of sole traders or partnerships), or company registration certificate and other company formation documents such as memorandum and articles of association (in case of companies)
- Business licence certificate if applicable to your business type
- Documentary proof of business address
- A valid identification document such as passport or national identity card for the proprietor, partners, shareholders and/or directors
- Documentary proof of address such as a utility bill (not more than 3 months old) for proprietor, partners, shareholders and/or directors
- Audited financials (last 3 years)
- Cash flow (month to month and yearly)
- CIS (Credit Information System) form
- Project memorandum or business plan
- Proof of equity
- Absa reserves the right to accept or decline any application based on internal policy
- We may request additional documentation as deemed necessary
- Please consult your business banking relationship manager for more information
*Terms and conditions apply.
*Facility is subject to credit approval.
Are you interested in applying for a loan?
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