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Service One Alliance Bank Fixed Rate Personal Loan
Borrow up to $75,000, with a fixed interest rate. Interest charges and fees apply.
This personal loan from Service One Alliance Bank is a fixed rate loan. This means that your repayments will remain the same over the life of the loan.
The loan is also secured with an asset. You can provide the vehicle you’ve purchased with the loan funds, an existing vehicle or residential property as security. You can make limited additional repayments and redraw them. Costs include interest charges, establishment fees and monthly service fees.
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From 7.79% (fixed)
Interest Rate (p.a.)
8.51%
Comparison Rate (p.a.)
$2,000
Min Loan Amount
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Details
| Product Name | Service One Alliance Bank Fixed Rate Personal Loan |
|---|---|
| Interest Rate (p.a.) | From 7.79% (fixed) |
| Comparison Rate (p.a.) | 8.51% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $2,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Secured |
How does the Fixed Rate Personal Loan work?
This personal loan is secured and comes with a fixed rate. With a fixed rate, your repayments will remain the same over the loan term. This makes it easier to predict and budget for. You can use a vehicle or residential property to secure the loan. Loan funds can be used to purchase a new or used vehicle, or for personal purposes.
What features does the Fixed Rate Personal Loan offer?
- Secured loan. This loan is secured, requiring an asset as collateral. This can be the vehicle you’ve purchased with the loan, an existing vehicle or residential property.
- Fixed rate. You get the certainty of knowing what your interest repayments will be. This makes budgeting easier.
- Terms up to 7 years. Your loan term can range from 1 to 7 years.
- Flexible repayments. You can choose from weekly, fortnightly or monthly repayments, based on what suits you.
- Limited additional repayments. You can make limited additional repayments without incurring early repayment fees.
- Redraw facility. You can redraw your additional repayments for free.
How much does the Fixed Rate Personal Loan cost?
The costs associated with this loan include:
- Loan principal
- Fixed interest rate of 7.79% p.a.
- Establishment fee of $150
- Monthly fee of $5
The comparison rate, which includes interest charges and fees, is 8.51% p.a. You may incur an additional repayment fee of $20 if you make extra repayments above the limit.
What are the pros and cons of the Fixed Rate Personal Loan?
Pros
- Fixed rate. This loan comes with a fixed rate, making it easy to predict repayments.
- Redraw available. You can redraw the extra repayments you’ve made.
Cons
- Limited additional repayments. You can’t make additional repayments beyond a certain threshold without incurring fees.
- Risk of repossession. Secured loans come with the risk of your asset being repossessed if you default on your loan.
Am I eligible for this loan?
To be eligible for this loan, you need to be over the age of 18 and an Australian citizen or permanent resident. You will also need to provide loan security.
How do I apply for this loan?
You can apply for this loan online via the Service One Alliance Bank website. The documents you need to provide include:
- Your last 2 payslips or letter from employer
- Proof and source of other income
- Statement on debts, including home loans, credit cards, store cards and other loans
Have the documents at hand to make the process easier.
