Getting a personal loan is not too complicated and it is also possible to apply personal loan online. The terms being offered are very flexible and the interest rates very competitive.
A personal loan from Westpac (New Zealand) can be used for almost anything. Customers might have their eye on a new car or large household item. Perhaps they want to give their home a facelift, without dipping into their savings. It can be used to consolidate debts or to help you take a well-deserved holiday or having your dreamed wedding.
The Benefits of Choosing a Westpac Personal loan
There are a number of benefits to picking Westpac if applicants want to get a loan. Applying for one of Westpac personal loans online is a quick and simple process. The rates being offered are very competitive and start from 8.49% per annum. If customers want to pay the loan off early this can be done with no penalties. As soon as their loan is approved the funds can be in their account by the next day. Loan periods range from one to seven years, depending on individual circumstances. It is possible to borrow up to $50,000, on an unsecured basis while it is $100,000 for car loan.
Applying For a Loan
When applying for a loan there are a number of question applicants will be asked. These relate to personal details and finance. There is a form to complete, and once this is done they may need to provide certain documentation. These will include proof of identification such as NZ Driver License or passport. Proof of income will also need to be provided.
Repayments and Fees
To help Westpac customers to decide whether repayments are affordable, there is a handy repayment calculator to use. Here is an example. Borrowing $30,000 over 5 years and the minimum repayments will be $633.00 per month. This is worked out at an indicative interest rate of 8.49%. Different interest rates will be offered depending on individual financial situations. You may make payments by either direct debit or at a bank branch or BPay or electronic transfer.
If the loan is going to be used to consolidate existing debts other loan statements will be required. Applicants do not have to be a Westpac customer in order to apply for a loan. However, they will need to provide proof of their current address and 3 months banking history.
Additional fees that may be charged will be an establishment and documentation fee of $250 per loan. There is also a loan payment failed fee of $15 per time. Any overdue payments will also be subject to an additional 5% default interest charge. This charge will continue until the overdue balance is repaid.