Bendigo Bank Personal Loans

Secured personal loan

Bendigo doesn’t have a designated car loan product, but its secured personal loans are generally used by customers buying a car or refinancing an existing car loan. Interest rates are fixed, and while there are no fixed break costs there is a small early repayment fee.

Green secured personal loan

Bendigo customers buying a vehicle deemed environmentally friendly might be able to pay lower rates with the green secured personal loan. This has similar terms to the standard secured loan, with fixed rates, no break costs and low repayment fees, but a lower interest rate and comparison rate.

The green personal loan can be used for the purchase of the following vehicle types:

• Electric vehicles

• Plug-in hybrid electric vehicles

• Any vehicle that emits less than 110g of C02 per kilometre

Student personal loan

Discounts on Bendigo personal loans are also available for higher education students or apprentices. These rates are normally lower than the standard secured loan, although higher than the green personal loan. The student loan allows unlimited extra repayments, no application or ongoing fees, no break costs and a low early repayment fee.

Unsecured personal loan

Bendigo also offers a personal loan product that does not require a car or any other type of security. As with virtually all lenders, there’s a substantially higher interest rate on unsecured products, to compensate for the extra risk the lender takes.

Green unsecured personal loan

As with the range of secured personal loans, Bendigo also offer discounts on its unsecured personal loan if the loan is for a purpose deemed environmentally friendly. Typically, this means a household addition or feature that makes the house more energy efficient, or getting power from greener sources.

The following are some examples of appropriate purchases:

• Solar panels

• Solar hot water

• Double glazing

• Electric vehicle charging stations

Student unsecured personal loan

Finally, there’s also a discount for Bendigo’s unsecured personal loans for students. Similarly to the range of secured products, the unsecured student loans have rates lower than the standard unsecured loan, but higher than the green alternative.

Bendigo Bank personal loan review

Who can get a personal loan with Bendigo?

Before embarking on a personal loan application with Bendigo, the bank lists its eligibility criteria. In order to take home any of these personal loan products, applicants must demonstrate the following:

• They are over 18 years old

• They are an Australian citizen or permanent resident

• They are employed, or receiving regular income

• They are not currently bankrupt or in financial hardship

• They are not planning to use the loan for commercial purposes

As part of the application, applicants might need to provide the following:

• Medicare card, drivers license or valid passport

• Income, employment details

• Asset details (for example, if they own property or the vehicle they are financing)

• Commitments (living expenses and existing debts)

Bendigo personal loan terms

*Correct as of October 2023

All six of Bendigo’s personal loan products have the following conditions:

• Term length between 1-7 years

• Loan amount between $2,000 and $100,000

• Unlimited extra repayments

• Free redraw facility

Bendigo personal loan fees

*Correct as of October 2023