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Bendigo Bank Secured Personal Loan

Advertiser disclosure
Interest rate from
7.79% p.a.
Comparison rate from
8.49% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review Bendigo Bank Secured Personal Loan

Last updated: 19 May 2020.

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What's hot
  • 7.79% fixed interest rate (8.49% comparison rate*)
  • Extra repayments allowed
  • Redraw facility
What's not
  • $250 application fee
Mozo snapshot

If you want a flexible personal loan with a solid interest rate, Bendigo Bank's Secured Personal Loan might be the pick for you! This loan comes with a fixed rate of 7.79% (8.49% comparison rate*) and offers a range of terms from one to seven years. Plus, borrowers have the option of making extra repayments and have access to a redraw facility if they need it. Just remember, you must secure this loan with a new or used vehicle as collateral.

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Key features

Bendigo Bank’s Secured Personal Loan not only comes with a solid fixed interest rate but also has a bunch of handy features so borrowers can be flexible when it comes to paying back their loan. 

On all terms from one year to seven years, borrowers will receive a fixed 7.79% (8.49% comparison rate*). With this loan, customers must borrow at least $2,000 (there is no maximum loan amount) and secure a new or used vehicle against the loan as collateral. 

When it comes to repayments, Bendigo Bank lets you choose what schedule suits you, whether that’s weekly, fortnightly or monthly. Plus, if you have a little extra to put towards your loan, you can make additional contributions and have access to a free redraw facility later on. Keep in mind, there is a small $20 early repayment penalty. 

And while we are on the topic of fees, there are a few attached to this loan that you should be mindful of. These include a $250 application fee, an ongoing $5 monthly service fee and $35 late payment fee in the case that you miss a regular repayment.

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Who is it good for

This product may be a good option for someone looking to get their hands on a new set of wheels or looking to refinance their current car loan with a personal loan that has both a solid interest rate and great flexible repayment options.

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Any catches

While a $5 monthly service fee may not seem like a lot, if you opt for a seven year loan it could add up to $420.

Details

Rates and fees information correct as at 24 June 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 7.79% p.a. fixed

  • 8.49% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $5.00

  • $35.00

  • $0.00

  • $20

Other financial bits
  • $2,000.00

  • none

  • 1 Year

  • 7 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • none

  • none

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.

Customer Reviews

How are Bendigo Bank personal loans rated by the Mozo community?

Overall
8.1/10
Price
7.3/10
Features
6.9/10
Customer service
8.5/10
Convenience
8.0/10
Trust
8.4/10

Latest reviews of Bendigo Bank Secured Personal Loan

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About Bendigo Bank

Bendigo Bank is a community focused bank that's all about customer satisfaction. Over the past 22 years, Bendigo Bank has given back $230 million to help communities build the things they need to thrive. With a national presence and an innovative digital experience, Bendigo Bank offers a full range of financial services including credit cards, personal loans, home loans, savings and bank accounts to help Aussies meet their money goals.

See Bendigo Bank personal loans