NAB Personal Loan: Features, Interest Rates, Eligibility, and Application Process

Personal loans are a go-to option for many individuals to deal with their money emergencies. If you seek a personal loan and the right source to acquire, you are on the right page. We are here to discuss the most trusted personal loan provider, National Australia Bank (NAB). The loan lender is esteemed for its quick loan disbursals with zero paperwork. You need to repay the amount in installments with interest incurred as agreed upon taking the NAB Personal Loan. Personal loans are usually used to address small financial needs such as home renovations, travel, medical expenses, etc. 

NAB personal loans can also help you manage your money shortages. You can easily take control of your small financial crisis with the help of a personal loan. Moreover, securing an unsecured personal loan from NAB is possible, which means there is no need to offer any collateral or property to acquire the amount through NAB Personal Loans. Though NAB offers secured loans as well, a personal loan doesn’t require any collateral. Loan applicants however need to mind that the personal loans offered by NAB cannot be used for illegal activities, business purposes, home loan deposits, etc.

NAB Personal Loan

NAB Personal loan is a paperless loan that can be used to address immediate financial needs. The personal loan offered by NAB is named for its outstanding features and benefits. You can find the details here if you want to grab a personal loan from NAB. In this article, we are going to cast light upon the personal loans offered by NAB, its benefits, how to apply for a personal loan with NAB, features, eligibility, and more. Your search ends here if this is what you have been seeking.

What Is NAB Unsecured Personal Loan?

NAB offers unsecured personal loans to its customers, which means there is no collateral needed to acquire the loan. The customer is not expected to submit any mortgage or other property to borrow a loan with NAB. With the acquired amount, you can buy a car, renovate or repair your home, plan a trip to your favorite destination, use it for wedding expenses, etc. NAB Unsecured Personal Loan can be acquired online without much hassle. Moreover, NAB has secured RFi Group’s Australian Lending Awards for the best unsecured personal lender in a row for 3 years. 

NAB Personal Loan Interest Rates

NAB offers a wide range of interest rates on its loans. The interest rate is primarily affected by the customer’s financial history and creditworthiness. The more the individual stands worthy with their credit history, the more likely they will acquire a loan at a lower interest rate. If you are to acquire a NAB Bank Personal Loan, your details like income, assets, debts, credit history, credit score, etc need to be submitted to NAB. After considering all odds, the organization will approve the loan. You can also get personal loans tailored to your needs. 

On submission of the application, the company shall provide the borrower with the interest rate considering the information secured. The interest rate labeled in the documentation may be subject to change and you can check the same with the concerned person online or by calling directly. The NAB Personal Loan Rate ranges from 6.99% p.a. To 20.49%  p.a. for variable rate loans and from 6.99% p.a. To 20.49% p.a. For fixed-rate loans. So, next time you apply for a personal loan with NAB, check these interest rates drafted by the organization. 

Features Of A NAB Personal Loan

NAB provides unsecured personal loans that are flexible and quick to borrow. There are many features that the personal loan segment has in its kitty. Have a look!

NAB Personal Loan Calculator

No Penalties or Late Fees

The best feature of NAB is that it doesn’t incur any penalties whatsoever if the loan is repaid earlier than the said time. Also, there won’t be any exit fees if you clear the loan sooner. 

One-Day Amount Disbursal

If all your documents and information are up to the mark, the bank approves the loan and disburses it in one business day. The money will be credited to your bank account in one day.

Personalized Interest Rates

If you are seeking interest rates that are tailored to your needs, you can get that done with NAB. It offers personalized interest rates based on your creditworthiness. As we mentioned earlier, the interest rates range from 6.99% p.a to 20.49% p.a. 

Redraw Facility 

If you are good at repaying your loan and are in urgent need of some extra funds, you can use the redraw facility offered by NAB. However, you will receive the redraw amount on a variable-rate loan. 

Borrow as much as $55,000

You can borrow as huge as $55,000 from NAB. The minimum personal loan amount is $5,000. You can get the amount instantly credited to your account after formal verifications by the bank. 

Flexible Loan Term

The repayment tenure of the personal loan offered by NAB is pretty flexible. You can choose to repay the loan amount in one to several years at your convenience. Also, you can choose from varied repayment options like weekly, fortnightly, or monthly. 

NAB Personal Loan Eligibility

The personal loan borrower must satisfy certain eligibility criteria to get the loan sanctioned without hassle. The NAB Personal Loan Requirements are as follows:

  • The borrower should be 18 years or older to apply for NAB personal loan.
  • You should be the sole applicant who is responsible for repaying the loan, even if someone else is using the loan amount. 
  • Regular income 
  • Resident of Australia 
  • Must be a citizen of Australia or New Zealand. 

How To Apply For NAB Personal Loan?

Here is the step-by-step process on how to apply for a personal loan with NAB.

Step 1

Submit your NAB Personal Loan Application through the official website of NAB. If your application is approved, NAB will let you know instantly. Also, you will receive a quote indicating your interest rate and repayment amount.

Step 2

The second step involves verification. The information pledged by the borrower will be reviewed and verified and if everything is found right, the team shall proceed to the next step.

Step 3 

Once the verification process is done, the bank will provide you with the loan documentation containing your interest rate, repayment amount, etc. However, it is important to note that the interest rate furnished on the documentation is subject to change. 

If your application fails to meet the criteria set by the bank, your application will be disapproved and you will receive the same through SMS and email. 

NAB Personal Loan Contact

NAB Personal Loan Contact information can come in handy especially when you have queries related to the loan. You can directly call or email your queries to the concerned person who will answer them for you. 

Message

By using the messaging feature, you can get your queries answered 24/7. The virtual assistant will assist you with the queries in the chat session. You need to download the NAB app or use the NAB Internet Banking online to get the conversation started.

Call

You can also call the NAB Customer care executive to get your queries answered.

Monday to Friday, 8:00 AM to 7:00 PM 

Saturday and Sunday, 9:00 AM to 6:00 PM

You can dial 132265 within Australia and +61 3 86419083 if overseas.

Pros & Cons

Before heading to take a personal loan with NAB, it is recommended to check the pros and cons.

Pros

  • Flexible loans with flexible repayment tenures
  • One-day quick disbursal of loan amount
  • Paperless transactions
  • Fixed interest rates
  • No collateral required 

Cons 

  • Overall fees are relatively high
  • A good credit score is required to get the loan at an impressive interest rate

NAB Personal Loans Review

NAB personal loans are quite popular among individuals for the flexibility and amusing features it offers. The financial institution is named for offering a wide variety of loans to its customers and among them, personal loans are hugely popular. Unless and until there is a valid reason, you are allowed to grab a personal loan from NAB almost instantly. The only thing is that, all your documentation and credit scores should be perfect. The NAB Personal Loan Approval Time is highly noteworthy and you can be saved from an urgent financial crisis with this feature. 

If you need a personal loan to address your personal needs, you can consult the NAB finance company, provide them with the necessary documents, and get your quote instantly. If you are an Australian citizen looking for a personal loan, NAB could be your prime pick. Once again, go through the features and compare them with the loans offered by other banks and decide if it is your cup of tea. If you find this article helpful, please don’t forget to bookmark our website – www.moneycompass.net. More loan-related articles will be added to this website in the coming future. Keep an eye out for updates!

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