NRMA Personal Loans
Compare NRMA personal loans and rates
The table below displays a snapshot of NRMA’s secured and unsecured personal loan products and rates on Canstar’s database. Please note the products and Star Ratings displayed are based on a loan amount of $20,000 for a three-year loan in NSW.
What personal loans does NRMA offer?
NRMA currently offers a single low-rate personal loan at the time of writing. This personal loan is secured for the purpose of buying a car and is available with fixed interest.
What can you use NRMA’s personal loans for?
A personal loan with NRMA can be used for financing a purchase of cars, motorbikes, caravans or motorhomes.
Personal loans are a relatively straightforward way of borrowing money with a structured repayment program. A personal loan with NRMA could give you access to more money to pay for new or used vehicles.
Check the product disclosure statement (PDS) from NRMA to see what you can and can’t take out a personal loan for.
With NRMA’s secured personal loan, you can choose a loan term of up to seven years.
NRMA does not charge any monthly or account-keeping fees, but there is a $380 one-off application 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 NRMA’s fees are more or less what the average customer is paying.
Yes, NRMA personal loans require minimum monthly repayments, which you can see in the table of NRMA’s personal loan products above.
Applying for an NRMA personal loan is straightforward; you can do it online after visiting Canstar’s comparison tables. When applying for a personal loan with NRMA (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 an Australian or New Zealand citizen or a non-resident holding a Temporary Residency VISA
- Hold a regular income and good credit rating (see here for more info on how to get a good credit rating)
- Take out a loan of at least $5,000
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
You may also require your current account number for NRMA if you’re an existing member.
In addition to personal loans, NRMA also offers a secured car loan. The table below displays a snapshot of NRMA’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.
NRMA Insurance was established in 1925 by the National Roads and Motorists’ Association, in order to provide car insurance to members in NSW and the ACT. In 1995, they added Queensland to the mix as well.
NRMA supports their community in a number of ways including:
- Raising awareness of child car safety and offering free child restraint safety checks
- Supporting 150 Australian community organisations every year through their community grants program
- Being a corporate supporter of the NSW State Emergency Service (SES)
- Sponsoring the Brisbane Broncos