The innovative digital product allows customers to leverage term deposits as collateral for securing loans.
Wing Bank customers can now utilise their term deposits as collateral for instant loans, leaving savings untouched to generate interest income.
In a commitment to provide more innovative banking solutions, Wing Bank has introduced its latest product, the Wing Bank Digital Loan Against Term Deposit, empowering customers with quick and convenient access to funds while keeping their term deposits intact, thereby continuing to earn interest on the term deposits.
Exclusively designed for its customers, this innovative product allows them to leverage their term deposits as collateral for securing loans, effectively transforming their savings into a financial safety net during times of need.
Han Peng Kwang, CEO of Wing Bank, emphasised the bank’s unwavering dedication to prioritising financial flexibility and convenience, catering diligently to the diverse needs of all customers.
“The Wing Bank Digital Loan Against Term Deposit places our customers firmly in control, granting them the flexibility to repay the loan on their terms – whether it be before the term deposit matures or in accordance with the predetermined schedule,” he said.
The instant loan against term deposits is customer-friendly, offering loans of up to 95 per cent of the term deposit value, with a maximum limit of $50,000 per term deposit account. This option provides significant financial aid whenever needed.
Customers also enjoy the freedom to repay loans at their convenience without penalties, whether before the term deposit matures or according to a predetermined schedule.
Wing Bank offers competitive interest rates for this loan, ensuring customers can access funds at an affordable cost, and, more importantly, customers will be able to have access to instant credit to meet urgent needs or address cash flow issues in a short period of time.
The loan application process has been made simple and easy for customers. They can apply for the loan through the Wing Bank App, or by visiting any Wing Bank branch or preferred Wing location.
There are no extra upfront or processing fees, which further eases the financial burden of its customers.
With the Wing Bank App, customers can apply for a loan easily – all they need to do is click on the "Loan" icon on the home screen and select their term deposit account and the desired loan amount. They can then review and confirm the loan details, and agree to the loan terms and conditions.
Once the loan is approved, the funds are instantly disbursed directly into their Wing Bank account, ensuring swift access to the required funds.
Wing Bank has recently launched its all-time high of nine per cent term deposit interest rate per annum, requiring a minimum deposit of just $10, allowing all individual customers the flexibility to hold their funds in either local Cambodian riel (KHR) currency or US dollar (USD) accounts.
