abal banking personal loans

What personal loans do Arab Bank Australia offer?

Secured Personal Loan 

If you have a car, boat or guarantee you can apply for abal banking’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. Also bear in mind there is an upfront application fee to budget for as well as an ongoing monthly service fee. 

Unsecured Personal Loan 

Alternatively, for borrowers who don’t hold an asset to use as security there is an unsecured loan available through abal banking. 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 $30,000. Like the secured personal loan option, there is also an application cost and monthly service fee attached to this loan. 

Arab Bank Australia personal loan features at a glance

• Repayment flexibility: Both the secured and unsecured loan options from abal banking 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 abal banking’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.

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