An instalment loan is a consumer loan taken out for a set term and paid back in fixed periodic (usually monthly) instalments.
N.B. In both cases, when you apply you must explain why you are applying for the loan and fill out a form with your personal details to determine your borrowing capacity.
"}},{"componentType":"sectionTitle","title":"What is consumer credit used for?"},{"componentType":"paragraph","richBody":{"value":"You can finance various types of purchases with a consumer loan. At ING, these instalment loans are divided into four groups:
"}},{"componentType":"paragraph","richBody":{"value":"With a mobility loan, you can finance the mobility solution that's right for you:
- A car loan to buy a new or used car, with a combustion or electric engine;
- A motorbike loan;
- A bike loan;
- An alternative mobility loan to support your soft mobility approach (e.g. electric scooter).
With a renovation loan, you can carry out the work you want on your home: convert an attic into a studio, convert a barn, renovate the bathroom or kitchen, create an office, etc.
We also have an energy loan for most environmentally-friendly renovation projects (installation of a heat pump, insulation, environmentally-friendly hot water system, etc.). This loan has the advantage of being more attractive than a traditional renovation loan, because you pay less interest if at least 75% of the loan is used to finance environmentally-friendly renovation work.
With a personal loan, you can make your plans for studies, a wedding or travel a reality. It's also a solution for unexpected expenses.
There are other types of consumer loans in Belgium. For example, you can apply for an overdraft facility. An overdraft facility is a cash reserve that can tide you over from time to time Once you draw on it, you have to repay at least the monthly interest charges calculated on the amount you have used and you also have to repay, at regular intervals, the full amount you have drawn down.
The principle of consumer loan is simple to understand:
1. you borrow a sum of money from your bank; and
2. you undertake to repay this amount periodically, with interest, over a set period.
"}},{"componentType":"sectionTitle","title":"Apply for a consumer loan"},{"componentType":"applicationProcess","steps":{"stepList":[{"title":"Calculate your consumer loan online","body":"Calculate the consumer loan that's right for you online, based on your needs and repayment capacity.","textLink":{"url":"https://www.ing.be/en/individuals/borrowing/loan-calculator?purpose=leisure","text":"Calculate your monthly repayments"}},{"title":"Apply for a loan","body":"Do the necessary formalities online or at your local branch, whichever suits you best."},{"title":"Analyse your loan offer","body":"You can track the status of your application* online. If your consumer loan application is accepted, you will see your loan offer and personal interest rate online. This offer is valid for 20 days. \r\n* During the opening hours of the National Bank of Belgium's Central Consumer Credit Office (Mon-Sat: 4am - 11.30pm - Sun: 12pm - 11.30pm)."},{"title":"Sign your offer and receive your money","body":"Sign your loan offer online and, if the instalment loan is for a specific purpose (e.g. an energy loan), you must provide proof of the use to be made of the borrowed funds (invoices or quotes). \r\nReceive the money into your account. \r\nStart repaying the loan the following month."}]}},{"componentType":"cta","textLink":{"url":"https://ebanking.ing.be/banking/mobile/products/580/open?EW=true","text":"Request your consumer loan"}},{"componentType":"sectionTitle","title":"We answer your questions!"},{"componentType":"accordion","accordionList":[{"title":"What is a consumer credit?","richBody":{"value":"Consumer credit is a loan that you take out for a fixed period in the case of an instalment loan, or for an indefinite period in the case of an overdraft facility, and that you repay in fixed periodic (usually monthly) instalments.
An instalment loan can be used to finance a specific purchase (e.g. a car) or more general expenditure (e.g. education or training fees).
When you apply for a consumer loan, you must explain why and complete a file with your personal details (relating to your borrowing capacity).
The conditions for granting the loan are subject to consumer credit legislation in force.
"}},{"title":"Who can apply for a consumer loan?","richBody":{"value":"
You must meet the following conditions to take out a consumer loan:
be a natural person and at least 18 years old;
have the necessary repayment capacity;
and the loan must be for a private purpose that comes within the consumer credit category (e.g. the loan cannot be used to buy a house).
The exact amount you can borrow with a consumer loan depends on your profile, project and type of loan you want to take out (mobility loan, home improvement loan, energy instalment loan for ecological renovation work, personal loan or overdraft facility). For instalment loans, the minimum amount you can borrow is €1,300.
"}},{"title":"How long does it take to repay a consumer loan?","richBody":{"value":"
The term of an instalment loan varies from 6 to 120 months. The precise term will depend on the amount of the loan and your repayment capacity.
Overdraft facilities are consumer loans for an indefinite period but with an obligation to repay the full amount drawn down at regular intervals.
"}},{"title":"What is the interest rate on a consumer loan?","richBody":{"value":"The interest rate on your consumer loan depends on a number of factors:
The Annual Percentage Rate (APR) is the total cost of your loan on an annual basis. It includes interest and any loan fees.
Check out our consumer loan rates (PDF)
"},"textLinks":[{"url":"https://www.ing.be/en/individuals/borrowing/loan-calculator?purpose=leisure","text":"Make a simulation"}]},{"title":"When will the money from my consumer loan be made available?","richBody":{"value":"For instalment loans, the sum you borrow is paid into your current account once your application has been completed, supporting documents have been provided (particularly in the case of an instalment loan for a specific purpose) and your contract has been signed.
"}},{"title":"When do I have to start repaying my consumer loan?","richBody":{"value":"You start to repay your consumer loan in the month following the payment of the money into your current account.
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This advertising message, which concerns an installment loan for private purposes subject to consumer credit legislation, does not constitute an offer of credit. It is intended exclusively for natural persons of legal age and any request for credit is made subject to prior acceptance of your file by ING Belgium and mutual agreement. The general conditions and rates for this loan are available from all ING branches and can be consulted on www.ing.be (section 'Rates and regulations'). Your request and the possible approval of your request by ING (after examination of your file by ING) in a branch or through the 'Consumer Loans Online' service on www.ing.be, do not commit either ING or yourself, as long as you have not signed a credit agreement at your ING branch or, in the case of an online request, as long as you have not returned the signed credit agreement (after prior approval of your file by ING) to ING, where it is checked beforehand whether the data provided in the request are accurate and complete (among other things, on the basis of the documents submitted or to be submitted).
"}},{"componentType":"paragraph","title":"Legal information related to the loan provider","richBody":{"value":"Lender: ING Belgium SA/NV – Bank – Marnixlaan 24, B-1000 Brussels – RPR Brussels – VAT: BE 0403.200.393 – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789
"}}]}}}