Graduate Loan DMD - Information about your Distance Contract
In accordance with the EU Directive on Distance Marketing of Consumer Financial Services the following information must be provided to you regarding your Graduate Loan or Overdraft, particularly where you apply for the facility by phone, post or internet.
About Us
- We are Allied Irish Banks, p.l.c. whose principal business is the provision of financial services. Our registered office is at Bankcentre, Ballsbridge, Dublin 4. We are registered at the Companies Registration Office, Dublin. Our registered number is 24173. Our VAT number is IE 8E86432H.
- Allied Irish Banks, p.l.c. is regulated by the Financial Regulator, PO Box 9138, College Green,
About our Reduced Rate Loans for Graduate Account Holders
- The loan is repayable to us by repayments over an agreed term at a variable interest rate.
The total cost of our loans for Graduate Account holders is made up of interest based on our Variable ‘A’ Loan Rate for personal customers, currently discounted by 3%. This discounted interest rate is at present 7.95% (APR 8.19%). This may change. If we approve you for a loan, the actual rate applicable and the total cost of credit will be shown on the first page of the Credit Agreement which will be sent to you for signing if you wish to proceed. - An indication of the cost of our loans per EUR1,000 borrowed is shown in the table below. The cost will vary if the interest rate varies during the term of the loan.
| Amount of Loan |
Interest Rate* | APR* | No. of Monthly Payments |
Amount of each monthly repayment* |
Total Cost of Credit* |
|---|---|---|---|---|---|
| EUR1,000 | 7.95% | 8.19% | 12 | EUR86.93 | EUR43.16 |
| EUR1,000 | 7.95% | 8.19% | 24 | EUR45.17 | EUR84.08 |
| EUR1,000 | 7.95% | 8.19% | 36 | EUR31.28 | EUR126.08 |
| EUR1,000 | 7.95% | 8.19% | 48 | EUR24.36 | EUR169.28 |
| EUR1,000 | 7.95% | 8.19% | 60 | EUR20.23 | EUR213.80 |
The next table shows the cost of a EUR1,000 loan (over 3 years) if a higher or lower interest rate applies.
| Interest Rate |
APR* | Amount of each monthly repayment |
Total Cost of Credit* |
|---|---|---|---|
| 6.95% | 7.13% | EUR30.83 | EUR109.88 |
| 7.95% | 8.19% | EUR31.28 | EUR126.08 |
| 8.95% | 9.25% | EUR31.74 | EUR142.64 |
* NB - these figures are based on a loan of EUR1,000 being drawn on 1st January 2009, with first repayment on 1st February 2009. Calculations will vary very slightly based on different drawdown and repayment dates.
These tables are for indication only. These interest rates and charges are correct as at 24th November 2009 and are subject to change at any time in the future.
- If it is a condition of the loan that you must give us security such as a mortgage, you may have other expenses such as stamp duty, registration fees and your solicitor’s fees as well as mortgage protection insurance and home insurance.
- Typically the repayments are paid by direct debit.
- You can repay the loan at any time by paying what you owe us including interest.
- If you break the terms of the agreement we can demand repayment of what you owe us including interest.
About our Overdrafts for Graduate Account Holders
- You may overdraw your account within the limit agreed with us.
- A special 0% interest rate will apply to drawn balances up to an approved Overdraft limit or EUR1,000 whichever is less, for as long as the account is classified by the Bank as a Graduate Account. Any balances over EUR1,000 will be subject to the Bank’s Standard Variable ‘A’ Personal Overdraft rate currently 11.95% Interest Rate, subject to variation.
- Interest is calculated daily on what you owe us and charged quarterly in March, June, September and December.
- You can terminate an Overdraft at any time by notifying the Branch at which you keep your account and by paying what you owe us including interest.
- If you break the terms of the agreement we can terminate the agreement and demand repayment of what you owe us including interest.
Your Right to Cancel
- You have the right to cancel a loan or overdraft with us within 14 days of your receiving a copy of the signed Credit Agreement (in the case of a loan) or the Letter of Sanction (in the case of an overdraft) by writing to the Manager of your AIB Branch, quoting details of the agreement.
If you cancel the agreement:
- You must repay within 30 days of cancellation the amount borrowed with interest to the date of repayment.
- If it is a condition of the loan that you must give us security, and where the required government stamp duty has been incurred on your behalf by the bank prior to the date you cancel the agreement, your account will be debited with this amount.
- If you do not exercise your right of cancellation the terms of the agreement (and AIB Payment Protector if applicable) will continue to apply.
The agreement will be governed by the laws of Ireland and the Courts of Ireland will have exclusive jurisdiction to resolve any disputes.
The agreement and all information and communication with you will be in English.
What to do if you have a Complaint
In the event that you wish to make a complaint you may do so by writing to our Customer Support Unit at Bankcentre, Ballsbridge, Dublin 4. If you are still not satisfied you are entitled to take your complaint to the Financial Services Ombudsman at 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Allied Irish Banks, p.l.c. is regulated by the Financial Regulator.
Information correct as at 24/11/2009