Notice of Amendment to the “Card Statement Instalment Program (“Statement Instalment Program”) 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 Card Statement Instalment Program (“Statement Instalment Program”) 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
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Section |
Purpose of the changes and what they mean for you |
Clause |
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3. Disbursement of Statement Instalment Program proceeds |
Updated terms regarding the early settlement arrangements during the 7-Day Cooling off Period for Statement Instalment Program:
A 7-day cooling-off period is offered to you if you have successfully applied for and drawdown a Statement Instalment Program. This means if you early redeem the Statement Instalment Program in full through our App within 7 calendar days after the Statement Instalment Program 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 Statement Instalment Program. However, you will not be entitled to any of our loan promotion offer if you exercised the 7-day-cooling off period arrangement. |
3.2 |
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3. Disbursement of Statement Instalment Program proceeds |
Updated terms regarding disbursement of Statement Instalment Program proceeds:
3.3 (a): Provide the correct outstanding balance and details of the accounts of any loans and/or credit cards owed by you to us, other bank(s) and/or financial institution(s) as of the time of application (“Debt”).
3.4 (b): The proceeds of the Statement Instalment Program (less any applicable fees and charges) will be used to settle whole or part of the Debt and related fees and charges incurred us, the other bank(s) and/or financial institution(s), according to the Statement Instalment Program Confirmation. The proceeds will be disbursed to:
3.4 (b)(ii): The Designated Account. For the amount to be used to settle the whole or part of the Debt, you are responsible for depositing to the designated loan account(s) with the relevant bank(s), financial institution(s) and provide settlement proof(s) to us upon request. If you repay the whole or part of your Debt with us using the proceeds, under normal circumstances, we will proceed to debit the repayment automatically after the proceeds have been disbursed to your Designated Account. |
3.3 (a) 3.4(b) 3.4 (b(ii) |
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8. You need to serve notice for early settlement of a Statement Instalment Program |
Supplemented terms regarding promotional offers return arrangements in the event of Statement Instalment Program early settlement:
If you choose to early settle your Statement Instalment Program, 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 Statement Instalment Program. |
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