BankSA offers three types of personal loans - secured, variable, and fixed - tailored to meet different borrowing needs.

Personal loans taken out from the bank can be used for home renovations, debt consolidation, travels, weddings, and to finance the purchase of a car or a boat.

Loan amount starts at $2,000 and maxes at $100,000, at an interest rate tailored to each borrower's creditworthiness and risk profile. Terms range from one to seven years.

What are the personal loans available at BankSA?

Unsecured Variable Personal Loan

Potential borrowers looking to save on fees and have repayment flexibility may find a variable-rate personal loan the ideal choice. BankSA's unsecured variable loan features a redraw facility that enables borrowers to pay extra off their loans and redraw extra payments made if and when they need them.

However, note that because it's variable, the interest rate could go up or down over the loan term and likely impact upcoming repayments. Unsecured loans typically carry a higher interest rate than loans secured with collateral.

Unsecured Fixed Personal Loans

Borrowers who prefer the stability of fixed repayments over their loan term may be better suited to take out BankSA's unsecured fixed-rate personal loan. As it is fixed, the interest rates are protected against rate rises and repayment amounts stay the same throughout the loan's life, making this an attractive option when interest rates are low. However, unsecured loans usually come with rates higher than secured loans.

Repayment is flexible and early loan payoff is allowed but would incur a discharge fee.

Secured Personal Loan

BankSA's secured personal loan offers an option for customers to offer their cars as security to borrow funds to purchase a new or used vehicle at a lower interest rate. In addition to the purchase of the vehicle, the loan can also be used to cover other expenses such as insurance and registration.

To be eligible as security, the car must be seven years old or less at the time of the loan application, registered in the applicant's name, in good condition, and covered with a one-year comprehensive insurance. Interest rates depend on the borrower's credit history and the value of the asset offered as collateral. Rates are fixed and repayment options are flexible.

What are the features of BankSA personal loans?

BankSA's personal loans notably highlight flexibility. Borrowers are given the option to choose between variable or fixed rates, secured and unsecured, and whether they want to pay off their loans early.

These are correct at the time of writing and are subject to change.

What are the fees charged to customers?

Customers taking out a personal loan from BankSA may be subject to upfront, ongoing, and exit fees. Fees vary depending on the loan product.

These are correct at the time of writing and are subject to change.

How to apply for a personal loan with BankSA

Potential borrowers can apply online, by phone, or in-branch. The applicant must be at least 18 years old and have a permanent residency in Australia or New Zealand or hold an acceptable visa. BankSA also requires applicants to present documents that prove they have a verifiable taxable income and an Australian address.

Here's a list of documents would-be borrowers must present to support their loan application:

• Proof of identity (passport, driver's licence, birth certificate, Medicare card)

• Proof of income (two recent payslips for employed; last two months' business bank statements and last year's Notice of Assessments for self-employed)

• List of liabilities (existing debts)

• List of ongoing expenses

• Foreign tax identification number (for foreign applicants)

Applicants will then need to consent to a credit check. To increase their chances of approval and potentially get lower interest rates, borrowers are advised to check the details on their credit report to make sure they are correct before applying. Ensuring other financial obligations are met and refraining from making multiple loan applications may also help improve credit scores.

Directly consult with the bank or check its website to learn more about its personal loans, including the latest rates, fees, and eligibility requirements.