IMB Personal Car Loan
- Application Fee
- $250
- Interest Rate (p.a.)
- 8.98% (fixed)
- Comparison Rate (p.a.)
- 10.72%
- Max Loan Amount
- $50,000
Summary
An IMB Personal Loan can help you get behind the wheel of a new car without breaking the bank.
Pros
-
Borrow up to $50,000
-
No penalty for early repayments
-
No ongoing account keeping fees
Cons
-
Minimum loan amount of $2,000
-
Application fee of $250
-
Late fees may be charged
Details
Product details
| Product Name | IMB Unsecured Personal Car Loan |
| Interest Rate (p.a.) | 8.98% |
| Comp. Rate (p.a.) | 10.72% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max Loan Amount | $50,000 |
Things to consider about IMB Personal Loan
You can use proceeds from the IMB Personal Loan for just about any legitimate purpose, including the purchase of a car. The minimum you can apply for is $2,000, and maximum loan amount is $50,000. You can make weekly, fortnightly, or monthly repayments.
If the car you want to purchase is more than $50,000, consider applying for the IMB Secured Personal Loan as this is maximum loan amount for the unsecured loan option. Through the secured loan you can borrow up to $75,000. In this case you have to make monthly repayments, which remain the same for the entire duration of the loan.
Features of the IMB Personal Loan
- Loan term. For both the secured and unsecured loans you can choose loan terms of between 1 year and 7 years.
- Additional repayments. You can make additional repayments towards your unsecured or secured personal loan without incurring penalties, and this enables you to pay the loan off sooner than scheduled.
- Competitive rates. The Unsecured Personal Loan comes with a rate of 8.98% p.a. and the Secured Personal Loan comes with a rate of 6.59% p.a.
- Fees. You can make an early payout without worrying about early termination fee. You don't have to pay ongoing account-keeping fees, but you do have to pay an application fee.
- Loan repayment insurance. If due to unforeseen circumstances you cannot make timely repayments, loan repayment insurance covers you. This is an optional extra with both personal loan offerings.
- Security. If you wish to apply for the secured personal loan you have to provide security in the form of a vehicle that isn't over five years old.
How to apply for the IMB Personal Loan
Applying for an IMB unsecured or secured personal loan is easy. You can do so by clicking on the 'Go to Site' button. To apply, you need to meet the following eligibility criteria:
- You should be more than 18 years old
- You should have a regular monthly income
- You need to have good credit history
To complete the application process you have to submit certain documents, so keep the following close at hand:
- Australian driver's licence or passport
- Copies of payslips
- Documents detailing all your assets and savings
The IMB Personal Loan gives you the ability to fund a car purchase, but so do other personal loans. Comparing your options before making a decision, as a result, is in your best interest.
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Elizabeth Finder
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