Do you need money that you can get immediately for a big purchase? With the Commonwealth Bank Online Personal Loan, you can loan up to $50,000 while enjoying many privileges. Continue reading to discover how to order a Commonwealth Bank Online Personal Loan.
Commonwealth Bank is one of the big four Australian banks that offer a wide range of financial services, including online personal loans. With the money you get from the loans, you can purchase a brand-new or second-hand car, improve your house, consolidate your debt to improve your credit score and other uses.
Commonwealth Bank Online Personal Loan Features
Commonwealth Bank offers two types of online personal loans: fixed rate and variable rate. In the fixed rate, the bank will give you interest that remains the same throughout your loan. The variable rate, on the other hand, allows you to pay down your loan faster so that you can minimize the interest that you should pay.
Still uncertain if the Commonwealth Bank Online Personal Loan will work out for you? You may need to find out the benefits and advantages you can get.
Commonwealth Bank Online Personal Loan Benefits
Commonwealth Bank allows you to choose your payment scheme, whether you pay on a weekly, bi-monthly or monthly basis. This feature will help you keep your finances in order and plan your budget better.
The bank also makes your repayments convenient by downloading NetBank and CommBank apps. Aside from making payments, you can also track your loan through these applications.
With the variable rate loan, you can also have an option to repay your loan early without a fee. With this feature, you can make huge savings from a reduced interest.
Are you excited to request a Commonwealth Bank Online Personal Loan? Find out the bank’s loan application process and requirements.
Commonwealth Bank Online Personal Loan Application Process
You can apply for a personal loan by clicking apply now and filling out a form on the Commonwealth Bank website. You must also prepare your requirements, such as a valid ID showing you are at least 18 years old. You should also be a citizen or resident of Australia. You should also provide a copy of your proof of income and bank statements. You should present them at the nearest Commonwealth Bank branch. To boost your chances of approval, experts advise you should have a credit score of over 650.
You can loan from $4,000 to $50,000 for both fixed loan and variable loan types, which you can pay from 1 to 7 years.
Fees and Interest Rates
Commonwealth Bank charges an establishment fee of $150 and loan service fee of $10. You may also need to pay a $20 late payment fee.
Commonwealth Bank Online Personal loan has a minimum interest rate of 12.99% (fixed rate) and 13.9% (variable rate). The bank can provide you a higher interest depending on the amount of your loan, your creditworthiness, and other factors.
Overall, getting a Commonwealth Bank Online Personal Loan will allow you to borrow money that you can repay at your own pace.