NAB personal loan overview
Fixed Rate Personal Loan
If you’re a person who prefers following a schedule and being aware of where you stand in your repayments, you could consider NAB’s fixed-rate personal loan, which is unsecure, is the ideal choice for you. The loan amounts are between $5,000 and $55,000, and you have the option of choosing the repayment period of up to 7 years. However, keep in mind that the fixed rate loan does not offer the flexibility of redraw facilities. But , it could be a blessing disguise, as you’ll not be enticed to draw from the extra payments you’ve made. In addition, unlike other loans that are fixed rate the NAB’s has no break-cost fee when repayment before the term agreed upon is over.
Personal Loan with Variable Rate:
Similar to the fixed version NAB’s variable rate unsecure loan allows you to borrow from $5,000 to $55,000 and pick the term of repayment between one and seven years. Although the interest rate is lower than the Fixed Personal Loan, you should remember that NAB could raise rates at any time, which means it is important to factor in rate increases into your budget when making payments. Similar to NAB’s fixed rate personal loan, you are able to accelerate your repayments and pay completely early, without paying an extra break cost. The primary benefit of the flexible rate loan, is that you can use the redraw option, which you are able to make use of at no extra cost as long as you pay the loan payments in a way that is adjusted.
NAB personal loan is available at an enumeration
- Flexibility in repayment:One handy feature that is included with personal loans from NAB is the ability to select the frequency at which you will pay your loan payments whether weekly, fortnightly or even monthly.
- Free additional repayments: When you’ve got additional cash to add to your loan in addition to regular repayments, NAB’s fixed rate and variable rate loans let you to boost your repayments and also pay off the loan earlier.
- Redraw option:Whether it’s for a renovation of your home or for bills that are unexpected If you have to draw cash from the additional payments you’ve made on your loan the NAB flexible rate, unsecured loans can allow you to do that.
- No break-cost:Having no exit fees is a great incentive to make extra payments. This is a huge benefit for NAB as some banks charge substantial break cost charges for paying off the loan at a fixed rate before the end of the term.
- Personal loan protection: NAB has teamed along with MLC insurance to offer you the option of purchasing an insurance policy that will cover your loan payments. The insurance policy is in place in the event that you get sick or quit your job while paying back the personal loan.
What are the steps to apply to get an NAB Personal loan?
Making an application an individual loan at NAB is easy. If you submit your application prior to 2pm on a day that is a business day, at an NAB branch, the loan may be approved immediately. The money could be cleared into your NAB account just two hours later. It is even better if you enroll for a loan in the comfort of your home without needing to go to an NAB branch. Most likely, it takes two days to determine whether your personal loan application was approved. You’ll then be able to begin planning your wedding or visit to the dealership!
The documents that you must submit to present to get a personal loan at NAB comprise:
- Proof of your earnings and your employment status
- Information about your assets and the debts you owe
- The last pay slip you receive is a must if you don’t have any bank accounts with NAB
- The most up-to-date tax report you’ve got if you’re self-employed
- The credit card and store statement if you have obligations to pay
- Photo ID or NAB card (only when NAB will be your banking institution) or 100 points of proof of identity
What is the rating of NAB personal loans assessed?
Mozo customers have given a rating of NAB personal loans based on their price and features, as well as convenience and trust as well as customer service. You can read what real Aussies can say about their experience.
Recent NAB personal review of loan
NAB Personal Loan
Overall, 2/10
Poor providers
An intense dislike, for the constant hounding of customers due to the fault of no one else not being aware of the time that their repayments were increasing and endless paperwork to and from, should not forget the final cent due. The interest rate is charged in addition to service charges in addition to the loan’s repayment regardless of whether interest rates fell. As a pensioner, I am happy to have them gone. Never ever again.Read the full review
Erica, Queensland, reviewed just over a year ago
NAB Personal Loan (Fixed, Unsecured)
Overall 1/10
Don’t be a fool to NAB in the area of loans.
A house was recently put up for sale that my partner and I were enthralled with and was to be auctioned off. We did the right things, and went into the NAB to begin our loan and be pre-approved. The loan was approved conditionally which we were able to meet all conditions , so we accepted the auction bid and secured the property at a lower cost than the bank would loan us. In the end, we performed all the right actions and met the bank’s specifications, even returning home earlier from our holidays to resolve the matter. The loan was transferred into the headquarters, where it sat for a few days the bank contacted us with a request to only lend us a conditional amount, but only if we miraculously came up with $100kplus. We have now got 10 days to pay and there is no loan. We were left empty handed and destroyed our hopes. We will be looking for a new bank to manage our money since the NAB cannot be trusted.Read the full review
Elena, Queensland, reviewed more than a year ago
NAB Personal Loan
Overall 1/10
Horrendous
Never missed a single payment. Always have an excellent credit score however they were unable to provide an increase in my credit card because claimed that my disability pension isn’t considered to be a reliable source of source of income.Read the complete review
William, New South Wales The review was done almost 2 years ago
NAB Personal Loan (Variable, Unsecured)
Overall, 10/10
Awesome.
NAB is the most reliable bank you’ve ever had.Read the full review
Joanne, Victoria, reviewed two years ago