Arab Bank Australia personal loan repayment calculator

Thinking about taking out a personal loan with Arab Bank Australia? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Arab Bank Australia personal loans compare with other options.

I'd like to borrow

$

Loan term

Credit Score ()

Your estimated repayment

at interest rate 11.30 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Extra repayments with no penalty
  • No late fees
  • Flexible repayment options
  • Interest rates may be high
  • Early exit fees may apply
  • Limited branch access

Arab Bank Australia personal loans rates

Advertised Rate

11.30

% p.a

Fixed

Comparison Rate*

12.32

% p.a

Fixed

Repayment

$657

based on $30,000 loan amount for 5 years at 11.30%

Upfront Fee

$200

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 12.32% would be $39,406*. Terms from - years

More details
Advertised Rate

12.90

% p.a

Variable

Comparison Rate*

13.90

% p.a

Variable

Repayment

$681

based on $30,000 loan amount for 5 years at 12.90%

Upfront Fee

$200

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 13.90% would be $40,863*. Terms from - years

More details
Advertised Rate

14.00

% p.a

Fixed

Comparison Rate*

14.99

% p.a

Fixed

Repayment

$698

based on $30,000 loan amount for 5 years at 14.00%

Upfront Fee

$200

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 14.99% would be $41,883*. Terms from - years

More details
Advertised Rate

15.60

% p.a

Variable

Comparison Rate*

16.57

% p.a

Variable

Repayment

$723

based on $30,000 loan amount for 5 years at 15.60%

Upfront Fee

$200

Features
Redraw facility
Extra repayments
Fully drawn advance
Secured
Go to site
Total Repayments icon

Total repayments for a 5-year, $30,000 loan at 16.57% would be $43,391*. Terms from - years

More details

Features of Arab Bank Australia personal loans

Loan types - secured or unsecured. A secured personal loan is where you use an asset (like a property or a car) as collateral. An unsecured personal loan is where there is no collateral, although your credit history and current financial situation will be considered.

Interest rates - variable and fixed

Loan amounts - from $5,000 to $50,000

Loan terms - one to five years

Repayment options - weekly, fortnightly or monthly. Repayment can be made via internet banking, and direct debit from an Arab Bank Australia account.

Fees - you may be charged an application fee, account-keeping fees and an early exit fee. Arab Bank doesn’t charge late fees.

Arab Bank Australia customer service

Arab Bank Australia offers customers several ways to get in contact, with the option for face-to-face customer service at its branches as well as phone and online services.

  • Phone
  • Email
  • Branch (only in Sydney and Melbourne)
  • Mobile banking staff
  • Mobile app
  • Online banking

Who is eligible for an Arab Bank Australia loan?

To apply you must:

  • Be 18 years or over
  • Be an Australian permanent resident or citizen
  • Have a reasonable credit history
  • Have proof of employment

How to apply for an Arab Bank Australia personal loan

You can either apply in person at a branch or online.

You will likely need the following documents and information:

  • Proof of address
  • Proof of ID (like a driver’s licence, passport or Medicare card)
  • Proof of income, assets and liabilities

Arab Bank Australia personal loans review

Arab Bank Australia offers a range of personal loan options, with the option to have a secured or unsecured loan with either a variable or fixed interest rate.

Arab Bank Australia’s interest rates are not the cheapest on the market, so you might find better value elsewhere.

Like other financial institutions in Australia, Arab Bank Australia tends to charge higher interest rates for unsecured loans compared to secured loans, while fixed-rate loans tend to be higher than variable-rate loans.

When it comes to its secured personal loans, Arab Bank Australia charges high interest rates, while its unsecured personal loans have moderately high to high interest rates.

The fees charged on personal loans by Arab Bank Australia vary, so it pays to carefully compare these before applying.

Arab Bank Australia does allow extra repayments without penalty, but only on its variable personal loans, not fixed. It does not offer a redraw facility.

Learn more about personal loans

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

Where can I get a personal loan?

The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:

There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.