About Commonwealth Bank personal loans
The Commonwealth Bank of Australia is one of Australia’s ‘Big Four’ banks and has been providing banking services for more than 100 years. It has a range of products available to its customers, including home loans, savings and transactions accounts, credit cards and insurance products. It also offers wealth planning and superannuation advice.
CBA also offers personal loans, car loans and personal overdrafts for emergency circumstances in a variety of amounts and loan terms.
Features of a Commonwealth Bank personal loan
The CBA offers both fixed rate and flexible rate personal loans, in addition to secured car loans. Borrowers can receive finance of up to $50,000, subject to approval. Borrowers also have the flexibility to choose their repayment frequency to suit their personal circumstances. The loans can be repaid over one to seven years.
Borrowers are charged a moderate upfront fee and a small ongoing fee. Other fees the borrower may be charged include late payment and other electronic banking-related fees.
To get an idea of your eligibility and how your repayments would look with a CBA loan, visit the Commonwealth Bank personal loan calculator.
What RateCity says
As one of Australia’s Big Four banks, the Commonwealth Bank’s personal loans prove popular products for borrowers who want to consolidate debt or take a loan for another worthwhile purpose, such as a home renovation or to buy a new car. With multiple branches and mobile applications, the loan is easy to manage and may appeal to borrowers who want a bit of extra support with their application process. The loans are also fairly flexible in terms of repayment terms and frequency. For example, the borrower can make their repayments weekly, fortnightly or monthly in line with their pay cycle.
While the interest rates offered by CBA are reasonable, they are far from the lowest on the market. The loan also has a couple of sets of fees – an upfront fee upon establishment and an ongoing fee for holding the personal loan. Late payment fees may also be charged, so the borrower should be sure to make sure they make their repayments on time.