IMB Bank Personal Loan

IMB bank was established in 1880 and offers a variety of products. The bank offers lending services, savings, deposits, and financial planning. The bank also offers a wide range of travel and insurance products. The bank has over the years managed to open up many branches in Australia such as the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne branches. In this guide, we’ve got you covered with IMB bank personal loan.

Types of Personal Loans offered by IMB Bank

The bank offers two different types of personal loans as listed here.

Secured personal loans
These loans are offered between $ 2,000 and a maximum of $ 60,000. However, to acquire the loan, applicants have to secure it with either a new or used car. The bank requires that the car isn’t more than 6 years old. The loan is payable within 1-5 years.

Unsecured loans
The loan entails a minimal amount of $ 2,000 and a maximum of $ 30,000 payable within a period of 1-5 years.

How to Apply for an IMB Personal Loan

To apply for loan with IMB bank is easy as long as a customer has the proper verification documents. A client can either decide to walk into any of the branches, call, email, or a banker could come to them. The bank responds fast to emails and calls and has even designated some mobile bankers who meet clients who want to apply for a loan.

Eligibility for IMB Personal Loans

• Be over 18 years
• Be an Australian citizen or a permanent resident
• Have a good credit score
• Payslips
• Details about employment and income
• Driver’s license or passport
• Not be bankrupt

IMB Bank Personal Loan Rates

The bank charges a fixed fee of $ 250 as an application fee for all personal loans. However, depending on the loan amount and repayment period chosen it may end up paying different amounts. Here is an example of a secured personal loan indicating the repayment amounts.

If for example, a customer borrows a secured loan of $ 30,000 to repay in 5 years, the monthly payments are estimated at about $ 597.42. The total interest incurred at the end of the 5 years is about $ 8,000 implying that the customer should pay a total of $ 38, 000. However, this figure is exclusive of the $ 250 charged during application. Ideally, the bank charges different interest rates for secured and unsecured personal loans. The secured loans are repaid at an interest rate of 6.89 % per annum while the unsecured ones are repaid at an interest rate of 9.90 % per annum.

Uses of a Personal Loan

The personal loans offered by the bank are quite flexible on how borrowers can spend the money. Some of the ways include:
• Vacation
• Purchase of a car
• Home renovations
• Weddings
• Payment of debts

Conclusion

IMB bank offers personal loans with flexible repayment terms for its customers. Customers can use a personal loan to buy a car, repair the house, or even consolidation of debts. Secured loans are repaid at 6.89 % representative apr while the unsecured one has a 9.90 % interest rate.