8.7/10

Based on 446 BankVic product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.

BankVic personal loans

After a new loan for a car, boat or home renovation? BankVic’s got a range of personal loan options for you to choose from. While BankVic’s roots are in Victoria, it doesn’t mean you have to be. Anyone can become a member of BankVic to take advantage of its personal loans as long as you meet the application criteria, are over the age of 18 and become a BankVic member. Below is a summary of the loans available that we compare, but you can also check out our full personal loan comparison tool to see how BankVic’s rates and fees compare with other lenders.

BankVic offers the following personal loans

Rates and fees verified as correct at 21 June 2024. Other information correct at the time of writing. Advertiser disclosure.
Product Interest rate from Comparison rate from Upfront fee
Car Loan (Fixed, Secured)

8.99% p.a.

9.12% p.a.based on $30,000
over 5 years

$90.00

Unsecured Personal Loan (Variable)

11.95% p.a.

12.08% p.a.based on $10,000
over 3 years

$90.00

What personal loans does BankVic offer? 

Unsecured Personal Loan 

Unsecured personal loan options from BankVic have either a variable interest rate or fixed rate. On one hand your rate may stay the same over the life of the loan (fixed) or it could fluctuate with the market (variable), meaning it could go up or down over the life of your loan 

With a BankVic personal loan you’ll be able to borrow as little as $500 up to a maximum of $30,000. You’ll have an option to choose the loan term that best suits your budget too, as BankVic allows you to select repayment terms from 1 to 5 years. Plus, you can choose to time your repayments with your pay cycle, with the option of between weekly, fortnightly and monthly repayments. Not only that, you can also make free extra repayments too. 

While there is an upfront application fee of $90 for all BankVic personal loans, unlike many other loans in the market there are no ongoing fees like service fees, late payment or exit fees. Plus, for a limited time BankVic is offering an application fee waiver to customers. 

Car Loan 

Car loans with BankVic are fixed interest rate loans. They work in a very similar way to the unsecured personal loan options in terms of fees and features. However, BankVic car loans have different limits. There is no maximum (as long as you can afford the repayments) and the minimum loan amount is $10,000. 

It’s also important to note, there is no application fee waiver available on this loan - so make sure to budget for that upfront cost. 

BankVic personal loan features at a glance 

  • Repayment schedule options: Across all BankVic personal loan products there is the option to make either weekly, fortnightly or monthly repayments. This means you can align your repayments with when you get paid if you want to!

  • Extra repayments: BankVic also gives borrowers the flexibility to make additional repayments on top of regular ones. There’s no extra charge for doing so - just be mindful there is no redraw facility available. 

  • No early repayment penalty: If you end up paying down your entire loan ahead of time, BankVic won’t slap you with a hefty fee - which some lenders do. 


    How do you apply for a BankVic personal loan? 

    There are three easy ways you can apply: online, over the phone or in-branch. You’ll need to be a BankVic member and you’ll also need to supply the usual information like your driver’s licence or passport as well as proof of income and details of assets/liabilities.

    Here’s a rundown of what you’ll need:  

    • Two most recent payslips 

    • Three months worth of most recent everyday bank statements 

    • Three months worth of most recent credit statements (if applicable)

    How are BankVic personal loans rated?

    Mozo users have rated BankVic 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
    BankVic personal loans customer reviews
    Overall
    8.2/10
    Price
    8.2/10
    Features
    7.9/10
    Customer service
    8.6/10
    Convenience
    7.8/10
    Trust
    8.6/10
    Based on 10 BankVic product reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
    Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

    Recent BankVic personal loan reviews

    BankVic Personal Loan
    Overall 5/10
    They care

    Very good for the common person.

    Read full review

    Very good for the common person.

    Price
    8/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    5/10
    Trust
    7/10
    Less
    Mark, Victoria, reviewed over 8 years ago
    BankVic Personal Loan
    Overall 9/10
    Competitive premiums and great customer servicer

    Good.

    Price
    8/10
    Features
    9/10
    Customer service
    8/10
    Convenience
    9/10
    Trust
    8/10
    Less
    Charles, Northern Territory, reviewed over 8 years ago
    BankVic Personal Loan
    Overall 4/10
    Service by staff is above average

    For members only, I don't think they really have tried with their interest rates.

    Read full review

    For members only, I don't think they really have tried with their interest rates.

    Price
    4/10
    Features
    3/10
    Customer service
    6/10
    Convenience
    6/10
    Trust
    7/10
    Less
    Margaret, Victoria, reviewed about 9 years ago
    BankVic Personal Loan
    Overall 7/10
    Truly happy with their service

    BankVic have really looked after me. Their one on one service is really something I appreciate with this bank. Here you are treated as a person and not a number.

    Read full review

    BankVic have really looked after me. Their one on one service is really something I appreciate with this bank. Here you are treated as a person and not a number.

    Price
    8/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    6/10
    Trust
    7/10
    Less
    James, Victoria, reviewed over 9 years ago
    See all personal loan reviews
    Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.
    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.

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