The NAB offers customers a large variety of personal loans to suit each and every individual right across Australia. The NAB caters to different borrowing needs by providing competitive rates and flexible tailored banking solutions through their personal loan options. Whether you want to renovate your home, buy a car, or plan for your wedding in style, the NAB will have the personal loan for you.

Types Of Loans

NAB personal loans cater for a variety of purposes. The following are some of the NAB personal loans available to suit your borrowing needs:

• Travel Loan – The NAB travel loan is suitable for when you want to go travelling. NAB ensures you get to where you’re going and have enough money along the way. With NAB travel loans you have the option of borrowing from $5,000 to $55,000 with a loan term between 1 to 7 years. You can also choose from flexible repayment options and repay back the money in lump sum amounts without incurring any fees.
• Debt Consolidation – NAB debt consolidation loans can help to get your debts back in the green. By taking out an NAB debt consolidation loan you can reduce your interest and save on fees. Debt consolidation loans range from $5,000 to $55,000 depending on your needs and financial capacity. This type of NAB personal loan offers flexible loan terms from 1 to 7 years.
• Wedding Loan – The NAB wedding loan is ideal for giving you the wedding you’ve always dreamed of. NAB personal wedding loans offer flexible repayment options of weekly, fortnightly or monthly repayments, and cater for all couples by offering borrowing amounts of $5,000 to $55,000 depending on your finances. Loan terms generally run between 1 to 7 years. The best part is you can sign the documents while you’re planning your wedding.
• Home Renovation Loans – If you’re looking to renovate your home but you don’t have sufficient funds, the NAB home renovation personal loans may just be for you. NAB personal loans for renovations cater for large and small renovations. With flexible repayment options, loan terms of 1 to 7 years, and a borrowing capacity of between $5,000 to $55,000, you can have the home you’ve always dreamed of.
• Car Loan – The NAB car loan is ideal for anyone looking to upgrade their vehicle. NAB car loans cater for everyone’s budget and needs. You can choose the amount you need from between $5,000 to $55,000 depending on your financial situation, and repay the money back via flexible repayment options of weekly, fortnightly or monthly payments. Loan terms generally range from 1 to 7 years. One advantage of an NAB car loan is you can repay the loan off in one big lump sum without incurring any fees, saving you money.
• Personal Loan – NAB personal loans are suitable for just about anything. NAB personal loans range from $5,000 to $55,000 with loan terms between 1 to 7 years. Repayments are flexible with options to pay weekly, monthly and fortnightly. You can also tailor the loan to suit your needs with their fixed and variable rates. You also have the option of a redraw feature at a later date if extra repayments are made.

Main Features Of NAB Personal Loans

NAB personal loans are tailored to suit a number of different customers. Some of the main features you can experience with NAB personal loans include:

• Loan Amount – You have the ability to be eligible for $5,000 to $55,000 depending on your circumstances.
• Repayment Terms – Loan repayment periods range from 1 to 7 years to suit everyone’s lifestyle.
• Interest Rates – Available options of both fixed and variable interest rates on all personal loans.
• Redraw Feature – Variable rate loans allow you to make extra repayments which can be redrawn at any time in the future.
• Exit Fees – No exit fees upon approval of an NAB personal loan.
• Monthly Fees – Monthly fee is only $10
• Application Fees – Application fee is only $150

Pros/Cons Of Personal Loans

As with any personal loan, NAB personal loans offer a few pros and cons. These include:

Pros: 

• Have the opportunity to receive same day funds even if you apply after 2pm in the afternoon.
• Upon approval of your application your money will be in your account with two hours after the approval.
• You have the option of choosing from weekly, fortnightly or monthly repayments to suit your needs and overall budget.
• You receive no extra charge if you make a lump sum repayment at any time during the loan period.
• NAB allow you to pay off your loan without enduring any additional fees in the process.
• You can easily sign documents at your home or work which delivers high flexibility to working individuals.

Cons:

• Higher interest rates (although lower than their comparison rates).
• Even with the slightest fault in your credit rating you may not be eligible for NAB personal loans.
• Due to higher interest rates you could pay more out in repayments than you may think.

Borrowing Criteria For NAB Personal Loans

Before an NAB personal loan can be approved, a borrowing criteria must be met and approved by the bank. This criteria includes:

• You must be 18 years or older to apply.
• You must have an ongoing and regular wage or income.
• You must have a good credit rating.
• You must be able to afford the loan repayments.
• Be an Australian citizen.

How To Apply For NAB Personal Loans

The NAB personal loan application process is quite simple and straight forward. Customers can apply for NAB personal loans by:

• Providing their employment and income details.
• Providing proof of assets and any liabilities/debts that you still owe.

If you’re self-employed, you will need to provide the NAB with:

• Your most recent notice of assessment.
• Your most recent personal income tax return.

If you run a business which consists of a partnership, company or trust, you will also be asked to show the most recent and relevant documents in relation to your business. These documents include:

• Trust tax return
• Company tax return
• Partnership tax return

Extra Things To Note

• Your tax file number should be blacked-out from all documents.
• Only documents from 2014 and upwards are accepted by NAB when applying for a personal loan.
• Your business must be up and running for at least 12 years before you can apply for selected personal loans.
• On all tax returns, the Taxpayers Declaration Form must be signed.

Same Day Fund Application Process

When applying for same day funds at one of the NAB branches, it’s advisable to bring along the following:

• Identification – NAB card, photo ID, driver’s license, birth certificate or marriage certificate. If you haven’t banked with the NAB before, they will require 100 points of ID. If you’re unsure with what you should bring it’s advisable to contact the NAB prior to your appointment.
• Credit Card/Store Card Statements – If you have any consolidating debts you will need to show the NAB your store card or credit card statement where the debt is currently issued.
• Recent Tax/Financial Statement – If you’re self-employed you will be required to show your recent financial state or tax statement.
• Payslip – You’ll be required to show your current payslip if you don’t bank with the NAB.
• Other Applicant – If you’re applying for a joint loan with another person, that person will need to come with you to your local NAB branch.

Other Products Provided By The NAB

The NAB don’t just cater to personal loans. They also offer:

• Business loans – Whether your looking to expand your business, invest in the manufacturing process, or just need to update some crucial areas, NAB business loans may just be suitable for your business. NAB business loans are competitive and are designed to push your business that much closer to success.
• Credit Cards – NAB offers up to three main credit cards that can suit many individuals. The main credit cards that are available are for business customers, personal users, and frequent flyers.
• Bank Accounts – NAB offers customers a complete range of bank accounts to suit everyone. NAB specialises in saving accounts, specialised accounts, and transaction accounts. Bank account interest rates vary depending on each specific account.
• Home Loans – If you’re looking to buy a new home, the NAB may have what you need. NAB home loans offer high flexibility with fixed and variable rates available. Borrowing limits depend on each individual’s financial situation.