ANZ Personal Loan in Singapore is almost similar to ANZ MoneyLine Term Loan. However, it is a personal loan slightly 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 the fees involved with this loan product.
The ANZ Singapore MoneyLine may be considered unique among various personal loans offered to Singaporeans. It is a credit line for customers who can tap to provide extra cash for any purpose.
Unlike the traditional personal loans in banks, which subject you to a gruelling loan application process to get approved, you can open a MoneyLine account with a specific credit limit. As a result, there is no need to apply for a loan every time you use it.
The funds are not released all at once. You have control over how to release the funds and how much you will use. So you’ll be careful not to exceed the credit limit.
Like most banks, you must be at least 21 years old to 65 to be eligible for the loan. In addition, Singapore Citizens and Permanent Residents must earn at least $30,000 a year. ANZ also offers this loan product to foreigners, but they must have an income worth $60,000 per year.
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, valid for at least 9 months, a copy of Proof of Residence, passport, and other supporting documents.
The needed supporting documents must prove that you have earned 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.
If you apply for ANZ MoneyLine Term Loan, you can receive cashback up to $1,388. However, never get a loan you do not need just because you can get some cash back. If you have a loan less than $30,000, you will get a cashback worth 2% of the approved loan amount. If you apply for a loan worth $30,000 or more, you can get a cashback worth 2.5% of the approved loan.
The Interest rate can also be as low as 11.90% per year for new customers and 11.93% for existing customers. However, failing to meet the monthly repayment will automatically revert the interest rate to 19.88%p.a.
ANZ MoneyLine Express Processing is a same-day approval if you apply online. Just make sure to submit your application and supporting documents before 10:45 am on a business day to have them processed in 24 hours. Take note that there is a nominal fee of $50.
You have to mail the cheque and payment advice to Australia and New Zealand Banking Group Limited. Make sure that your cheque is made payable to your own ANZ MoneyLine Term Loan Account No.
You can visit an ANZ branch and pay your monthly repayment in cash. However, it can only be applicable during banking hours.
Payment can be done at over 750 AXS Stations with NETS ATM Card or CashCard. If you are unsure about the nearest AXS Stations, you can check a list of AXS Station locations through AXS Hotline at +65 6560 2727.
You can make over-the-counter payments at Cheers and FairPrice Xpress stores using Cash and ATM cards.
You can also pay in cash in any branch of S.A.M.™ all over the city-state.
If you have an ANZ account with an ATM Card, you can make your payments on any ANZ ATM.
You can transfer funds from your ANZ accounts (if you have any) to your ANZ MoneyLine Term Loan account.
Take note that every time you ask for a loan, you will be charged the processing of $80. The interest rate will be based on the principal loan amount plus the processing fee.
You will also be charged an annual fee of $90 whether you use the ANZ MoneyLine or not. There are also other fees and charges which might apply to your account.
Like any bank, you will be charged with astounding penalties and interest rates if you default your payment. Therefore, you must use the ANZ MoneyLine wisely.
If you think you won’t need a credit line, it is best to apply for a traditional personal loan that is more predictable and does not have any annual fee. However, if you are looking for a quick cash loan, you can 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.