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NAB personal loans – Sign up for “Big Four” finance
As one of the four major players on Australia’s banking scene, National Australia Bank or NAB hardly needs an introduction. NAB has a variety of financial products up for grabs, and NAB personal loans are one popular option that covers many borrowing needs. Get the full scoop on the features and benefits you can expect when you apply, plus anything else you need to know.
What you get from NAB at a glance
Credit limits: Between $5,000 and $55,000
Repayment terms: Over 1-7 years
Headline interest rate: 12.69% p.a.
Interest rate type: Fixed or variable
Comparison rate: 13.56% p.a.
Loan type: Unsecured personal loan, so no collateral required The NAB personal loan is best when you:
Want to borrow without providing security
Have a decent credit rating
Need to borrow a minimum of $5,000
Prefer to do business with a big bank that’s been around for long
Types of personal loans from NAB
NAB Fixed rate personal loan. This option offers peace of mind since your interest rate won’t shift the goalposts for your budget and repayments. However, a fixed rate loan doesn’t come with a redraw facility, so you can’t withdraw any previously paid extra repayments.
NAB Variable rate personal loan. Although your interest rate might fluctuate, there’s a redraw facility available when you want to access any extra repayments. Besides greater repayment flexibility, you can also save more if the rate falls. Features and benefits of personal loans from NAB
Loan amounts. NAB’s range of amounts is set between $5,000 and $55,000. The minimum amount might be a bit restrictive forcing you to borrow more than you may need for small expenses like car repairs or home appliance purchases. However, the maximum amount means the loan is suitable for a wide range of uses.
Loan terms. You have between 1 and 7 years when paying off your debt. This flexibility allows you to choose affordable repayments or repay your debt as quickly as you please.
Repayment options. Weekly, fortnightly, and monthly repayments are all available so you can tailor your loan to your schedule.
Extra repayments. If you’re in a hurry to pay off your debt, NAB won’t charge you for this. You can make additional repayments on top of your regular ones or pay a one-off lump sum. Paying off your debt at an earlier date means you pay less interest overall.
Same day funding. This applies to existing customers who are approved in-store by 2 pm during weekdays.
Loan management. NAB Internet Banking lets you keep pace with your loan. You can check your balance, transaction history, due dates, repayment amounts, and other information you may need to manage your debt. Additionally, you can make repayments via direct debit, telephone banking, or the nearest NAB branch. NAB loan purposes
There are many reasons why you might want a personal loan, most of which are acceptable to NAB. Take a look at the following popular reasons for borrowing:
Buying a car, caravan, boat, or motorbike
Home renovations and improvements
Paying for a wedding or holiday
NAB personal loan rates, fees and charges
NAB offers fixed and variable rates from 9.99% p.a. to 18.99% p.a. (comparison rate 10.88% p.a. to 19.38% p.a.). However, the headline rate is 12.69% while the comparison rate is advertised as 13.56% p.a.
The majority of borrowers get the advertised headline rate. But NAB might give you a higher or lower rate based on your personal information and credit assessment.
NAB also charges a $150 application fee which can be waived and a $10 monthly fee. There are no early exit fees.
How to get a NAB Bank personal loan
Before you start your online loan application, you’ll need to:
Be 18 years or older
Apply on your own (joint applications are available at branches or by calling)
Be an Australian resident or New Zealand citizens. Australian permanent residents and those with an acceptable Temporary Residency Visa also qualify.
Earn a regular income
Provide your driver’s licence number and details about your employment, income, monthly living expenses, assets, and liabilities
Provide your NAB ID if you’re an existing customer
When applying with BestFind, simply use the NAB personal loan calculator on this page and click “Go to Site” to move over to the application page. NAB generally responds with an offer within 60 seconds. Once you accept your offer and the final details are in place, you receive money in your account.
More about NAB
NAB also provides
secured car loans, home loans, business loans, bank accounts, and credit cards. So far, this banking giant serves over 9 million customers at over 900 locations in Australia, New Zealand, and other world areas.
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