ANZ MoneyLine Term Loan is a personal loan which is a bit different from most term loans offered by its bank competitors.
Since it may be a little confusing, you need to understand how it works, how to use it and what are the fees involved with this loan product.
ANZ Singapore Personal Loan
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ANZ Personal Loan in Singapore
The ANZ Singapore MoneyLine may be considered unique among various personal loans offered to Singaporeans. It is a credit line for customers which can be tapped to provide extra cash for any purpose.
Unlike the traditional personal loans in banks which subject you to a grueling loan application process to get approved, you can just open a MoneyLine account which has a certain credit limit. There is no need to apply for the loan every time you need to use it.
The funds are not released all at once. You have the control on how the funds will be released and how much you will use taking care not exceed the credit limit.
ANZ Singapore Personal Loan Eligibility
Like most banks, you must be at least 21 years old up to 65 to be eligible for the loan. Singapore Citizens and Permanent Residents must earn at least S$30,000 a year. ANZ also offers this loan product to foreigners, but they must have an income at least worth S$60,000 per year.
ANZ Singapore Personal Loan Documents Required
Singapore Citizens and Permanent Residents must provide a photocopy of their IDs (front and back) and accompanying documents as proof of income. Foreigners need to provide a copy of their Employment Pass which must be valid for at least 9 months, a copy of Proof of Residence, a copy of passport and other supporting documents.
The needed supporting documents must prove that you have been earning enough income to be eligible for the MoneyLine. You may pass your CPF statements, Income Tax Notice of Assessment or recent payslips, whichever is applicable for you.
ANZ Singapore Personal Loan Promotion
If you apply for ANZ MoneyLine Term Loan, you can receive cash back up to S$1,388. However, never get a loan that you do not actually need just because you can get some cashback. If you a loan less than S$30,000, you will get a cashback worth 2% of the approved loan amount. If you apply for a loan worth S$30,000 or more, you can get a cashback worth 2.5% of approved loan.
The Interest rate can also be as low as 11.90% per year for new customers and as low as 11.93% for existing customers. However, failure to meet the monthly repayment will automatically revert the interest rate to the prevailing rate of 19.88%p.a.
ANZ MoneyLine Express Processing
ANZ MoneyLine Express Processing is a same-day approval if you apply through online. Just make sure to submit your application and supporting documents before 10.45am on a business day to be able to have it processed in 24hours. Take note that there is a nominal fee of S$50.
ANZ Singapore Personal Loan Payment Methods
- Cheque payment
You have to mail the cheque and payment advice to Australia and New Zealand Banking Group Limited. Make sure that your cheque made payable to your own ANZ MoneyLine Term Loan Account No.
- Cash payment
You can just visit an ANZ branch and pay your monthly repayment in cash. This can only be applicable during banking hours.
- AXS machines
Payment can be done at over 750 AXS Stations with NETS ATM Card or CashCard. If you are not sure about the nearest AXS Stations you can check a list of AXS Station locations through AXS Hotline at +65 6560 2727.
- AXS QuickBill
You can make over-the-counter payments at Cheers and FairPrice Xpress stores using Cash and ATM cards.
- Self-service Automated Machine (S.A.M.™)
You can also pay in cash in any branch of S.A.M.™ all over the city-state.
- ANZ ATMs
If you have an ANZ account with an ATM Card, you can make your payments on any ANZ ATMs.
- Internet Banking
You can transfer funds from your ANZ accounts (if you have any) to your ANZ MoneyLine Term Loan account.
On Another Note:
Take note that every time you ask for a loan, you will be charged with a processing of S$80. The interest rate will be based on the principal loan amount plus the processing fee.
You will also be charged with an annual fee of S$90 whether you use the ANZ MoneyLine or not. There are also other fees and charges which might be applicable to your account.
Just like any bank, you will be charged with astounding penalties and interest rates should you default your payment. The ANZ MoneyLine must be used wisely.
If you think that you won’t be needing a credit line, it is best to just apply for a traditional personal loan which is more predictable and does not have any annual fee. If you are looking for a quick cash loan, you can just get it from Cash Mart today.
Cash Mart is a licensed moneylender in Singapore dedicated to bringing quality loan solutions. Give Cash Mart a call at +65 6397 4111 to know more.
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