Service One Alliance Bank Unsecured Eco Personal Loan

Borrow up to $50,000 and go green. Interest charges and fees apply.

The Unsecured Eco Personal Loan from Service One Alliance Bank can be used for the purchase of green vehicles and green home upgrades. The loan is unsecured and comes with borrowing amounts up to $50,000. You can purchase 5-star rated vehicles, solar panels and solar hot water systems, and 5-star energy-saving white goods. You need to be a member to apply.

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9.99% (fixed)

Interest Rate (p.a.)

10.54%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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Details

Product NameService One Alliance Bank Unsecured Eco Personal Loan
Interest Rate (p.a.)9.99% (fixed)
Comparison Rate (p.a.)10.54%
Interest Rate TypeFixed
Min Loan Amount$5,000
Max. Loan Amount$50,000
Loan SecurityUnsecured

How does the Eco Personal Loan work? 

This is an unsecured green personal loan. With this loan, you don’t have to provide loan security as collateral. This loan can be used for the purchase of green vehicles and green home upgrades. You can purchase 5-star rated vehicles, solar panels and systems, including hot water systems, insulation, and white goods and appliances with at least 5-star energy ratings, among others. The funds may be disbursed directly to the suppliers when you provide proof of purchase and/or installation. Deposits and prepayments may also be paid directly to the supplier, with the remaining funds transferred to your Service One Alliance Bank account. 

What features does the Eco Personal Loan offer? 

  • Green personal loan. This personal loan is suitable for green home improvement and green vehicle purchases.
  • Unsecured loan. This loan does not require an asset as collateral.
  • High maximum borrowing amount. You can borrow up to $50,000.
  • Variable interest rate. With a variable rate, your interest charges may fluctuate with the market rate. This can mean lower rates when the market rate is down, or alternatively a higher rate if it’s up.
  • Varying loan term. The maximum loan term is 7 years.
  • Additional repayment. You can make additional repayments for this loan for $20.
  • Redraw facility. You have access to a redraw facility. It is free through Internet banking, but a $30 staff assist fee will apply when redraw is accessed in-branch.

How much does the Eco Personal Loan cost? 

There are a number of costs associated with Service One’s Eco Personal Loan. These include:

  • Variable interest rate of 9.99% p.a.
  • A monthly fee of $5
  • An establishment fee of $150

You may also be charged: 

  • $20 for additional repayments
  • $30 for redrawing in-branch

Am I eligible for the Eco Personal Loan? 

To be eligible for the Eco Personal Loan, you will need to be: 

  • Over the age of 18
  • An Australian citizen or permanent resident
  • Have a permanent monthly income and/or stable job 
  • Apply in personal names 
  • Be a member of Service One

You may be asked to provide the following: 

  • Last 2 payslips and/or letter from your employer with commencement date and salary details
  • Proof and source of other income
  • Statement of your home and/or other loans, including credit cards and store cards
  • If self-employed, full financial statements and tax returns for the last 2 years

How do I apply? 

You can apply for the loan online, through the lender’s website. Have all the required documents at hand to speed up the process.

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