Pioneer Financial Institutions In Australia-Myassignmenthelp.Com

Question: Discuss About The Pioneer Financial Institutions In Australia? Answer: Introducaation National Australian Bank is one of the pioneer financial institutions in Australia. There are many types of loans that the company offers. For anyone who wants to borrow $8000 for a holiday, they have three main options available- Travel loans with fixed rate of interest- In case of travel loans, the customers have the option to borrow $5000 to $55000, in 1-7 years. There are both fixed and fluctuating rate of interest options. There are several options of repayment. If extra repayment is done, it can be redeemed on the same day. Sanctioning of loan is done on the same day itself. In case the customer borrows $8000 in travel loans, and repays the same in two years, the amount of interest will be in case of fixed rate scheme, where the rate of interest is 14.99%p.a - $1309 and the monthly repayment will be $388. Travel loans are designed keeping in time the travel necessities of the customer. There are options to keep your money safe while travelling, travel with a personal loan or credit card. There are also options available to plan your travel in a better way, with best travel agencies. There is also money saving tips that may be required during travel (Nab.com.au, 2017) Personal loans In case of personal loans the customer has the option of both fixed and variable rate of interests. In case the loan is paid off early, there are no exit fees applicable. There are options for online acceptance of documents. The rate of interest charged in case of fixed rate scheme is 14.99%, the monthly instalment is $1309 and the monthly repayment is $388. In case of the variable scheme the rate of interest is 14.69% per annum, the amount of interest is $1281 and the monthly repayment is $387 for two years (Nab.com.au, 2017). Both the travel loan and the personal loan, are offering the same rate of interest. However, travel loans are specifically designed for travel related activities. Personal rates can be taken for other purposes also, and there is easy exit option in the same (Nab.com.au, 2017). Travel loans with variable rate of interest. In case of travel loans, there are also options of variable rate of interest. Before applying for the loans, it is important that the applicant must be 18 years or old. There must be regular income, must be an Australian citizen and must hold a permanent residency in the country. In order to apply online, the applicant must be an NAB customer. There are options of regular saving scheme in the plan. The details of the customer credit worthiness are also checked before sanctioning the loan. If the details are approved, the loan will be issued in a day only. The variable rate of interest is 14.69%, the total amount of interest that the applicant needs to pay in two years is $1281 and the monthly repayment is $387 for two years. Thus travel loans are more effective because these loans are formed only keeping in mind, the travel related need of the people. These are few options that the customer has in case they want to borrow $8000 for travel related activity. The rate of interest is more or less in all the plans, but we see that in case of travel loans there are more opportunities available thus, the applicant should go for the same. The rate of interest in on the applicant, they can choose what they want (Nab.com.au, 2017). References Nab.com.au. (2017). Personal loans. Available at: https://www.nab.com.au/personal/loans/personal-loans . Nab.com.au. (2017). Travel loans. Available at: https://www.nab.com.au/personal/loans/personal-loans/travel-loans. Nab.com.au. (2017). Loans. Available at: https://www.nab.com.au/personal/loans Nab.com.au. (2017). Travel insurance. Available at: https://www.nab.com.au/personal/insurance/travel-insuranc