Westpac is one of the Australian oldest banks which was established in the year 1817 as the Bank of New South Wales. It was not until October 1982 when it changed its designation to Westpac Banking Establishment following the procurement of the Commercial Bank of Australia. It has many financial products one of them is Westpac Personal Loan.
Beginning 1993 to 1999, Westpac experienced a considerable innovation program and then prompted numerous acquisitions in Australia in addition to New Zealand in order to enlarge its marketing impression in markets where it was underweighted. It later acquired the western Australian bank, the bank of Melbourne and others.
What is Personal Loan?
A personal loan is a loan that the customer can qualify for centered on their credit history and pay. They are sometimes referred to as unsecured loans for the reason that, it does not require collateral to be secured as lenders approve it by just assessing the creditworthiness of the customer. The application process is faster as the applicant can apply for loan online.
What personal loans are used for?
People can spend money on their personal loans on nearly anything. The following are the uses of personal loans. They include;
Emergencies, for example, to cater for medical expenses.
To cater to expensive Purchases
To finance yourself.
Loan for trivial homes improvements
To consolidate debt.
Types of financial products offered by Westpac bank
Westpac is accredited to offer financial product instruction regarding some of the financial products, like:
• Banking products, for examples deposit accounts in addition to payment services
• Insurance products
• Financial as well as debt fairs and intercontinental products like foreign exchange versions and contracts
• The Superannuation products.
How to apply for Westpac personal loan?
To apply for Westpac personal loan, the following are basic requirements;
Must be 18 years old and above.
Must have consistent income
Must be a permanent Australian inhabitant
The following details must be included for Westpac Personal Loan
- Personal details include the name of the applicant, the applicant ID and contact details.
- Financial details such as the applicant’s income, the applicant’s assets, arrears, and liabilities.
- Upon successful application, the applicant is notified of his or her application’s outcome in two days. If it’s approved, the funds will be transferred to their account through cheque or through bank transfer.
- The minimum loan amount is $4,000 while the maximum loan amount is $50,000
- Interest Rate (APR) is 11.99% and it’s fixed while the Comparison Rate (APR) is 13.15%.
- Loan terms range from 1 year to 7 years. So the applicant can choose the period she or he is comfortable with.
The applicant can apply for loan online or just go to the branch.