Bendigo Bank Secured Personal Loan
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- Interest Rate (p.a.)
- 9.54%
- Comparison rate (p.a.)
- 10.26%
- Min Loan Amount
- $2,000
Summary
A secured personal loan with one of the lowest application fees we compare and a high maximum borrowing amount.
The Bendigo Bank Secured Personal Loan ranks in the lower end of loans we compare with a higher-than-average interest rate. It also charges a penalty if you want to make extra repayments a feature many other lenders offer for free.
However its application fee is one of the lowest in our database. It could be an option for borrowers who need a high loan amount and value a low upfront fee over a competitive interest rate.
Details
Product details
| Product Name | Bendigo Bank Secured Personal Loan |
| Interest Rate (p.a.) | 9.54% |
| Comparison rate (p.a.) | 10.26% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Secured |
How does Bendigo Bank Secured Personal Loan compare?
- A competitive application fee. Its $150 application fee is in the top 10% of lower fees in our database.
- Higher borrowing limits. You can access a higher maximum borrowing amount than many competing loans.
- A low Finder Score. This loan sits in the lower end of secured personal loans in our database based on its Finder Score.
- A higher-than-average interest rate. Its minimum interest rate of 9.54% is in the top half of higher rates we compare.
- An ongoing monthly fee. The $5 monthly service fee adds to the overall cost compared to loans with no ongoing fees.
- No penalty-free extra repayments. Unlike many other personal loans this loan does not allow you to make extra repayments without a penalty.
How does the Bendigo Bank Secured Personal Loan work?
As a secured personal loan, you'll need to provide an asset as security for the loan. This loan is aimed at borrowers looking to finance a new or used car purchase. It's also available for refinancers.
The loan has a fixed interest rate and let's you make extra repayments. There are a few fees to factor in to your comparison, including a monthly service fee and an upfront application fee.
How to apply
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 personal loan options before deciding on the right personal loan for your needs.
Features of this loan
- Loan amount. You can borrow as little as $2,000 or as much as $100,000.
- Loan term. This loan offers a minimum loan term of 1 year and a maximum of 7 years.
- Fixed interest rate. You'll pay the same interest rate over the life of your loan.
- 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. This loan has a $150 application fee, and a $5 monthly service fee.
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