Commonwealth Bank provides its customers with both variable and fixed personal loan. Customers can apply for loan between $4,000-$50,000 along with the minimum variable interest rate starting from 13.90%P.A and the minimum fixed interest rate starting from 10.99%P.A. The borrower has from one to seven years to repay what he or she borrowed.
Personal loan can be used for:
Repayment of Commonwealth Bank Personal Loan
When a customer applies for Commonwealth Bank Personal Loan how much he or she will repay is dependent on a few factors. The first factor is how much the applicant intends to borrow; the second factor is over what period does he intends to repay, and the third is whether it’s fixed or variable.
For example, if a customer decides to borrow $40,000 over a period of five years with the minimum variable interest rate starting from 13.90% P.A and the minimum fixed interest rate starting from 10.99% P.A, the customer will have to pay $215 every week or $929 every month depending on the repayment plan.There is an establishment fee of $150 and a loan service fee of $10 per month.
For a loan applicant to be eligible for a Commonwealth Bank Personal Loan, he or she must meet the following criteria:
- Be at least 18 years old.
- Have a good credit score.
- Not presently bankrupt or in financial distress.
- Must be employed or have a traceable source of income.
How to apply for Commonwealth Bank Personal Loan
Applicants can apply for loan online, over the phone, or at any of the bank branch. The online application process takes less than 15 minutes and it involves just a few steps.
The steps are below:
- Compare and select a loan, then head to Commonwealth Bank website
- Select repayment schedule
- Submit application, after the applicant has successfully submitted the application he or she will receive a response from the bank within 60 seconds. If the application is approved the applicant will be sent a contract for review. ,
New customers will have to visit any of the bank branches for an ID check. During the time of loan application the applicant will need to provide the following documents:
- Proof of identification
- Income and employment proof
- Other financial commitment details.
What applicants should know
- Loan application is subject to approval.
- Commonwealth Bank charges monthly fees.
- Some other financial institutions offers lower interest rates.