Absa announces a first-to-market cash back deal on personal loans.
Absa announced today that it will award customers who maintain good payment records an automatic 1% refund of the original loan value every year through its Personal Loan Cash Back offer.
The offer, which is a first in South African banking, gives borrowers an added incentive to be responsible in their attitude towards repayment, thereby reducing their overall cost of borrowing.
Arrie Rautenbach, Absa’s Head of Retail Markets, says that the repayment incentive was not only a way of thanking customers for choosing Absa, but was ultimately designed to reward borrowers for being responsible in the management of their loans.
“If a customer is conscientious enough to remain up-to-date with their loan repayments, then we want to recognise that and give something back,” explains Rautenbach.
“One of the repayment incentives would also be to reduce overall loan costs for responsible customers. This will certainly assist our customers in the current challenging economic climate,” he adds.
The Absa Personal Loan Cash Back benefit will be available to the bank’s Personal and Micro Loan customers with a loan term of 12 months or more.
Absa customers will be entitled to receive the cash back payment reward on the anniversary of the initial loan payout date. The customer’s loan account must be paid up-to-date at the time of the cash back payout and will automatically be credited back into their loan account.
“Being an Absa customer is now even more rewarding with the Absa Personal Loan Cash Back offer. We want to meet the personal lending needs of customers and complement our existing transaction-based cash reward that’s offered through the Absa Rewards programme,” says Rautenbach.
“Incentives such as these are aligned to our focus on the customer,” adds Rautenbach.
Customers who wish to take advantage of the Absa Personal Loan Cash Back benefit can visit any Absa branch, visit www.absa.co.za or call the Absa Customer Care Centre on 0860 100 372 for details.