NAB Personal Loans

NAB offers repayment periods of between 1 and 7 years, giving you flexibility to focus on paying off your loan early, or on low repayments. NAB allows payments every week, fortnight or month, allowing you to cater to your income and expenses.

There are a number of fees to be aware of when taking out a personal loan with NAB:

• A once-off $150 application fee
• A monthly $10 fee

See this article for look at the average fees currently charged by personal loan providers on the market (based on Canstar’s Personal Loans Star Ratings for November 2017) to see if NAB’s fees are more or less what the average customer is paying.

Yes, NAB personal loans require minimum monthly repayments. This amount varies depending on the length of your loan, the principal amount borrowed and your interest rate (fixed or variable). The lowest repayments are on a $5000 fixed-interest loan over 7 years – $88 per month at the time of writing.

Applying for a NAB personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with NAB (or most providers in Australia for that matter), you generally need to meet the following criteria:

• You must be 18 years or old
• You must live in Australia
• You must be permanent Australian resident
• Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
• Show an ability to afford your loan repayments

If done online, the application process can take as little as 10 minutes, provided you have everything on hand. You may need to provide documents and ID such as:

• A current driver’s license
• Details of your current and previous (if applicable) employer
• Details of your income, assets, expenses and liabilities
• Previous tax returns if you are self-employed
• Your NAB ID number (if you’re an existing customer)

You may also require your current account number for NAB if you’re an existing member.

In addition to personal loans, NAB also offers a secured car loan. The table below displays a snapshot of NAB’s car loan products, sorted by Star Rating (highest to lowest). The results shown are based on a 5-year loan for $20,000 in NSW.

Compare Car Loans

NAB is one of Australia’s largest banks, with operations in the UK, US and New Zealand. The company serves more than 9 million customers worldwide and employs around 30,000 people across its main business and subsidiaries MLC and BNZ. The bank is active in Australian culture, providing major sponsorship towards the AFL and Football Federation Australia, as well as to numerous local scholarship funds around the country.