Auckland Savings Bank was founded in 1847. In 2017 The Banker Magazine, UK named ASB ‘The New Zealand Bank of the Year’ for the fifth year running. This is just one of many awards that the bank and its products have received in recent years.
ASB offer secured and unsecured personal loans with interest rates from 13.95% to 19.95% per annum. The minimum amount that clients can borrow is $2,000. The personal loan can be repaid over a period between 6 months and 7 years. ASB loans are suitable for any purpose including, but not limited to, car loans, travel, home improvements and debt consolidation and it offers repayment opportunities without charges and fees.
It is possible to apply for personal loans online, in branch or by telephone. To get a personal loan applicants must fulfill the following criteria:
- Being aged 18 years or over
- Being a New Zealand citizen or resident
- Having an annual income of at least $20,000
A decision on loan applications will usually be given within 24 hours and in some cases the outcome may be available immediately. As a representative example, if an applicant borrow $5,000 at an interest rate of 16.45% over 5 years the monthly repayment will be $126 with a total amount payable of $7,486. This includes a loan processing fee of $99.
Once accepted, if the client is able to complete the loan documentation online funds will be in their bank account within 24 hours, otherwise it can take up to 48 hours after client completed loan documentation has been received by ASB to receive the funds.
If clients require further funds during their loan term they can add a top up amount to their loan and there are no penalties for early repayment. If applicants are not an ASB customer they will need to provide proof of identity and proof of address. Acceptable documents to confirm identity include passport, drivers license, bank statements and insurance documents.
Managing the loan account can be done online via their internet banking service FastNet Classic. The phone lines are open 24 hours if clients need assistance. For mobile banking clients can download the ASB app. Customers may drop a call 0800 600 100 to get information about personal loan.