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)|| |
12.13% p.a.based on $30,000
|Secured Personal Loan (Variable)|| |
13.72% p.a.based on $30,000
|Unsecured Personal Loan (Fixed)|| |
14.81% p.a.based on $30,000
|Unsecured Personal Loan (Variable)|| |
16.41% p.a.based on $30,000
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.
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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.
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.
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.
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.
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:
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.
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.
dislike at their good decide and approved a loan at good interest rate and repayments received at themRead full review
dislike at their good decide and approved a loan at good interest rate and repayments received at them