NAB Unsecured Fixed Rate Personal Loan
- Interest Rate (p.a.)
- 7.50% to 22.00%
- Comparison rate (p.a.)
- 8.90% to 23.29%
- Min Loan Amount
- $5,000
Summary
This loan's competitive minimum interest rate and application fee make it a strong contender in the personal loan market.Earning a Finder Score of 7, the NAB Unsecured Fixed Rate Personal Loan is a competitive option in the market.
Its main strengths are a minimum interest rate and an application fee that are both in the top half of our database. However, borrowers should factor in the $15 monthly fee which adds to the total cost.
Pros
-
No need to provide collateral
-
Competitive comparison rate
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No late payment fee
Cons
-
The interest rate is calculated on your personal financial situation. If your credit history is poorer than average, or your financial risk is deemed to be greater than average, your interest rate will be higher.
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No redraw facility available for NAB fixed rate product
Details
Product details
| Product Name | NAB Unsecured Fixed Rate Personal Loan |
| Interest Rate (p.a.) | 7.50% to 22.00% |
| Comparison rate (p.a.) | 8.90% to 23.29% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $55,000 |
| Loan Security | Unsecured |
How does NAB Unsecured Fixed Rate Personal Loan compare?
- Competitive minimum interest rate. This loan's minimum interest rate of 7.50% p.a. is in the top half of lower rates in our database.
- Competitive application fee. At $250, the application fee is in the top half of lower fees in our database.
- Ongoing monthly fee. A $15 monthly fee adds to the overall cost of the loan compared to products with no ongoing fees.
How does the NAB Unsecured Fixed Rate Personal Loan work?
The NAB unsecured fixed rate personal loan allows you to borrow for a myriad of items such as cars, home appliances, weddings, renovations, debt consolidation and much more. You do not need any collateral for the loan.The interest rate is fixed and is calculated based on your personal financial situation and there are no fees for early payout or late payments.
What can the loan be used for?
The NAB unsecured loan can help with the things you want to buy today. You can purchase a car, consolidate debt, travel, renovate, buy personal items and more. You cannot use the loan as a house deposit, for illegal activities, business purposes, or lender’s mortgage insurance.Eligibility criteria
To be eligible for this loan, you must:- Be 18 years of age or older and a sole applicant
- Have a regular source of income
- Be an Australian resident
- Be an Australian or New Zealand citizen, Australian permanent resident or non resident with an acceptable temporary residency visa.
How to apply
There are three simple steps.- Submit your application online. You will get an initial decision in as little as 60 seconds.
- Information will be verified by NAB and further information may be requested.
- If your loan is approved you will receive an offer from NAB and the money will be transferred to your NAB account within one business day of you accepting NAB's offer.
You will need
- Your personal NAB ID - if you have one. This is located in your NAB app through My Details or on the back of your NAB card.
- Driver's licence number - (if you have a driver’s licence)
- Details of employment for the past three years
- Your financial information which includes assets, debts, income and expenses
- Addresses you've lived at in the last three years.
The information to support your financial information can be uploaded when you fill in the application. If you can’t upload the docs, NAB will advise you by email on other ways to provide them the documents they need.
Features of this loan
- Risk-based interest rates. Your interest rate will be determined in part by your credit score and risk profile, along with other aspects of your financial situation.
- Unsecured loan. You do not need collateral for this loan.
- Speedy application process. You will receive an initial decision in as little as 60 seconds. Once your loan is fully approved, the funds will be transferred to your NAB account within one business day of you accepting the offer.
- Flexible payment schedule. Payments can be made weekly, fortnightly or monthly.
- Ability to repay early. There is no exit fee payable if you pay off your NAB personal loan early.
How much does a NAB Unsecured Fixed Rate Personal Loan cost?
You will pay these fees
| Cost | Amount |
|---|---|
| Application fee | $250 |
| Ongoing fees | $15 per month |
You might pay these fees
| Cost | Amount |
|---|---|
| Exit fee | $0 |
| Late payment fee | $0 |
| Paper statement fees | $0 |
| Dishonour fee | $0 |
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