Established in 1884, the Bank of Queensland has a rich history of providing banking services to the people of Australia. The bank has over 180 branches in Australia and also offer online banking services for its customers. Some of the loan products from BOQ include Bank of Queensland Personal Loan, car loans and home loans. You can also enjoy other services like credit cards, transaction accounts and a wide range of personal insurance products.
Local Owner–Managers runs the regional branches to ensure that their customers get personalized services and boost long-term customer relationships. The Australian prudent Regulation Authority regulates the bank as an authorized deposit-taking Institution.
Personal Loans
Personal loans are a short term repayment period loans where borrowers are mostly given a minimum of one year and a maximum of three years to repay the borrowed amount plus interest. You can take a personal loan to finance personal projects such as buying a house or a car depending on the loan amount you qualify for. Bank of Queensland personal loans are unsecured, meaning you don’t need security to apply for the loans.
Customers at Bank of Queensland can borrow a minimum of AUD 3,000 and a maximum of AUD 40, 000. The minimum repayment period is one year, and the maximum is seven years. The advantage of borrowing from Bank of Queensland is that borrowers can repay their loan earlier without break costs or early repayment costs, plus they can select their most suitable repayment terms from weekly, fortnightly and monthly.
The process of applying for a Bank of Queensland Personal Loan is simple as customers are only required an online loan application form on the bank’s website. The bank will then check their creditability using the provided details and the borrower’s credit score before approving the application.
Bank of Queensland Personal Loan Requirements
For a customer to qualify for Bank of Queensland Personal Loan, they must be 18 years and above, must not be bankrupt and must be an Australian Citizen or a permanent resident. Another requirement when you apply for loan is that the amount applied for must exceed AUD 3,000 and the borrower must have a regular, permanent income. The required documents to apply for loan are proof of identity, employment details and financial details like income, assets, liabilities and expenses.
Bank of Queensland Personal Loan Interest Rates
Borrowers at BOQ can enjoy two types of personal loans. One type is a fixed interest loan where the borrower repays the loan at a fixed rate of 10.99% per annum. The other loan terms are the variable interest terms where the loan rates are determined by factors such as the loan amount, the repayment period and the borrower’s circumstances.
For example, if a customer borrows a Bank of Queensland Personal Loan of AUD 10000 to repay in monthly repayment for four years on variable interest terms. Their monthly installments of interest and principal will be AUD 236 and the total interest paid at the final repayment will be AUD 1,328. All this translates to full repayment of 11,328. Customers should ensure that they repay their monthly installments on time to avoid extra charges.