Welcome to our guide on Seven Bank loans! Discover the benefits of low interest rates and flexible repayment options.
We’ll also walk you through the application process, including eligibility criteria and required documents.
Whether you’re looking to fund a personal project or consolidate debt, Seven Bank offers a straightforward solution.
Five Features of the Seven Bank Loan Service
Seven Bank’s loan service offers convenient features that simplify borrowing and repayment.
Here are five essential features:
- Online Application: The application process is completed online, making it convenient and accessible.
- Payment with Seven Bank Cash Card: Borrowers can use their Seven Bank cash card for loan transactions, offering flexible fund management.
- Fixed Monthly Repayment: The monthly repayment amount is fixed, allowing borrowers to plan their finances effectively.
- Access via Seven Bank ATMs: Loans are available through Seven Bank ATMs nationwide, providing easy access to funds 24/7, 365 days a year.
- Online Account Statements: Borrowers can check their account statements online, keeping track of their loan status and payments.
How to Apply for a Seven Bank Loan
Applying for a Seven Bank loan is a straightforward process that offers convenience and accessibility.
Here’s how you can apply:
Online Application
Applying for a Seven Bank loan is easy and convenient with their online application process. Here’s how you can apply online:
- Visit the Seven Bank website and log in or create an account if you need one.
- Select the loan option that best fits your needs.
- Fill out the online application form with your personal and financial details.
- Submit the required documents, such as identification and income proof, online.
- Wait for approval, which typically takes a few days.
- Once approved, you can receive the loan amount in your Seven Bank account.
- Repay the loan through monthly instalments using your Seven Bank cash card.
Using Your Seven Bank Cash Card for Loan Transactions
You can conveniently use your Seven Bank cash card for loan transactions when applying for a Seven Bank loan.
Here’s what you need to know about using your cash card for loan transactions:
Use Your Seven Bank Cash Card:
- Your Seven Bank cash card serves as your means of making loan transactions. It can be used at Seven Bank ATMs nationwide.
Account Application:
- Apply for a Seven Bank account when applying for the loan service; account opening and card reception typically take 1-2 weeks.
Loan Service Application Screening:
- Your loan service application will be screened. Your application may or may not be accepted, depending on the screening result.
Account Opening:
- You can still open a Seven Bank account if you need to be qualified for the loan service.
Accessing Loans through Seven Bank ATMs Nationwide
When it comes to accessing loans, Seven Bank provides a convenient option through its nationwide network of ATMs.
Here’s what you need to know about accessing loans through Seven Bank ATMs:
Nationwide Availability:
- Seven Bank ATMs are installed nationwide, providing easy access to loan transactions at any time, 24 hours a day, 365 days a year.
No Borrowing or Repayment Fee:
- There are no fees for borrowing or repaying loans via Seven Bank ATMs or the Direct Banking Service.
Direct Banking Service:
- Using the Direct Banking Service, you can borrow money and receive the amount in your ordinary deposit account.
ATM Use Fee:
- If you withdraw the borrowing amount from your ordinary deposit account via an ATM, you may be required to pay the prescribed ATM use fee.
Eligibility Criteria
Meeting specific eligibility criteria is essential when applying for a Seven Bank loan. Here’s what you need to qualify:
- Account Holder: You must have a Seven Bank account in your name.
- Age Requirement: You should be at least 20 years old but less than 70 years old at the time of the agreement.
- Screening Standards: Applicants must meet screening standards and qualify for a guarantee from the designated company (Acom Co., Ltd.).
- Foreign Nationals: Foreign nationals must have the status of permanent resident in Japan.
Screening Time
When applying for a Seven Bank loan, it’s essential to understand the screening process and its timeline. Here’s what you need to know:
- Screening Time: The screening process typically takes a few days to complete, after which you will be notified of the decision.
- Automatic Renewal: The agreement term is one year, with automatic renewal based on the Loan Service Terms and Conditions.
- Age Limit: New borrowing is not possible on the 1st day of the following month after a customer turns 71.
- Guarantee Company’s Role: If Acom Co., Ltd. repays the debt, they will handle transactions for the customer.
Borrowing Limit
The borrowing limit is determined based on individual circumstances when applying for a Seven Bank loan. Here’s what you need to know:
Maximum Limit:
- The maximum borrowing limit for a new loan application is 500,000 yen, while for an increase application, it can be 500,000 yen or 3,000,000 yen.
Limit Determination:
- The borrowing limit is determined based on the screening results and individual financial circumstances.
Increase Application:
- Customers with at least six months of transaction records after the initial borrowing can apply for an increase in the borrowing limit.
Interest Rates
When considering a Seven Bank loan, it’s essential to understand the applicable interest rates based on the borrowing limit.
Here’s a breakdown of the interest rates:
- 15.000% per annum: Borrowing limit: 100,000 yen, 300,000 yen, 500,000 yen
- 14.000% per annum: Borrowing limit: 700,000 yen, 1,000,000 yen
- 13.000% per annum: Borrowing limit: 1,500,000 yen, 2,000,000 yen
- 12.000% per annum: Borrowing limit: 2,500,000 yen, 3,000,000 yen
Scheduled Repayment
When repaying your Seven Bank loan, it’s essential to understand the scheduled repayment process. Here’s what you need to know:
Scheduled Repayment Date:
- Repayments are withdrawn on the 27th of each month or the following business day if it falls on a weekend or holiday.
Repayment Amount:
- The amount varies based on the loan balance as of the scheduled repayment date in the preceding month.
First Repayment:
- The first repayment is on the second monthly date after a new borrowing, or the first if borrowing is made on a repayment date.
Optional Repayment
When managing your Seven Bank loan, you can repay more than the monthly repayment.
Here’s what you need to know:
Flexible Repayment:
- In addition to the scheduled monthly repayment, you can make repayments at any time by depositing the desired amount into your account.
Monthly Repayment:
- Please note that monthly repayments are still due even when you make an optional repayment, except for full repayment.
Contact Details
You can contact their customer service when you need assistance regarding your Seven Bank loan. Here are the details:
Japanese Contact Center:
- Service Hours: Monday to Saturday, 9:00-18:00 (Closed Sundays, National Holidays, and 12/31-1/3)
- For Seven Bank Account Holders:
- Toll-Free: 0088-21-1189
- Charged: 03-5610-7730
English Contact Center:
- Service Hours: Monday to Saturday, 9:00-18:00 (Closed Sundays, National Holidays, and 12/31-1/3)
- Toll-Free: 0120-937-711
- Charged: 03-5610-7791
The Bottomline
Seven Bank loans offer a range of benefits, including low interest rates, flexible repayment options, and easy accessibility.
Following the simple application process outlined in this guide, you can take advantage of these benefits and secure the necessary funds.
Disclaimer
The information provided in this article is for general informational purposes only and should not be construed as financial advice.
Please consult a financial advisor or banking representative for specific guidance on your financial situation.