BankVic members seeking funds to finance home renovations, travels, or debt consolidation can access the bank's personal loan.

BankVic's personal loan features a variable rate, with loan amounts starting at $3,000 and payable within 1 to 7 years. Repayments are flexible, with options to pay weekly, fortnightly, or monthly. The bank also allows borrowers to make unlimited additional repayments without penalty.

Personal Loans Available at BankVic

As the loan is unsecured, expect interest rates to be higher than they would have been if the loan required collateral to back it up. However, BankVic's personal loan rates are generally on par with other unsecured loans currently available in the market.

Customers can borrow up to $50,000 to fund eligible purposes, which typically exclude property purchases. If you're looking to finance a home, check the bank's mortgage products.

BankVic Personal Loan Fees

BankVic personal loan borrowers may be required to pay the following fees*:

• Setup fee - $90

• Monthly service fee - $0

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

How to Apply for a Personal Loan with BankVic

BankVic personal loans are exclusively available to members, which include police, health, emergency service, and government department workers and their immediate families.

To be eligible, interested borrowers must meet the following criteria:

• Become a BankVic member

• Be at least 18 years old

• Must have regular income

• Has no history of loan/credit default, bankruptcy, or insolvency

Eligible applicants can apply via BankVic's website, branches, or through its lending specialists over the phone.

Documents required may include the following:

• Passport or driver's licence

• Proof of income (recent payslips)

Approval is subject to BankVic's credit assessment.

We recommend contacting the bank's customer service for more information on its personal loan rates and other requirements.