Bendigo Bank’s Secured Personal Loan offers a competitive fixed interest rate and unlimited additional repayments to help you pay off your debt sooner.
A personal loan can help you get the funds you need to renovate your home, pay school fees or even book your dream holiday . With Bendigo Bank’s Secured Personal Loan you can use your existing vehicle to secure your loan. Your asset will serve as a collateral for your loan, and allows Bendigo Bank to offer a more competitive rate.
A competitive fixed interest rate offers the security of knowing what your repayments will be and helps avoid the uncertainty of market fluctuations.
Things to consider about the Bendigo Bank Secured Personal Loan
As a Secured Personal Loan, this loan requires you to offer a particular asset such as your car or other property as security. Bendigo Bank’s fixed rate interest gives you the benefit of paying the same amount with each instalment, plus this loan offers unlimited additional repayments to help you pay off your loan amount as soon as possible.
Features of the Bendigo Bank Secured Personal Loan
- Loan amount. The minimum amount is $2,000 and the maximum is determined upon application.
- Loan term. This loan offers a minimum loan term of one year and a maximum of seven years.
- Competitive interest rate. Pay the same interest rate over the life of your loan, as Bendigo Bank offers a competitive fixed interest rate.
- Repayments. Flexible repayments allow you to pay weekly, fortnightly or monthly.
- Redraw facility. Gain access to any additional repayments that you may make with Bendigo Bank’s free online redraw facility.
- Additional repayments. Bendigo Bank allows unlimited additional repayments to help you pay off your debt sooner.
- Fees. There are some fees associated with obtaining a Secured Personal Loan from Bendigo Bank. These include a $150 application fee, a $100 documentary preparation fee, a $5 monthly service fee and a $20 online repayment fee. There is also a $25 fee if you redraw in branch.
How to apply for the Bendigo Bank Secured Personal Loan
To be eligible for Bendigo Bank’s Secured Personal Loan, you need to meet the following requirements:
- You must be over 18 years of age
- You must be an Australian citizen or permanent resident
- You must provide details of your income and employment
- There cannot be more than two applicants per application
- You must be listed as the borrower. Bendigo Bank does not accept applications through a guarantor or third party
- You must have a good credit rating. Your credit history should be free of bankruptcy, payment default or court judgements
- You must provide details of your assets and commitments
- You must accept the terms and conditions set out in the loan
Bendigo Bank’s Secured Personal Loan offers a competitive rate and unlimited additional repayments to help you get out of debt sooner. However, make sure to compare your options before deciding on the right personal loan for your needs.