BankVic Personal Loans

BankVic is a customer-owned mutual bank that has served police officers, emergency responders, healthcare workers and their family and friends since 1974.

There are six branches for BankVic customers to visit and all of them are located within Victoria, Australia.

BankVic offers its members financial products such as personal loans, bank accounts, savings accounts, term deposits, home loans, credit cards, insurance and wealth management.

BankVic personal loan repayment calculator

Thinking about taking out a personal loan with BankVic? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how BankVic personal loan compare with various products.

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BankVic Personal Loans

Features of a BankVic personal loan

The BankVic personal loans range includes a limited number of options for members. Loan types included secured and unsecured loans, with variable interest rates.

Loan amounts go up to $60,000 and are suited for expenses such as home renovations, purchasing a boat or personal items such as a computer.

Personal loan interest rates from BankVic range from moderate to high depending on the type of loan.

Members who take out a personal loan with BankVic can expect a below-average upfront fee and no monthly ongoing fees.

BankVic does not offer its members a redraw facility on personal loans.

BankVic personal loans - customer service

With only six branches to visit within Victoria, customers who live elsewhere in Australia and want to borrow from BankVic will need to use BankVic’s online banking services, or call BankVic’s customer care line by phone.

Who is eligible for a BankVic personal loan?

To be eligible for a BankVic personal loan, members should meet the following criteria:

  • Be a member of BankVic
  • Be over 18
  • Pass the bank’s credit assessment

How to apply for a BankVic personal loan?

The following methods of personal loan applications are available from BankVic:

  • Online application
  • Phone application
  • In person at a branch (Victoria only)

BankVic personal loans review

There is a limited number of personal loan options available from BankVic. Only those working within the police force, emergency services or healthcare (or their families and friends) have access to a BankVic personal loan.

Low interest rates are not available for those who borrow from BankVic. This could be an issue for borrowers who want to minimise the risk of additional debt.

There is also a low upfront fee payable, but no monthly ongoing fees. Some borrowers might see value in these potential savings.

No redraw facility is available with BankVic personal loans. This could be a deterrent for those who would like the option of borrowing back some of the money they’ve already paid off the loan balance.

Use RateCity’s personal loans comparison tool to find the best personal loan interest rates available for your needs.

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