Notice of Amendment to the “Instalment Loan Terms and Conditions”, effective from 30 Jun 2025
At ZA Bank, we continue to listen to our users’ feedback and improve our banking services. Therefore, we are updating the Instalment Loan Terms and Conditions (“Revised Terms”). Understand this may sound boring but to better protect your interests, please bear with us and spare several minutes to read this through carefully.
We have outlined the major changes to the Revised Terms in the table below for your information (“Amendments”).
Summary of Amendments to the Terms and Conditions
|
Section |
Purpose of the changes and what they mean for you |
Clause |
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3. Deposit of Instalment Loan proceeds |
Updated terms regarding the early settlement arrangements during the 7-Day Cooling off Period for Instalment Loan:
A 7-day cooling-off period is offered to you if you have successfully applied for and drawdown an Instalment Loan. This means if you early redeem the Instalment Loan in full through our App within 7 calendar days after the Instalment Loan drawdown date, we will waive the handling fee, the early redemption fee (including other applicable fees of a similar nature) and the first month’s interest payable by you under the Instalment Loan. However, you will not be entitled to any of our loan promotion offer if you exercised the 7-day-cooling off period arrangement. |
3.1 |
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8. You need to serve notice for early settlement of an Instalment Loan |
Supplemented terms regarding promotional offers return arrangements in the event of Instalment Loan early settlement:
If you choose to early settle your Instalment Loan, you will also be required to return the monetary equivalent of any loan promotional offers that you have enjoyed in connection with the loan, including but not limited to the monetary equivalent of loan discount coupons and loan cash coupons. These amounts will be charged to you upon your settlement of your Instalment Loan. |
8.2 |
You can download a PDF version of the Revised Terms via this link.
You can also find the Revised Terms in the ZA Bank App (tap on your profile picture on homepage, select “About ZA”) or our website under the “Terms and Conditions” section.
Please note that the Amendments shall be binding on you if you do not terminate the above mentioned products or services before 30 Jun 2025. If you decline to accept the Amendments, you have the right to terminate the products or services in accordance with the relevant provisions under the Terms and Conditions before the above mentioned date.
Please feel free to get in touch with us through the ZA Bank App if you need any assistance.
30 April 2025