Absa
Interest on Loan

I am a client of Absa for some years now, about 3 years ago I took out a personal loan where I had a fixed premium, I then decided 1 year after that I'm going to increase my Premium by R500 so that I can pay off my loan faster. All this time I was under the impression that the amount was coming off from the loan. A Few days ago I then called the loan Department to get confirmation on my closing balance, the lady then reckon to me that she noticed that there is an amount of about R5500 that is just laying there and that I need to Capitalize it. I was totally shocked by this because no one even contacted me to advise.

I then called Absa Kenilworth Branch where I opened my account and where I did the increase in Premium, they then advised me that I have to come in every time I want to pay extra on my loan, i said fair enough, However when I initially made the agreement on the Additional amount on the loan I was not advised that I needed to go into the bank because It was made part of my Premium, which means that I lost out on thousands of rand's in interest, which is unacceptable. I clearly remember that the agent i dealt with did not advise me that i need to capatilise it.

Company: Absa
Country: South Africa
City: Kenilworth

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