Consumers loans, along with insurance products, are those products consumers don’t really want to apply for. They tend to happen when a financial crisis hits or savings run out, which means the cheapest option is usually the one consumers go for. They also tend to look for the products that have the lowest installment. Agreeable terms and low interest rates are good draw cards for any bank who wishes to lure customers to their products. With the Rabobank Consumers Loans range, customers may want to have a look at alternative options. This review clams down hard on the bank and with good reason.
See how this range compares to the personal loans offered by State Bank of India.
Rabobank was started way back in the late 19th century and has grown to a multinational financial, that in its daily functions provide services in the fields of everything from savings to insurance, investments, current and internet banking. Rabobank is the 2nd largest bank in the Netherlands, according to its assets. This bank has around 55 000 employees in their employ, that serve 10 000 000 customers all over the world. Not to bad for a small agricultural co-operative found almost 110 years ago.
The investment of Rabobank in the agriculture is experienced in almost all the countries of the world. You know your money is safe with Rabobank as it has been awarded a five-star rating by MoneyView. Rabobank is a giant in the banking world. When it comes to consumer loans you can hardly go wrong.
Characteristics of a Good Personal Loan
Rabobank also offers insurance products and a recent review was done.
Consumers want to know that they’re in good hands and that the products they apply are legitimate. A good personal or consumer loan can make the difference between finally getting the cash flow in order again or not. Consumers should look out for these characteristics:
- The loan must be with a reputable institution that is governed
- Interest rates need to be in line with the national standard in order to be competitive
- The terms and conditions need to be fair and protect consumers as much as the financial institutions
- The application process needs to check all documentation to ensure the consumer can actually afford the loan
- Assistance should be available telephonically, in person, or online
Rabobank Consumer Loans Product Offerings
We all try and save and manage our money well so that we do not have to create debt. Unfortunately, life sometimes happens and you find yourself in a bad situation that requires a large sum of money to resolve. in such times it will be necessary for you to take out a loan. This should not be approached lightly because debt is expensive and the less you have, the better. Luckily Rabobank offers some fine products that will make it a little bit easier for you.
Rabo Personal Loan
- You can transfer an existing loan from another institution to Rabobank and have a lower installment.
- You borrow a once-off amount and the repay it monthly at a fixed amount that will be assessed by a loan adviser.
- The repayment will include interest charged on the balance of the money outstanding, which will shrink as you continue to pay the loan off.
- As an example: If you take a loan of € 2,500 to be repaid over the period of 60 months at an interest rate of 11.15% per year your repayments will be € 53.88, or if you take a loan of € 50 000 to repay over 60 months @ an interest rate of 6.75% the repayments will be € 979.47 per month
- Should you die before the age of 75 and the pre-existing conditions are met, we will cancel your remaining debt up to the amount of € 50 000.
- you can pay extra on your loan, without incurring a penalty, however, this does not change your monthly repayment amount, but enables you to pay the debt of sooner.
- You can easily apply through Rabobank.nl or via your financial adviser. When you apply, the bank will request certain documents from you to help the asses your financial stability and to ensure that you are able to repay the loan.
- You can review all your payments and the balance of your loan on the Rabobank app.
- When your loan is finally paid off, your loan agreement will be automatically canceled.
Rabobank Continuous Credit Loan
Have you ever wished you can just loan back the money you paid off on your loan, instead of having to take a new loan every time? With a Rabobank Continuous Credit loan account, you can. Here is how it works.
- You will be required to pay an amount each month to cover the interest on your loan.
- After that, the rest of the money is used to reduce the balance of your loan account amount.
- When you reach a certain predetermined amount you will be able to withdraw part of what you have paid in, with the understanding that you will not surpass the original loan amount in the agreement.
- The interest on this account is variable as the loan amount changes continuously. It can go up or down, depending on what your outstanding balance on the loan amount is.
- You can pay more to get your loan account down quickly and then, should you need it, you can withdraw again as long as you don't exceed the original loan amount.
- If you already have another loan account from another institution, you can transfer this to Rabobank. Not only is easier to manage one loan account, but it is also cheaper.
- As it is with the normal loan account, if you die before your 75th birthday and you meet the conditions, we will cancel your remaining debt up to a maximum of € 50,000.
- Should you own a home, you will get a discount on your interest on your continuous credit loan from as much as € 4100.
Check out the savings products offered by Rabobank in this review.
What We Like About Rabobank Consumers Loans
Customers have a simple process to follow in order to apply for their loan. The loan amounts are also quite varied, which means customers can borrow according to their needs. The loan amounts range from € 2500 to € 50 000. Because the loan amount, term, and interest rates are pre-determined, customers are fully aware of their monthly repayments.
Furthermore, customers can select a repayment term of up to 5 years, which means that they can pay higher loan amounts a little easier. This all takes place with the help of a financial advisor, to avoid a laborious process.
Finally, if you are a homeowner, you will receive a discount on interest incurred on our loan from € 4100 and up. Customers can track all repayments that you have made on the Rabobank App. Customers do the whole process from application to access to the funds is done on the internet en via email. This is both time saving and convenient.
What We Don’t Like About Rabobank Consumer Loans
Rabobank provides a great service and has great products, there are some drawbacks to the consumer loan account products though. Once you have applied and submitted the documents required by the bank, you have to wait for 3 days before the personnel from the bank may contact you and have an interview. After the loan approval, it takes another 3 days before you have access to the funds. It seems long when you consider that most financial institutions advertise 24 hours to complete the whole process.
On the other hand, Rabobank is thorough and that probably takes time. Some of the interest rates seem to be a bit higher than most of the other but then again, comes with great service and great expertise.
Finally, the glaring issue with this range is the lack of variety. Clients basically only have the option of a personal loan, or to continue a personal loan. These options aren’t that great when weighed up against the offerings from other institutions across the world.
Critical Reviews Rating Rabobank Consumer Loans – 5 of 10
For a bank such as Rabobank, this product range hardly feels like it represents the bank properly. There are a number of things the bank can do differently in order to increase this rating. Unfortunately, the sheer number of options alone is a massive drawback and will most likely send customers clicking away on the net to see what the competitors have to offer.
There is also no mention of the fees customers can expect to pay. Customers will only find out during the application process which could leave them with a far higher installment than they initially budgeted for. The interest rates also seem fairly high compared to others on the market, however, customers will need to make the comparison.
Finally, The waiting period for an answer is almost archaic, as many other banks across the world tend to have a response within a few hours. There are quite a few changes Rabobank have to make in order to see this rating improve.
Discover whether Wells Fargo did better in their personal loans review.