The back-to-school season is here with us and for a majority of parents, it is usually a hectic period after the spending spree occasioned by the festive season. During this period, parents face the pressure of having to settle school fees on time whereas they have little to no resources. It is due to this that Absa Bank came up with the ABSA Digi Loan a fast and convenient way to pay school fees now and repay later.
As we all know a good education is one of the most important investments families can make for their children. However, school fee deadlines rarely align with your income which is why a reliable, short-term financing option can make a huge difference during this period.
The Absa Digi Loan is an unsecured loan designed to give customers quick access to funds directly from their mobile phone. The loan is accessible via ABSA Mobile Banking App, eliminating the need to visit a branch or fill out lengthy paperwork.
Here are reasons why you should utilize the Absa Digi Loan to sort your school fees this Njaanuary.
Low Interest Rate
One of the things which makes loans unaffordable is high interest rates this is because the higher the rate the higher the repayment amount. Something which is very common with mobile loans, however, the Absa Digi Loan charges a 5% interest rate on a monthly basis. This makes the loan affordable and within the reach of a majority of Kenyans as they are able to make repayments without straining.
Convenience
When you have to pay school fees before the deadline, time is of the essence. This means that you don’t have the time to visit a branch, fill out loan forms and wait for approvals. The Absa Digi Loan offer you unmatched speed and convenience due to the fact that you can apply for the anywhere and at any time as the whole process is digital. Not to mention that you get the loan approval decision in a matter of minutes with the funds being credit into your account within the same day.
Loan Amount
The Absa Digi Loan offers loan amount ranging from a minimum of Ksh. 500 to a maximum of Ksh. 1 million. This ensures that as a parent one can be able to pay school fees for all your children at a go buy uniforms and stationery and thereafter pay back the loan amount pole pole.
No Documentation Needed
Ordinarily for one to get a loan, they would have to fill out volumes of documents and wait for approvals which at times take forever. However, with the Absa Digi Loan, you don’t have to fill out any documentation as everything is done via the app. All you have to do is check out your credit limit make the application and receive the money for your school fees within no time.
Loan Period
A majority of digital loans which are offered in the market come with very short loan periods as little as 30 days which make them hectic to service. The Absa Digi Loan comes with a loan period varying from one to twelve months depending on your preference.
A longer loan period, say 12 months means that the monthly repayment amount reduces significantly. This is as opposed to a person repaying the same loan in a month or even three months. Essentially, longer loan period means that repayment becomes less strenuous and affordable.
No Minimum Net Income
For a good number of loans which are dependent on your salary, the minimum net amount is key as it determines the loan amount that you are able to qualify for. However, with the Absa Digi Laon, your minimum net income does not matter because what they consider is the credit turnover.
This means that the more you, transact the higher the loan amount that you can qualify for. In my opinion this is a better metric as it enables those who might not have a high net income but a good credit turnover to access funds for things such as school fees.
So, if you need funds to help you clear school fees this Njaanuary, look no further than the Absa Digi Loan. Where affordability and speed are of the essence.