Whether you’re looking to buy a car, book a holiday, or improve your home, a personal loan is a viable option for anyone with a good enough credit rating. NAB offers flexible terms, same-day funds, and online processing. Here’s all you need to know about applying for a personal loan with NAB.
Types of NAB personal loan
NAB offers two types of personal loans: fixed and variable.
NAB fixed rate personal loan
If you like certainty, then a fixed rate is worth considering since you know exactly what your payments will be each month for the entire tenure of the loan.
NAB variable rate personal loan
While a variable rate loan may change your minimum repayment over time, a fixed rate loan remains static throughout the length of time your loan payments last.
What can a NAB personal loan be used for?
There are many reasons why you may want to take out an NAB personal loan.
- Debt consolidation
- Buying a car
- Book a holiday
- Home renovations
- Dental and medical bills
- Wedding costs
- School fees
- Unexpected costs
Useful NAB personal loan features
NAB includes a range of attractive features with their loans.
Redraw is available with their variable loan, allowing you to redraw money if you were ahead in your payments.
Existing NAB customers who apply and are approved can have funds deposited on the same day.
No exit fees
If you get a variable loan and want to pay it back faster, NAB will not charge an exit fee for doing so.
Repayment terms for a NAB loan range from 1 - 7 years and you can choose weekly, fortnightly, or monthly repayments.
Who can apply?
To apply for a NAB personal loan, you must be over 18 and earn a regular income. You'll also need to be a citizen of Australia or New Zealand or have permanent or temporary residency in Australia.
How to apply
Most people will be able to apply for a NAB personal loan directly on their website. Joint applications are possible, but these must be carried out in-branch. You’ll need to provide income and employment details, living expenses, owned assets, existing debt, and a valid form of photo ID to complete your application.