IMB Bank Personal Loans
What personal loans does IMB Bank offer?
At the time of writing, IMB offers two personal loan products:
- Secured Personal Loan: borrow between $2,000 and $60,000, terms available from 1-5 years, must be secured with either a new or used vehicle (up to 6 years of age).
- Unsecured Personal Loan: borrow between $2,000 and $30,000, terms available from 1-5 years.
What can you use IMB Bank’s personal loans for?
Personal loans can typically be used for important life events, such as:
- Buying a car (up to six years old with IMB’s secured personal loan)
- Debt consolidation
- Home renovations
- Weddings and more
Read the product disclosure statement (PDS) from IMB for any specific details on what you may or may not be able to take out a personal loan for.
IMB Bank personal loans FAQs
You can choose a loan term of between one to five years on IMB’s Secured Personal Loan and Unsecured Personal Loan.
There are a number of fees to be aware of when taking out a personal loan with IMB. At the time of writing the following fees are listed by IMB:
- Application fee of $250
- Personal Property Securities Register (PPS) fee of $25.12
- IMB says it may charge you a default fee when any amount is overdue
Yes, IMB’s Secured Personal Loan requires minimum repayments on a monthly basis. IMB’s Unsecured Personal Loan requires minimum requirements to be made monthly, fortnightly or weekly.
IMB’s says repayments are fixed and will not increase on its Secured Personal Loan. The repayment amount will vary depending on the length of your loan, the principal amount borrowed and your interest rate.
According to IMB, to be eligible for one of its personal loan you must at a minimum:
- Be over 18 years of age
- Be an Australian citizen or permanent resident
- Have a good credit history
- Have a monthly income
When applying for a personal loan, it may also be an idea to have the following information on hand:
- Driver’s licence or passport
- Employment and income details
- Previous payslips
Established in 1880, IMB offers a full range of banking products including home and personal lending, savings and transaction accounts, term deposits, business banking and financial planning. IMB has branches throughout the Illawarra, Sydney NSW South Coast, the ACT and Melbourne.