An ING personal loan is a fixed term, fixed rate unsecured loan with no ongoing or early repayment fees.
If you're looking for a personal loan that gives you uniformity in your repayments, an ING personal loan could be a good solution. With a fixed interest rate, fixed term and no ongoing or early repayment fees, an ING personal loan offers certainty and predictability.
For people who intend to pay out their loan early, or at least want the option to do so, an ING personal loan also has no early repayment fees.
|Product Name||ING Personal Loan|
|Interest Rate (p.a.)||8.99% (fixed)|
|Comparison Rate (p.a.)||9.13%|
|Interest Rate Type||Fixed|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$30,000|
Main points to consider with the ING Personal Loan
An ING personal loan has a fixed interest rate of 8.99% p.a. and a comparison rate of 9.13% p.a. As a fixed rate loan, the amount of your repayments is set is advance and will not change during the life of the loan.
This personal loan is unsecured, so you will not need to offer an asset as security for the loan.
Loan amounts vary between $5,000 and $30,000, with a loan term between 2 and 5 year(s). Once the loan term is set, you can't extend the term.
The loan application process is completely online, with existing ING customers able to apply through their Internet banking account, and new customers starting the application process by completing an online form. Once approved, loan funds will be available on the same day for existing ING customers and within two to three business days for new customers.
Features of an ING Personal Loan
- Fixed interest rate. No surprises or repayment variations with a fixed interest rate of 8.99% p.a., and a comparison rate of 9.13% p.a.
- No ongoing fees. No annual or monthly fees. A late payment fee of $20 can apply for late or missed payments.
- Early repayment options. No penalties for additional payments, and no early repayment fees if you choose to pay out the loan early. You can obtain the payout figure by contacting ING, or by calculating the remaining balance of the personal loan plus interest accrued at the date of payout.
- Waived loan establishment fee. Existing customers will have the $100 personal loan establishment fee waived. New customers can opt to pay the loan establishment fee or apply for an ING Orange Everyday account during the loan application process and have the establishment fee waived.
- Loan amount. Borrow between $5,000 and $30,000.
- Fixed loan term. Loan terms are available between 2 and 5 year(s). Once set, you can't extend the loan term, but you can pay off the loan early without penalty.
- Fast access to funds. Existing ING customers will have loan funds disbursed on the same day that the loan offer is accepted. New customers will have loan funds disbursed into their nominated external bank account between two and three business days.
- Flexible repayment options. You can make loan repayments via direct debit, either from your ING account or an external account. You can make repayments either fortnightly or monthly, and you can change the repayment account details or frequency at any time by contacting ING.
- Simplicity of online banking. Successful loan applicants will have access to online banking to review loan statements and the status of their loan at any time, including the remaining loan term and upcoming repayment dates.
How to apply for an ING Personal Loan
If you think an ING personal loan could be the right choice for you, click "Go to Site" to begin the application process. Before you do, check the eligibility criteria and ensure you have all the info you'll need to sail through the online application.
To be eligible for an ING personal loan, you must fit the following eligibility criteria:
- Be at least 18 years old
- Be an Australian citizen or a permanent resident
- Have an Australian residential address
- Be employed and have access to your PAYG payslips
- Earn at least $36,000 per year before tax
- Have a good credit rating
Make sure you have the following information to hand before starting the online application:
- Australian ID such as an Australian passport or driver's licence
- Proof of income, including PAYG payslips and rental income statements if applicable
- Information about your liabilities, including other loans and credit cards
- Information regarding your spending and ongoing living expenses
An ING personal loan has several attractive features for potential borrowers. Before choosing any personal loan product, compare your options to make sure you are getting the best deal and the perfect features to suit your circumstances.