Manage your personal loan
Set up repayments, plus tips and FAQs for a Secured or Unsecured Personal Loan.
Set up repayments
Never miss a repayment
If you didn’t set up automated repayments when you signed your loan contract, or want to adjust them at a later date, here's how to do it.
Whichever option you choose, check either your loan eContract (you’ll have already received an email to download this), or in the Details - with the information icon - section for your loan account in the BankSA App. That way you can make sure the repayment amount is paid in full by each due date.
In Internet Banking
- Select Transfers, payments and BPAY® > Transfer between my accounts
- Complete all fields as indicated (including the correct repayment amount) and select Schedule Later
- Select your Schedule frequency as either Weekly, Fortnightly or Monthly
- Add your First Payment Date and Last Payment Date
- Select Continue, check your repayment schedule and if correct select Confirm
In the BankSA app
Before starting, make sure you are using the latest version of the app.
- Tap $ Transfer and Pay
- Tap your From account, then Accounts, then your personal loan account
- Add in the correct repayment amount and description, tap Set as a scheduled or recurring repayment
- Add your repayment frequency as either Weekly, Fortnightly or Monthly and your start date and end date.
- Tap Continue and after checking, tap Submit payment
If you’re amending payment details from a Direct Debit you’ve already set up, simply call us through the mobile app - it’s the fastest way. Tap Contact us > Loans > My Personal Loan > Call us.
Manage your account
These key basics will help keep your personal loan (and your credit score) in good order.
Make your repayments on time
Nobody wants to miss a repayment – especially when it comes with a $15 missed payment fee. So if you haven’t, or aren’t going to set up automatic repayments for your loan, it’s worth adding a reminder in your calendar to make sure you never miss a beat.
Have enough in the account you’re paying from
It might sound obvious, but it’s worth checking the balance of the account you’re transferring from before each repayment is due. That way you won’t either overdraw the account the funds are coming from, or have a repayment withheld due to lack of funds. One option is to add a note to a repayment reminder on your calendar, as mentioned above.
Adjust automated payments when things change
If your pay frequency, or the day you’re paid changes, be sure to adjust accordingly in your automated payments (or reminders). Being up-to-date is an easy way to stay in complete control.
Top FAQs
Your personal loan eContract (also known as your Personal Loan Offer) will advise you what your monthly repayment amounts are and when payment is due.
Even though months don’t have an equal number of days and don’t align perfectly with weeks and fortnights, that monthly repayment amount and due date doesn’t change.
So whether you’re planning monthly, fortnightly or weekly repayments, the easiest way to be sure you make those monthly repayments on time, is to use simple division, rounding up to the nearest dollar i.e:
Fortnightly repayments = Monthly repayment amount divided by 2
Weekly repayments = Monthly repayment amount divided by 4
Important information
Any advice on this website is general in nature and has been prepared without considering your objectives, financial situation or needs. Please read the product disclaimer and Terms and Conditions documents and consider your individual circumstances before applying for a BankSA Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information correct as of 22 May 2024. Interest rates are subject to change.