nab online personal loan application 2022 : It’s no secret that NAB is a big four bank, but one thing you might not know is that this major player has a lot to offer for personal loans. Whether you need a loan for a new set of wheels, the special day you say “I do,” or that gap year adventure, NAB’s fixed or variable rate loans should do the trick. Read on to know everything you need to know about availing a personal loan with NAB
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What is a personal loan?
Personal loans allow you to borrow a certain amount of money to pay off something or to consolidate loans. The amount you borrow must be repaid in installments, along with any interest or charges, over an agreed period.
Personal loans are generally used for home repairs, travel and major purchases like buying a boat, car or motorbike. Personal loans can also help fund a dream wedding day. When it comes to debt consolidation, a personal loan can be used to combine credit card debts and outstanding debts in one place to help you manage repayments and take control of your finances.
NAB Personal Loan eligibility
To apply for a personal loan, you must be:
- 18 years or older
- applying on your own
- receiving a regular income
- an Australian resident for tax purposes
- an Australian or New Zealand citizen, an Australian Permanent Resident or have an acceptable Temporary Residency Visa.
How do you apply for a NAB personal loan?
Applying for a personal loan with NAB is a simple process. If you apply at a branch before 2 PM on a working day, the loan can be given instantly. The funds in your NAB account may also be cleared after two hours. Better still, you can sign up for one from the comfort of your home without having to go to the branch.
At the most, it will take two days to find out whether your personal loan application has been accepted or not. You will then be ready to continue with your wedding planning or car dealer visit!
The documents you need to apply for a personal loan with NAB include:
- Evidence of your income and employment status
- Details of your assets and debts you have owing
- Your last payslip if you haven’t any bank accounts with NAB
- The most recent tax statement you have if you are self-employed
- Your credit card and store card statements if you have debts to pay
- Your photo ID or a NAB card (only if NAB is your bank), or 100 points worth of identification
How the online application process works
Our step-by-step guide to getting started with your personal loan application.
Step 1. Submit your application
We will notify you if you have been conditionally approved immediately. We will also give you your indicated interest rate and repayment amount.
Step 2. We’ll verify your details
If your loan is conditionally approved, we will review and verify the information you provide. If necessary, we will contact you for more information.
Step 3. Accept your offer
Once we have verified your information, we will give you a loan document stating your interest rate and other important information.
Keep in mind that the rate shown in the loan document is subject to change and may vary on the day of settlement.
If your loan is not approved, you will be notified by SMS and email.
NAB personal loans overview
Fixed Rate Personal Loan: If you prefer to stick to a routine and know where you stand with your repayment, you may find that NAB’s Fixed Rate Unsecured Personal Loan is the perfect option for you. Loan amounts range from $5,000 to $55,000 and you can choose between a repayment term of one to seven years.
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But keep in mind that this fixed rate loan does not come with the flexible repayment facility. But then, it can be a blessing in disguise because you won’t be tempted to dip into the extra payments you make. Best yet, unlike many other fixed rate loans, NAB has no break cost charges for repaying the loan before the agreed term ends.
Variable Rate Personal Loan : As with the fixed version, NAB’s variable rate unsecured loan lets you borrow between $5,000 and $55,000 and select repayment terms ranging from one to seven years. While the interest rate is lower than that of a fixed rate personal loan, remember that NAB can raise the rates at any time, so you should revise the rates in your budget to make the repayment.
Like with NAB’s Fixed Rate Personal Loan, you can fast track your payments and pay it off quickly without any break cost charges. The main bonus with variable rate personal loans is the withdrawal facility option, which you can use at no extra cost as long as you make your adjusted loan repayments.
What can I use a NAB Personal Loan for?
Personal loan from NAB can be used for various purposes. Below are some of the main types of personal loans that you can avail from NAB:
- Unsecured Personal Loan (Fixed): This unsecured loan can help you pay for home renovation, travel or even debt consolidation. NAB personal loans allow you to borrow between $5,000 to $55,000 depending on your needs and paying ability. Since the loan is fixed, your payments will not fluctuate during the loan term.
- Car Loans : If you are looking for financing options for a car, you can consider the NAB unsecured personal loan. The loan tenure ranges from 1 to 7 years and given that the loan is unsecured, you can finance a new car or a used car.
- Unsecured Personal Loan (Variable) : The unsecured variable rate option gives you increased repayment flexibility with your loan. You still won’t be able to attach the protection but you will be able to pay extra and remove them again if needed. Loan terms between 1 to 7 years are available.
Compare personal loan rates and fees
We offer a wide range of rates on our personal loans. The interest rate offered to you is based on your individual circumstances. We fix your rate based on:
- If you are an existing NAB customer, your history with NAB
- Information you provide in your application, including income, assets, debts and expenses
- Your credit history report including your credit score.
Learn more about credit-worthiness and how to improve your credit score.
After you submit your application, if you are conditionally approved, we will give you an indicative interest rate. This is subject to verification of the information you have provided to us in your application.
Once we have verified your information, we will give you a loan document stating your interest rate and other important information. Keep in mind that the rate shown in the loan document is subject to change and may vary on the day of settlement.
How we assess your nab personal loan application
We look at your creditworthiness and take steps to ensure that you are not offered a product that is not right for you, and an amount that you are not able to repay.
We can review information from:
- credit reporting entity
- Your repayment history at NAB, if you already bank with us
- Your personal loan application.
Before applying, consider the following tips to help boost your credibility:
- Create savings records. Save money regularly to show us that you can budget and manage your finances.
- Request the right amount based on your income and overall financial situation. Use our personal loan calculator to get an idea of how much you can borrow.
- Demonstrate credibility by keeping on top of your bills and loan repayments.
Check your credit report to make sure the information is accurate. A low credit rating can affect your chances of getting approved for a personal loan.
NAB personal loan features at a glance
Repayment flexibility: A handy feature that comes with personal loans from NAB is that you get the opportunity to choose how regularly you pay off your loan, either weekly, fortnightly or monthly.
Fee free extra repayments: If you have extra cash to pump into your loan on top of normal payments, both NAB’s fixed and variable rate loans allow you to increase your repayment and pay off the loan early.
Redraw facility: Whether it is for a home makeover or to pay for unexpected bills, if you need to dip into the extra payments already made on your loan, NAB’s Variable Rate Unsecured Loan will let you do so.
No break cost: Having no exit fee is a good incentive to pay extra. This is a big plus for NAB as some banks charge a hefty break-even fee for paying off a fixed rate loan before the term ends.
Personal loan cover: NAB in conjunction with MLC Insurance gives you the option of taking an insurance policy to cover your loan repayment. This insurance comes in handy if you fall ill or lose your job while paying off your personal loan.
Features and benefits of a NAB personal loan
- Loan amount : Personal loans at NAB give you the ability to borrow from $5,000 to $55,000.
- Repayment Terms : You can repay your loan over a period of 1 to 7 years, depending on whether you choose a fixed or variable rate.
- Rate of interest : NAB gives you the choice between fixed and variable rates with your personal loans.
- Repayment Flexibility : There is no penalty for additional repayment, allowing you to pay off your loan early.
- Retrieval facility : Redrawal facility is available for variable rate loans.
What is an unsecured personal loan?
An unsecured personal loan means that we do not require any assets or collateral to allow you to borrow. This is different from a secured loan, such as a mortgage or secured car loan, where you use your home or car as security to borrow.
Unsecured loans are loans that do not require collateral. They are also known as signature loans because a signature is required if you meet the lender’s lending requirements. Because lenders take on more risk when loans are not backed by collateral, they can charge higher interest rates and require good or excellent credit.
If a borrower stops making payments and defaults on an unsecured loan, the lender has no collateral to recover the outstanding loan.
For example, let’s say a borrower becomes unemployed and cannot pay his unsecured personal loan and unsecured credit card debt. When loan accounts go into default, the borrower’s credit will be adversely affected. In this situation, lenders may decide to bear the financial loss. They can also repay the debt through a court decision, but they cannot confiscate the debtor’s assets without going through a legal process.
What other products does NAB offer?
Business loan : You can expand your business with competitive loan offers. Whether you want to expand your branch network or invest to increase your manufacturing capacity, NAB business loans are designed to promote your company.
Bank accounts : NAB has a complete range of bank accounts for the customers. You can open a savings account, a transaction account or a special account. Check the features of each product to determine which one best fits your needs.
Credit Card : NAB offers three main credit cards that are designed to suit different shopping habits. The bank offers credit cards for individual users, business customers and frequent travelers.
How long does a NAB personal loan take?
Get funds in one business day
If you’re approved and accept our loan offer through NAB Internet Banking, your money will be ready in one business day.
Can you apply for a personal loan online?
You can get a personal loan through a bank, credit union, credit card issuer, or online financial lender. You can normally apply online or in person and will have to provide some basic personal and financial information.
What is the easiest personal loan to get in Australia?
For quick and easy loans Australia wide, MoneyMe is the number one choice. Simply apply online in just a few minutes, and you may receive between $5,000 and $50,000 in your bank account, in under an hour. No paperwork.
Can I do a loan application online?
Online loans are a convenient and fast option for borrowing money. Online personal loans typically have annual percentage rates between 6% and 36%, and amounts range from $1,000 to $100,000. Some online lenders work with borrowers who have fair or bad credit (scores below 690).