NAB Personal Loan
Flexible personal loans with zero exit fees, $0 application for a limited time, competitive rates and terms up to 7 years. Quick funding and no penalties for early repayments.
NAB’s Personal Loans are designed for flexibility and transparency, suited for Australians looking for either fixed or variable rates without the usual hassle. With interest rates starting from 7.00% p.a. and comparison rates from 8.05% p.a., you can borrow up to $55,000 for terms between 1 and 7 years. During a limited offer, there’s no application fee—usually $250—giving borrowers a cost-saving edge. There are also no exit or early repayment fees, and funds can be received as soon as the next business day, making this loan suitable for various needs like debt consolidation, renovations, or travel.
How to Apply: Step-by-Step Guide
- Check your eligibility and gather necessary documents (ID, employment details, and address history for 3 years).
- Select the loan type and rate option (fixed or variable).
- Complete the online application with your personal and financial information.
- Receive an instant response on your application status.
- If approved, review the offer and accept to receive funds—often by the next business day.
Pros of NAB Personal Loans
No application or exit fees stand out; you can pay off early with zero penalty. Immediate access to funds is another strong point.
The flexibility in repayments, whether weekly, fortnightly, or monthly, allows you to tailor payments to your pay cycle and budget. The application is straightforward, often providing instant decisions.
Cons of NAB Personal Loans
The monthly service fee of $15 does add to the total cost over time. Additionally, the maximum loan amount of $55,000 may limit those seeking larger finance.
For joint account holders, direct debit repayments are restricted. This means sole applicants have the smoothest experience with NAB’s process and features.
Verdict
NAB’s personal loan offer is compelling for Australians who value flexibility and transparency. The $0 application and exit fees, coupled with competitive rates and fast funding, make this a worthwhile option for many. While there are some minor limitations for joint account users and loan amounts, the overall benefits give NAB a strong edge for those seeking a hassle-free personal loan.
