7.4 / 10

based on 102 reviews as rated by Mozo community

abal banking personal loans

Launched in 1986 Arab Bank Australia is a subsidiary of Arab Bank, which provides banking solutions to customers across the Middle East and Northern African region. In Australia this challenger brand has nine branches across Sydney and Melbourne, allowing you to speak to a branch manager in person about your borrowing needs.

While Arab Bank Australia specialises in home loans, it also offers a suite of personal loans including a secured option which requires you to put up an asset as security or alternatively an unsecured option. Both types of personal loans allow you to choose between a fixed or variable interest rate. Okay, let’s delve deeper into each option...

abal banking offers the following personal loans

Rates and fees verified as correct at 01 December, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Secured Personal Loan (Fixed)

11.30% p.a.

12.13% p.a.based on $30,000
over 5 years

$200

Secured Personal Loan (Variable)

12.90% p.a.

13.72% p.a.based on $30,000
over 5 years

$200

Unsecured Personal Loan (Fixed)

14.00% p.a.

14.81% p.a.based on $30,000
over 5 years

$200

Unsecured Personal Loan (Variable)

15.60% p.a.

16.41% p.a.based on $30,000
over 5 years

$200

WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

What personal loans do Arab Bank Australia offer?

Secured

If you have a car, boat or guarantee you can apply for Arab Bank Australia’s secured loan option. The asset you put up will be used as security for the loan, so this means failing to pay the loan could result in your asset being seized. If you know you can diligently repay your loan, going for the secured loan option will save you big bucks in interest, due to the low interest rate attached. Loan amounts can range from $5,000 to $50,000 and you can choose to pay it off over a term of between 1 and 5 years. The secured loan comes with either a fixed interest rate, which means your repayments won’t change or a variable rate that can alter depending on the market.

Unsecured

Alternatively, for borrowers who don’t hold an asset to use as security there is an unsecured loan available through Arab Bank Australia. While this will mean your assets won’t be put at direct risk if you default on the loan, your interest rate will be higher than the secured rate option. When you take out the unsecured loan, you can lock in your rate with a fixed interest rate or leave it variable. Loans can also be taken out for a period of 1-5 years and you can potentially borrow between $5,000 and $50,000.

Arab Bank Australia personal loan features at a glance

Repayment flexibility: Both the secured and unsecured loan options from Arab Bank Australia let you set up your repayments on either a weekly, fortnightly or monthly cycle.

Extra repayments: If you’re a borrower who wants to make additional payments on your loan, you’ll be happy to hear that all of Arab Bank Australia’s personal loans come with an extra repayments facility. But keep in mind with the fixed rate loan fees may apply if you try to pay out the loan early.

Fees: All of Arab Bank Australia’s personal loan offerings come with an upfront fee that you will have to pay when you first take out the loan and a small ongoing fee that will be charged on a monthly basis.

How are Arab Bank Australia personal loan products rated?

If you want to know how Arab Bank Australia’s personal loans rate when it comes to price, customer service and features we recommend reading customer reviews from past and present customers here.

What do I need to apply for an Arab Bank Australia personal loan?

To apply for a personal loan from Arab Bank Australia you’ll need to head to your local branch in the Sydney or Melbourne area and bring the following docs with you:

  • Last two payslips
  • Latest tax return
  • 100 points of identification e.g passport and driver’s licence
  • Bank statements showing your savings history

How are abal banking personal loans rated?

Mozo users have rated abal banking personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
abal banking personal loans
Overall
7.5/10
Price
Features
Customer service
Convenience
Trust

6 Reviews

Recent abal banking personal loan reviews

abal banking Unsecured Personal Loan review
Overall 10/10
Super easy and great

Pleasant experience applying for a personal loan. Rates are reasonable as well.

Read full review

Pleasant experience applying for a personal loan. Rates are reasonable as well.

Price
9/10
Features
8/10
Customer service
7/10
Convenience
8/10
Trust
9/10
Less
Jimmd, Queensland reviewed almost 2 years ago
abal banking Secured Personal Loan review
Overall 10/10
nil

Nil

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Khaja, New South Wales reviewed over 5 years ago
abal banking Personal Loan review
Overall 8/10
Great customer service

Anz always give me advice eg home/car insurance

Read full review

Anz always give me advice eg home/car insurance

Price
6/10
Features
4/10
Customer service
7/10
Convenience
10/10
Trust
6/10
Less
Michelle, Queensland reviewed almost 6 years ago
abal banking Unsecured Personal Loan review
Overall 7/10
fair customer service

dislike at their good decide and approved a loan at good interest rate and repayments received at them

Read full review

dislike at their good decide and approved a loan at good interest rate and repayments received at them

Price
5/10
Features
5/10
Customer service
5/10
Convenience
6/10
Trust
6/10
Less
Benack, New South Wales reviewed almost 6 years ago

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