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Bendigo Bank personal loans – Pick & choose from many options
Bendigo Bank is part of the Bendigo and Adelaide Bank Group, which dates back more than 160 years. The story starts off with two building societies, Bendigo in Victoria and Adelaide in South Australia. Today, after a 2007 merger, their combined strengths have yielded some impressive results: 1,9 million Aussie customers in over 500 locations and more than 7,000 employees.
Besides financial products like credit cards and home loans, Bendigo Bank also offers a wide range of personal loans that you can sign up for online in under 20 minutes. Here’s what you need to know about Bendigo Bank personal loans before applying.
Types of loans offered by Bendigo Bank
Bendigo and Adelaide Bank offers the following types of
secured and unsecured personal loans at the time of writing:
Secured personal loan. You can borrow to buy a new or used car or refinance an existing car loan at a rate of 7.79%.
Unsecured personal loan. This is a versatile option suitable for weddings, holidays, and other things. You get a rate of 12.79%.
Secured student personal loan. Higher education students and apprentices can finance their new or used ride or refinance an existing car loan at a low rate of 6.79%.
Unsecured student personal loan. Also designed for higher education students and apprentices, this option comes with a rate of 9.99%. It can be used to cover many needs, such as holidays and study expenses.
Secured green personal loan. For borrowers planning to hit the road while going green, Bendigo Bank offers a rate of 6.79%. You must be purchasing an “A” rated vehicle that emits less than 130g of CO2 per km.
Unsecured green personal loan. Bendigo Bank says this product is suitable for environmentally friendly products such as solar power systems, solar hot water, and energy saving white goods. The rate is set at 11.79%.
If you’re interested in financing your car purchase with Bendigo Bank you can find more details about the process in our
Bendigo Bank car loan guide. A closer look at Bendigo Bank personal loan features
Bendigo Bank only offers fixed rates for all their products. That means your repayments are also fixed, which allows you to budget for future instalments without the threat of interest rate rises.
You can make weekly, fortnightly, and monthly repayments, depending on your income flow. Our Bendigo Bank personal loan calculator is available if you wish to estimate your monthly repayments.
Loan terms range from 1-7 years, while loan amounts start from $2,000.
There’s no limit on additional repayments for borrowers looking to clear their debt ahead of schedule. Additionally, you can use the redraw facility to get back your extra repayments at any time.
Fees and charges
Lending fees may include the following:
Application fee -$150
Monthly service fee – $5
Early repayment fees – $20
Default fee – $35
Please note that while there’s no redraw fee or fixed break costs, other charges like document and security processing fees may also apply.
Simple online application. When you choose the product you want, completing the form only takes between 10 and 20 minutes.
Quick response. Once you submit your application, you get a response within 48 hours.
Flexible options. You can choose a repayment frequency that suits you, make unlimited extra repayments, use a redraw facility, or opt for unsecured or secured credit, plus more. Cons
Rates are not as competitive. Compared with what other lenders offer, Bendigo Bank personal loan rates are not the lowest.
There are fees attached. Paying more fees means your loan will cost more. How to qualify
Applying for a personal loan from Bendigo Bank requires the following:
Be at least 18 years of age.
Be an Australian citizen or permanent resident.
Have a regular income
You must not be bankrupt or facing financial hardship.
You must plan to use the money for personal use only.
Applying for a Bendigo and Adelaide Bank personal loan
Make sure you have the following ready before starting your online application:
Personal identification such as a driver’s licence or passport
Details about your income, employment, assets, living expenses, and debts
When you’re ready, click “Go to Site” in the table above. Once you hand in your application, Bendigo Bank will be in touch as soon as possible.
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