Take advantage of a fully flexible funding solution for your business, and switch between principal and interest-only loan types with ease.
When you take out a Bendigo Business Flexi Loan, you can switch from paying off both the principal and interest, to paying interest-only, and vice versa. The gives you the ability to tailor repayments to match your current finances. It allows your business to grow and thrive while you pay off the loan, and gives you the flexibility to reduce your payments to interest-only if you need to.
While it’s preferable to make both interest and principal payments, it’s very handy to have the option of switching to interest only if your cash flow slows down for a while.
How does the Bendigo Business Flexi Loan work?
The terms for this loan are 1 year(s) to 10 years for a fixed rate period, and 1 year(s) to 20 year(s) with a variable rate period. You’ll find out the interest rate that will be charged to your loan amount for when you apply.
The amount you can apply for depends on your current financial situation, as well as the type of security offered on the loan. If your loan application is approved, your business banker will advise how long the funds will take to reach your nominated bank account.
Features of the Bendigo Business Flexi Loan
The Flexi Loan includes the following features:
- Varying repayment options. You can make both principal and interest payments, or go with interest only. You can switch between the two, for the lifetime of the loan, depending on your needs for any given month.
- Fixed or variable rates. Choose between a fixed rate loan and a variable rate loan. A fixed rate loan gives you the certainty of knowing how much your monthly repayments will be. A variable loan allows you to redraw any extra repayments you’ve made on the loan if you suddenly need extra cash. The rates for each of these loan types will be given to you when you apply.
- Multiple repayment methods. Repayments can be made over the phone, online or in a branch.
- Access to online banking. You can keep an eye on how much you owe at the touch of a button by signing up for online banking.
- Access to half-yearly statements. Bendigo will send a statement free of charge every six months, so you can see how much you have left to pay.
- Large redraw facility. With the variable loan rate option, you can redraw funds whenever necessary. The minimum redraw amount is $5,000.
- Long loan terms. You can choose a fixed rate loan with a lifetime of 1 year(s) to 10 years. With a variable rate, this extends from 1 year(s) to 20 year(s). However, terms for both loans can be extended based on the security offered.
- Varying loan amount. When you apply for a loan, the bank will take into account your current assets and liabilities, any outstanding debt, and the kind of security you will put forward. This information will help determine how much you will be able to borrow.
How much does the loan cost?
The total fees associated with this loan depend on the details of your application. However, to give you some idea, here is an outline of fees that you can expect to pay:
- Establishment fee
- Service fee
- A principal reduction fee of $50. This will be charged when you make additional repayments and reduce your loan principal.
How to apply for the Bendigo Business Flexi Loan
In order to be eligible for this business loan, you must meet the following requirements:
- Be 18 years or older
- Be using the loan for business or commercial purposes
- You must not currently be bankrupt or insolvent
- You must have an Australian Business Number (ABN) or Australian Company Number (ACN).
Once you are sure you meet these criteria, click on “Go to Site” to make an enquiry with Bendigo Bank.
Being able to switch between loan types might seem ideal for your business. However, it’s important to compare other business loans as well, before going ahead with your application.
Comparison of other business loans
Whilst we don't directly compare Bendigo Bank Business Flexi Loan, compare other business loans offering similar features.