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Summerland Credit Union Eco Personal Loan

The establishment fee is discounted and part of it is earmarked for charity. Interest charges and fees apply.

Summerland Credit Union’s Eco Personal Loan is offered to its members and comes with a discounted loan establishment fee. Part of the establishment fee will also be used as part of a charitable donation. You can use the loan funds for both green home upgrades and the purchase of hybrid motor vehicles or push bikes. This loan has low fees, and a variable interest rate of 7.67% p.a.

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From 7.67% (variable)

Interest Rate (p.a.)

7.85%

Comparison Rate (p.a.)

$3,000

Min Loan Amount

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Details

Product NameSummerland CU ECO Personal Loan
Interest Rate (p.a.)
From 7.67% (variable)
Comparison Rate (p.a.)7.85%
Interest Rate TypeVariable
Min Loan Amount$3,000

How does the Eco Personal Loan work? 

This green personal loan comes with a discounted loan establishment fee, with the lender making a donation to a local, environment-focused organisation. You can use the loan funds for environmentally friendly home upgrades and green vehicles. This can include solar energy generation, water treatment or recycling, rainwater tanks, roof insulation, energy efficient glazing and awnings, and hybrid motor vehicles or push bikes. 

What features does the Eco Personal Loan offer? 

  • Green personal loan. Suitable for green home improvement and green vehicle purchases. 
  • Low fee loan. This loan comes with low fees, including a 25% discount on the establishment fee. No monthly loan fees are charged.  
  • Charitable donation of fee. A donation of 25% of the standard establishment fee will be made to an environment-focused organisation.  
  • Fast loan approval. SCU processes loan applications fast. 
  • Pre-approval available. You can get pre-approval before you start negotiating with suppliers. 
  • Additional repayments. You can make additional repayments.

How much does the Eco Personal Loan cost? 

There are a number of costs associated with SCU's Eco Personal Loan. These include:

  • Loan principal
  • Variable interest rate of 7.67% p.a.
  • An establishment fee discount of $130

No monthly fees are charged for this loan. The comparison rate, which includes both the interest rate and fees, is 7.85% p.a.

Am I eligible for the Eco Personal Loan?

To be eligible for this loan, you need to be: 

  • At least 18 years old 
  • An Australian citizen or permanent resident with the right to work 
  • In current paid employment  
  • A member of SCU 

SCU will make inquiries about your financial situation to help them make a decision on loan approval. 

How do I apply? 

You can apply for this loan online on the SCU website. Keep all the required documents on hand to speed up the process.

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