Bendigo Bank Unsecured Green Personal Loan
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- Interest Rate (p.a.)
- 8.24%
- Comparison rate (p.a.)
- 9.27%
- Min Loan Amount
- $2,000
Summary
Finance your green purchase with a loan that has an application fee in the top 10% of the lowest on the market.
The Bendigo Bank Unsecured Green Personal Loan has some competitive features. Its interest rate is in the top half of our database and its application fee is in the top 10% of the lowest on the market.
However, be aware of the $5 ongoing monthly fee. This loan also doesn't allow for penalty-free extra repayments which could be a drawback. This loan scores 6.9 out of 10.
Details
Product details
| Product Name | Bendigo Bank Unsecured Green Personal Loan |
| Interest Rate (p.a.) | 8.24% |
| Comparison rate (p.a.) | 9.27% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does Bendigo Bank Unsecured Green Personal Loan compare?
- Competitive interest rate. Its minimum interest rate from 8.24% is in the top half of lower rates in our database.
- Low application fee. The $150 application fee is in the top 10% of the lowest fees we've analysed.
- Ongoing monthly fee. A $5 monthly fee adds to the total cost of the loan, a charge not applied by all lenders.
- No penalty-free extra repayments. Unlike many other personal loans, you cannot make extra repayments to pay off your loan faster without incurring a penalty.
How does the Unsecured Green Personal Loan work?
This loan is a green personal loan you can use to purchase solar power systems, solar hot water, greywater treatment systems or to purchase energy-saving white goods. This is a fixed rate loan, meaning that your interest repayments will remain consistent throughout the lifetime of your loan. The minimum loan amount is $2,000, and the loan comes with a term between 1 to 7 years.
What features does the Green Personal Loan offer?
- Fixed interest rate. Your rate is fixed, and starts from 8.24% p.a. with a comparison rate of 9.27% p.a.
- Secured and unsecured. Bank First may require security for this loan, but this will be assessed on a case by case basis.
- Green personal loan. Suitable for green home improvement purchases.
- Varying loan term. Between 1-7 years.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
- Additional repayments. You can make additional repayments.
- Free redraw with a $35 minimum. You won't be charged for the redraw facility. The minimum redraw amount is $35.
How much does the Green Personal Loan cost?
There are a number of costs associated with Bank First’s Green Personal Loan. These include:
- Fixed interest rate of 8.24% p.a.
- Establishment fee of
The comparison rate, which includes both the interest rate and fees is 9.27% p.a.
In addition to the above, you may be charged the following:
- Arrears fee of $35. This fee will be charged if you don't make your repayments on time.
Am I eligible for a Green Personal Loan?
To be eligible for this product, you will have to be at least 18 years of age or older. There will also be a credit assessment when you apply for this loan.
How do I apply?
You can apply for the loan online, through the Bank First website. The application will take around 10 minutes to complete. Keep all the required documents on hand to speed up the process. You can also call Bank First and apply over the phone.
Sources
Your reviews
Rebecca Finder
Editor, Money
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