Loan and Overdraft FAQs

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AIB Personal Loans

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    What type of Personal Loans can I apply for online?

    You can apply for a Personal Loan through AIB Internet Banking. You can also apply for a Top Up of your existing AIB Personal Loan through AIB Internet Banking. You may apply for a loan in your sole name only - joint applications are not available.

    The interest rate applicable to a Personal Loan is based on a variable rate (the Bank's variable 'A' loan rate). No fixed rate loans are available online.

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    Am I eligible to apply for a Personal Loan/ Loan Top Up online?

    To be eligible to apply for a loan/ top up online you must meet the following criteria for this channel:

    • You must have an AIB current account, open for at least 6 months

    • Your salary must be paid directly into your AIB current account

    • You must be over 18

    • For a top up application, you must have an existing sole AIB loan


    If you do not meet any of these criteria, then you can still apply for an AIB loan by contacting us on 1890 724 724 or +353 1 7715610 or by calling into your local AIB branch.

    If you are a Student Plus Account or Graduate Account holder and wish to avail of a Reduced Rate Loan, please apply through your local branch. Alternatively you can call the AIB Student & Graduate Centre on 1890 788 336, lines open 8am to 9pm Monday - Friday and Saturday 9am - 6pm.

    Further details about Personal Loans can be found on the AIB Personal Banking website.

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    How do I apply for a Personal Loan online?

    1. Log into AIB Internet Banking.

    2. Click 'Apply & Open' from the main menu.

    3. Select 'New Personal/ Car Loan' or 'Personal Loan Top Up' located under ‘Borrow’.

    4. Complete the necessary information regarding the Personal Loan/ Top Up.

     

    If you cannot see your existing loan account on your Internet Banking ‘Accounts’ screen, then you will not be able to top it up online until you complete the following steps to add your loan account:

     

    1. Log into AIB Internet Banking

    2. Select ‘Add an Account’ located under the ‘Service & Settings’ section in the main menu

    3. Complete the on screen fields to add your account. You will need your NSC and account number to complete this step.

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    How much can I apply for?

    You can apply for a Personal Loan from €1,000 to €30,000. You can also apply for a Top Up of your existing AIB Personal Loan by a minimum amount of €1,000 up to a maximum overall balance of €30,000.


    For amounts over €30,000 please contact your local branch or call us on 1890 724 724.  

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    Over how many years can I repay the loan?

    You can choose to repay your loan over a period of 1 year to 5 years.

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    What repayment frequency options are available to me?

    You can choose to make loan repayments on either a monthly, fortnightly or weekly basis.

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    When will I receive a decision on my application?

    We will endeavour to give you a decision instantly. If your application is referred to our Lending Team for review you will receive a decision within 3 business hours. Our business hours are 9am to 5pm Monday to Friday, excluding bank holidays. Although we aim to provide you with a decision within 3 business hours, this period may be extended for technical or other legitimate reasons. If you have provided us with your mobile phone number, we will text you once a decision is available. Once a decision is available, you can log into your AIB Internet Banking and select “My Application & Documents” under the “Apply& Open” menu to view the decision.

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    When do I receive my loan funds?

    Once you have completed the ‘Set Up Now’ stage of the online application process, we will transfer the funds into your nominated current account. We will tell you at the end of the application process that your funds are available.

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    Where will my loan account be opened?

    Your loan will be opened at your AIB branch.

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    What loan interest rate will I be charged?

    The interest rate you will be charged on your loan is based on the Bank’s Variable ‘A’ Loan Rate and the amount borrowed.


    You can read further information on our Personal Lending Interest Rates at:

    http://personal.aib.ie/our-products/loans/Personal-Lending-Interest-Rates

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    What is 'My Applications & Documents'?

    "My Applications & Documents" allows you to view the status of your online applications as well as download and save all documentation relating to your online applications. You can access this by clicking on ‘My Applications & Documents’ under ‘Apply & Open’.

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    Who do I contact if I have any queries in relation to my loan application?

    Should you have a query regarding an application please call us on 1890 724 724 or +353 1 771 5610.

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    Is there any application fee for applying for a Personal Loan through AIB Internet Banking?

    There is no fee charged for applying for a Personal Loan or Loan Top Up through AIB Internet Banking.

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    Will I be able to view my loan balance and transactions on AIB Internet Banking?

    Yes, your loan account will automatically display in your account list on Internet Banking and transactions/statements will be available to view.

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    What is a Credit Check and what is a Credit Reference Agency?

    In order to process your application we may need to carry out a credit check with the Irish Credit Bureau, a licensed credit reference agency, which is a standard practice with all lending applications.

     

    If you borrow or enter into a financial obligation, or may do so, we may give details of your agreement(s) / account(s) and how you conduct your agreement(s) / account(s), to licensed credit reference agencies on a regular basis. Licensed credit reference agencies will record details of each type of search AIB Group makes whether or not your application proceeds.

     

    If you wish to obtain information on your credit rating with the Irish Credit Bureau you can contact the Bureau at the address below, or by telephone at 01-2600388.
     

    Irish Credit Bureau
    ICB House
    Newstead
    Clonskeagh Road
    Dublin 14
    Website: www.icb.ie

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    What is Automated Decisioning?

    An Automated Decision is a computer-generated decision. Using completed loan application information an automated underwriting system retrieves relevant data and arrives at a logic-based loan decision. We may use credit scoring techniques to either partially or fully assess your application and using information provided to us our internal systems may provide an automated decision for your application.

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    I have Payment Protection Insurance on my existing Loan. Can I apply for a Loan top up and keep my Payment Protection Insurance?

    Payment protection insurance is no longer available with new loan applications. If you already have payment protection insurance on your loan and you would like to retain this cover - do not apply for a Personal Loan top up online. Please call us on 1890 724 724 or + 353 1 771 5610 and a customer service adviser will process your application for you. Alternatively, you can apply through your local AIB branch.


    AIB Payment Protection Plan is exclusively underwritten by London General Insurance Company Ltd and London General Life Company Ltd. AIB Insurance Services Ltd is regulated by the Central Bank of Ireland.

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    I have applied for a Loan in my branch/over the phone and opted to complete ‘set up online’. What should I do now?

    If you applied for a loan via your branch or over the phone and opted to complete ‘set up online’, you can access your application via the “My Applications & Documents” tab on the “Apply Online” page. From here, your can view the status of your loan application as well as download and save all documentation relating to your application. If your application has been sent to a lender for assessment, we will send you a text message to advise once a decision is available.

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AIB Car Finance

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    What type of Car Finance can I apply for?

    You can apply for 3 different types of Car Finance through AIB Internet Banking

    • New Personal Loan/Car Loan (Variable Interest)

    • Hire Purchase (Fixed interest)

    • Lease (Fixed Interest)

     

    Full details on AIB Car Finance options can be found here.

     

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    What is a car loan, a Hire Purchase agreement and a Leasing agreement?

    • A Car Loan is a variable rate personal loan to enable the customer to buy a used or new car.

    • Hire Purchase allows the customer to borrow money at a fixed interest rate to buy a used or new car. The bank retains security interest over the asset bought until all repayments have been made. The asset becomes the customers property when all the instalments due have been made & the purchase fee has been paid.

    • For Leasing, AIB owns the car purchased and it is registered in the name of AIB. Leasing allows the customer the use of the car in return for fixed rentals over a fixed period of time. At the end of the lease period, the car may be transferred into the customer by the way of a Lease Asset Disposal form, or the customer can enter in a secondary lease.

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    How much can I apply for online, by phone or in the branch?

    • You can apply online for a Car Finance Loan from €1,000 up to and including €30,000.
    • You can apply for a Car Loan for amounts from €1,000 up to €75,000 in your branch or by phoning us on 1890 724 724.
    • You can apply for Hire Purchase and Leasing agreements for amounts over €10,000, in branch, over the phone.

     

    Full details can be found in the ‘How to Apply’ section here.

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    Can I apply for Car Finance for any car new or used?

    Yes you can apply for AIB Car Finance for either New or Used cars.

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    Over how many years can I repay the Car Finance?

    • You can repay your Car Loan from between 1 to 5 years.
    • You can repay your Hire Purchase and Leasing between 2 to 5 years for used cars and up to 6 years for new cars.

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    When will I know the decision on my application?

    • We will endeavour to give you a decision on your Car Loan application instantly.
    • If your application is referred to our lending team for review you will receive a decision within 3 business hours.
    • If you applied online and you have provided us with your mobile phone number, we will text you once a decision is available (you can log into your AIB Internet Banking and select “My Application & Documents” under the “Apply& Open” menu to view the decision).
    • If you applied for a Car Finance facility in the branch, you can contact your local branch or Relationship Manager after 3 business hours to check the status of your application.
    • If you applied for a Car Finance facility over the phone, you can ring 1890 724 724 after 3 business hours to check the status of your application.
    • Our business hours are 9am to 5pm Monday to Friday, excluding bank holidays. Although we aim to provide you with a decision within 3 business hours, this period may be extended for technical or other legitimate reasons.

     

    Full details can be found here

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    Can I view my Car Finance balance and transactions on AIB Internet Banking?

    You can view the ‘Balance’ and ‘Recent Transactions’ of a Car Loan or Hire Purchase through Internet Banking, by clicking on ‘My Accounts’ and choosing the relevant account to view. It is not possible to view the balance and/or transactions of a Lease product online.

     

    If you wish to discuss your Car Finance facility, you can contact your local Branch or Relationship Manager directly.

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    How Do I apply for Car Finance online?

    You can apply for Car Finance through AIB Internet Banking.

     

    There are 3 products available. The key features of these products are all detailed within the AIB Internet Banking Application. There are both Fixed and Variable interest rates available.

     

    Log into Internet Banking;

    1. Click 'Apply & Open'.

    2. Under 'Borrow' review our range of Car Finance products to find the product that best suits your needs

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    What do I need to apply for Car Finance online?

    • If you hold a Personal Bank Account or AIB Advantage account for more than six months and are registered for AIB Phone & Internet Banking, you can apply for a Car Loan online through AIB Internet Banking for amounts from €1,000 to €30,000, and get a decision on your application within 3 business hours
    • Your salary must be paid directly to your AIB current account
    • You may apply online for a loan in your sole name only - joint applications are not available. Please contact your branch or click here for further information regarding joint applications.

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    What rate of interest is charged for AIB Car Finance?

    Full details including a quick quote calculator can be found on the Car Finance page.

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    Are there any other fees or charges?

    Full details including a quick quote calculator can be found on the Car Finance page.

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AIB Overdraft

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    How does a Personal Overdraft work?

    An overdraft is a credit facility on your Current Account* for temporary and occasional use that allows you to access funds to an agreed limit above your actual balance.

    *Customers with a Personal Bank Account or current account can apply for a Personal Overdraft.

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    How can I access my funds?

    You can access the overdraft in many ways, for example, when you use your AIB Debit Card, when withdrawing cash from an ATM, when you write a cheque, pay a bill or through AIB Phone & Internet Banking. 

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    How do I apply for an Overdraft online?

    You can apply for an Overdraft online by logging into Internet Banking and following one of the steps below:

    • Click on ‘Apply Now’ and then click “Overdraft” under the “Borrow” section

    • Alternatively using the “Quick Apply” option on the right side of the Account Overview screen select “Overdraft” from the products list then click “Apply Now”

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    How much of an Overdraft can I apply for online?

    You can apply online for a Personal Overdraft from €500 to €10,000. For amounts over €10,000 please contact your local branch or call us on 1890 724 724. Under normal circumstances, you can apply for an overdraft for an amount up to that of your monthly income. Depending on your circumstances, though, the overdraft could be for a greater amount and our staff would be more than happy to discuss this with you. 

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    For how long will I have my Overdraft facility?

    Your overdraft will continue until it is i) cancelled by either of us, ii) restructured or iii) replaced by another overdraft on this account. You may cancel your overdraft at any time by notifying your branch. However, you must repay your overdraft balance, plus any interest, fees and charges accrued before you can cancel it. We may at any time at our discretion reduce or cancel your overdraft by writing to you and requesting repayment. Upon receiving such notice, you must immediately repay your overdraft balance plus any interest, fees and charges accrued up to the date of repayment. 

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    How much does a Personal Overdraft cost?

    Interest charged

    Interest is charged at the Bank’s Standard Variable “A” Overdraft Reference Rate. The variable interest rate is calculated on the daily debit balance and charged quarterly in March, June, September and December. If you exceed your overdraft limit, you will also be charged surcharge interest on any amount that is above your overdraft limit (in addition to the interest rate above). Details of the surcharge interest rate can be found in the ‘A Guide to Fees & Charges for Personal Accounts’ booklet.

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    What is a Facility fee?

    A facility fee is a charge for maintaining an overdraft on your current account. A facility fee of €25.39 is charged per annum or per overdraft sanction, whichever is the more frequent.

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    What is a Credit Check and what is a Credit Reference Agency?

    In order to process your application we may need to carry out a credit check with the Irish Credit Bureau, a licensed credit reference agency. This is a standard practice with all lending applications. If you borrow or enter into a financial obligation, or submit an application to do so, we may give details of your agreement(s) /account(s) and how you conduct your agreement(s)/account(s), to licensed credit reference agencies on a regular basis. Licensed credit reference agencies will record details of each type of search AIB Group makes whether or not your application proceeds.

    If you wish to obtain information on your credit rating with the Irish Credit Bureau you can contact the Bureau at the address below, or by telephone at 01-2600388.

    Irish Credit Bureau

    ICB House

    Newstead

    Clonskeagh Road

    Dublin 14

    Website: www.icb.ie

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    What is Automated Decisioning?

    An Automated Decision is a computer-generated decision. Using completed overdraft application information an automated underwriting system retrieves relevant data and arrives at a logic-based decision. We may use credit scoring techniques to either partially or fully assess your application and using information provided to us our internal systems may provide an automated decision for your application. 

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    When will I receive a decision on my online overdraft application?

    We will endeavour to give you a decision on your online overdraft application instantly. If your application is referred to our lending team for review you will receive a decision within 3 business hours. Our business hours are 9am to 5pm Monday to Friday, excluding bank holidays. Although we aim to provide you with a decision within 3 business hours, this period may be extended for technical or other legitimate reasons. If you have provided us with your mobile phone number, we will text you once a decision is available. Once a decision is available, you can log into your AIB Internet Banking and select “My Application & Documents” under the “Apply& Open” menu to view the decision.

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    What should I do if my Overdraft application is approved?

    If your online overdraft application is approved, you may choose to set up your overdraft immediately or set up later by returning to “My Applications & Documents” under the “Apply & Open” menu.  Once you set up your overdraft, your limit will be available immediately. You can view your overdraft limit at any time by logging into AIB Internet Banking and from the “Accounts” screen, select your current account then click “pending transactions” and your overdraft limit will be displayed on this screen.

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    What is ‘My Applications & Documents’?

    ‘My Applications & Documents’ allows you to view the status of your overdraft online applications as well as download and save all documentation relating to your applications.  You can access this by clicking on ‘My Applications & Documents’  under ‘Apply & Open’. Should you have a query regarding your overdraft please call us on 1890 724 724 or +353 1 771 5610.

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    I have applied for an Overdraft in my branch/over the phone and opted to complete ‘set up online’, what should I do now?

    If you applied for an Overdraft via your branch or over the phone and opted to complete ‘set up online’, you can access your application via the “My Applications & Documents” tab on the “Apply Online” page. From here, you can view the status of your overdraft application as well as download and save all documentation relating to your application. If your application has been sent to a lender for assessment, we will send you a text message to advise when a decision is available.

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AIB Business Loans

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    What type of Business Loan can I apply for?

    You can apply for a Standard Business Loan through AIB Internet Banking. An Online Standard Business Loan is a variable interest rate loan that may be suitable to help finance the growth and development of your business.
     

    You may only apply for a Standard Business Loan through AIB Internet Banking if you are a sole trader. If your business is a partnership or a limited company you must please contact your local branch to make an appointment with one of our lenders.
     

    Further details about Business Loans can be found on the AIB Business Banking website.

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    How do I apply for a Business Loan online?

    1. Click 'Apply & Open'.

    2. Select 'Standard Business Loan' under the ‘Borrow (Business)’section.

    3. Complete the necessary information regarding the Business Loan.

    4. Enter the requested digit from your PAC to complete the application.

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    How much can I apply for?

    You can apply for a Standard Business Loan from €1,000 to €25,000.

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    Over how many years can I repay the loan?

    You can choose to repay your loan over a period of 1 year to 5 years.

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    Can I make loan repayments on a monthly or fortnightly basis?

    Yes, you can make loan repayments on either a monthly or fortnightly basis.

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    When will I hear that my Business Loan has been approved?

    When you apply on-line for a Standard Business Loan, you will receive a decision in the post within 5 business days.

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    Where will my loan account be opened?

    Your loan will be opened at your AIB branch.

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    What loan interest rate will I be charged?

    The bank's standard variable Business loan rate.

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    If I have any queries in relation to my loan whom do I contact?

    If you have any queries in relation to your application for a Standard Business Loan, please contact AIB at 1890 304 604 or +353 1 7726633 between 9am to 5.30pm, Monday to Friday.

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    Is there any application fee for applying for a Business loan through AIB Internet Banking?

    There is no fee charged for applying for a Standard Business Loan through AIB Internet Banking.

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    Will I be able to view my loan balance and transactions on AIB Internet Banking?

    You will be able to view your loan account balance and loan account transactions through AIB Internet Banking, by selecting the "My Accounts" function on the site and entering the new loan account number and NSC details.

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