Police Bank Green Loan
- Interest Rate (p.a.)
- 7.49%
- Comp. Rate (p.a.)
- 7.62%
- Min Loan Amount
- $5,000
Summary
A low interest and low fee loan. Membership is required to apply.
This green loan is for Police Bank members only. If you’re eligible, you can also become a member to apply for this loan. 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 $5,000, and the loan comes with a term between 1 to 7 years. You can make unlimited additional repayments and access the redraw facility.
Details
Product details
| Product Name | Police Bank Green Loan |
| Interest Rate (p.a.) | 7.49% |
| Comp. Rate (p.a.) | 7.62% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Loan Security | Secured |
How does the Green Loan work?
Police Bank offers a green loan for its members, which can be used for green purchases. This can include green rated vehicles and green home improvement products. Green rated vehicles with a combined tailpipe C02 rating below 150g/km are eligible. Also eligible are solar or PV panels, battery systems to store solar energy, solar hot water systems, solar pool heaters, grey water treatment systems, and energy efficient white goods and appliances, among other things. The appliances you purchase must be eligible. You can read more about it here.
What features does the Green Loan offer?
- Fixed interest rate. Your rate is fixed, and starts from 7.49% p.a. with a comparison rate of 7.62% p.a. With a fixed rate, you have the security of predictable repayments.
- Secured and unsecured available. Police Bank may require security depending on the customer.
- Reduced Fees Program. If you maintain a combined monthly balance of $5,000 or more, you can receive free ATM, EFTPOS transactions, personal cheques and external electronic periodical payments.
- Green personal loan. Suitable for both green home improvements and green car purchases.
- Varying loan term. Between 1 and 7 years.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
- Additional repayments. You can make unlimited additional repayments.
- Redraw facility. The minimum redraw amount is $100.
- No monthly or annual fees. You won't be charged a monthly or annual account keeping fee.
How much does the Green Loan cost?
There are a number of costs associated with Police Bank’s Green Loan. These include:
- Fixed interest rate of 7.49% p.a.
- Establishment fee of $98
The comparison rate, which includes both the interest rate and fees, is 7.62% p.a.
Am I eligible to apply for a Green Loan?
To be eligible for this loan, you must be:
- An existing member or you must become a member of the Bank, if you aren’t already
- Over 18 years old
- A permanent resident of Australia
- Be able to repay the loan
You must also have access to an email account and mobile phone.
Some of the documents you’ll need include:
- Identification documents. This can be your driver’s licence or other ID documents.
- Bank statements. You’ll need to either provide access to your online banking accounts or supply a bank statement.
- Employment documents. You’ll have to provide documents relating to your employment.
How do I apply?
You can apply for the loan online, through the Police Bank website. The application will take around 10 to 15 minutes to complete. Keep all the required documents on hand to speed up the process.
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