Bendigo Business Term Loan
This secured loan does not have a maximum loan amount. It has two repayment options, but fees and charges apply.
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Main points to consider with the Business Term Loan
To apply for this loan, you are also required to submit your business data, which is used to establish whether you are suitable for the loan. The loan is suitable to make purchases for your business or for refinance. Your home or other assets are used as security for the loan, and the value of your security is used to determine how much you can borrow.
You can choose between a fixed or variable rate for your loan and you can also choose to make principal and interest or interest-only repayments during the loan term. If you choose to make principal plus interest repayments, you can pay fortnightly or monthly. If you opt for interest only, repayments are monthly.
What features does this loan include?
Some of the benefits you can enjoy with a Business term loan include the following:
- Loan purpose. This loan can be used to make purchases for your business or to refinance.
- Repayment options. You can choose between a principal plus interest and an interest-only loan.
- Assets as security. You are able to use your residential property as well as other assets as security on this loan.
- Two interest rate options. You have the choice between a fixed and a variable rate loan. The interest rate on a fixed loan is for up to 25 years, starting at . The rate of interest on a variable loan fluctuates.
- Redraw. You're able to access a redraw facility with this loan.
- Clear repayment terms. If you decide on a principal plus interest loan, you can choose between fortnightly and monthly repayments. The interest-only option requires monthly payments.
- Access to online banking. You can keep track of your repayments through online banking as well as receive half-yearly statements.
How much does the loan cost?
The fees you can expect to be charged when you take out this loan include the following:
- An establishment fee or further advance fee of . This is the case no matter which loan type you decide to go with.
- A service fee of . This fee is charged monthly to your account.
- A redraw fee. If you take out a variable loan and need to redraw funds, you will be charged a fee.
How to apply for the Bendigo Bank Business term loan
In order to be eligible for this loan, you need to meet the following requirements:
- You must be a Bendigo Bank customer. If you are not already a customer, you can join up online, over the phone or at a branch
- Over 18 years of age
- Cannot be bankrupt
- Have an Australian Business Number (ABN) or an Australian Company Number (ACN)
- Have a residential or commercial asset that you can put forward as security
Once you are sure you meet all the criteria, click on "Go to Site" to begin your application. The information you will need to submit includes the following:
- Proof of ownership of the asset that you are submitting as part of your application. This can include your house deed.
- Basic personal details and details of your business, such as how long you have been trading and the name of your company.
A Bendigo Business Loan may sound just right for your company, but you should also compare other business loans to make sure you are getting the best product for your needs.
Comparison of other business loans
While we don't directly compare Bendigo Bank Business Term Loans, you can compare other business loans here.
Compare other products
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