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Bendigo Bank Personal Loan Review

Find out more about Bendigo Bank’s various personal loan offers and compare to see if they’re right for you with Savvy.

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, updated on May 28th, 2024       

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Bendigo Bank as we know it today was formed in 2007 through the merger of the original Bendigo Bank and Adelaide Bank and focuses on consumer products such as home loans, banking, insurance and superannuation.

They also offer personal loans, which is particularly relevant to consider if you’re in the market for one right now and are going through the process of comparing different offers available.

Fortunately, Savvy makes it simple to compare personal loans by breaking down offers from a range of lenders to ensure you know exactly what you’re signing up for and have greater peace of mind that you’re securing the best deal.

*Please note that Savvy does not represent Bendigo Bank for their personal loan products.

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The features and benefits of Bendigo Bank personal loans

Rates as low as 7.49% p.a.

Depending on the loan product you choose or qualify for, you can secure an interest rate as low as just 7.49% p.a. (8.52% p.a. comparison) and save on your deal.

Take between one and seven years to repay

It’s crucial that you’re able to take as much time as you need and are comfortable with paying off your loan, so you can tailor your repayment term to your needs.

Borrow from $2,000

Whether you need a larger loan for a more substantial purpose, such as consolidating debt, or a smaller one from just $2,000 for anything else, you can do so with Bendigo.

Unlimited additional payments

There aren’t any fees or restrictions on the number of times you can pay beyond the minimum required amount, albeit you’ll have to pay a small fee for early settlement.

Access a free online redraw facility

If you’ve made additional repayments on your loan and want to leave the door open to accessing them down the line, you’re free to do so with your account’s redraw facility.

Pay weekly, fortnightly or monthly

On top of being able to choose the repayment term which suits you the most, you can decide the frequency of your repayments in line with how often you receive your income.

The pros and cons of personal loans with Bendigo Bank

PROS

No security required

You won’t have to worry about putting up an asset like your car as collateral for your personal loan, as Bendigo offers a range of unsecured personal finance products.

Discounts for environmentally friendly purposes

If you want a personal loan to fund the purchase or installation of something which is considered environmentally friendly, you can receive a discount on your interest rate.

Specialised student offers

Students are also eligible to take out a loan with Bendigo, with a dedicated product designed specifically for them at a lower rate than the regular unsecured loan.

CONS

$20 early repayment fee charged

Although inexpensive in the grand scheme of personal loans, many lenders will allow you to pay off your loan entirely free of charge ahead of schedule, rather than charge you $20.

Various loan fees

On top of this, you’ll have to pay $5 each month on certain offers, which can add up to a significant amount over your loan term, as well as a $150 application charge.

Less competitive rates for standard unsecured

Although there are ways to receive discounts, you’ll receive a much higher minimum loan rate if you’re neither a student nor using it for green purposes.

More about Bendigo Bank personal loans

What personal loan products does Bendigo Bank offer?

Alongside secured personal loans for buying or refinancing a car, there are three different types of unsecured personal loan offered by Bendigo Bank. While they’re largely the same functionally, it’s important to understand the differences between them to see which one you can qualify for. There’s nothing worse than signing up for a personal loan only to find out you could’ve saved more overall via a cheaper rate or different fees. The personal loans to choose from are:

Unsecured Personal Loan

This is the most basic, standard loan product on offer. It comes with all the features and benefits discussed above but at the highest minimum interest rate of 12.79% p.a. (14.89% p.a. comparison). There aren’t really any restrictions on how you can use these funds, with the borrower being able to use them for just about any approved purpose.

Unsecured Green Personal Loan

Green loans represent the cheapest type of personal finance offered by Bendigo, as they serve as an incentive for borrowers to help the planet by making environmentally conscious purchases, ranging from solar panels to double glazing to energy-efficient installations and appliances such as air conditioning. These come at the minimum 7.49% p.a. interest rate (8.52% p.a.).

Unsecured Student Personal Loan

Finally, personal loans for students are designed to be affordable for those completing their studies at a higher education institution or completing their apprenticeship. Interest rates on this type of finance are offered from 9.99% p.a. (9.99% p.a. comparison) and, as the comparison rate suggests, come without any charges for ongoing or application fees.

What’s important above all else is to compare as many options as you can with Savvy before formally applying. Doing so will help give you a clearer understanding of the types of offers available on the market right now and let you know if Bendigo’s offers meet the mark. You can use our loan repayment calculator to help you work out what different loans might cost monthly and overall.

How do I apply for a personal loan with Bendigo Bank?

The application process with Bendigo is simple and 100% online. Follow these steps to complete your application:

  1. Make sure you’re eligible: before anything else, you’ll need to make sure you meet the eligibility criteria set out by Bendigo. This will change slightly depending on the loan you end up applying for, so you should always double-check this before applying.
  2. Fill out your application online: this should only take you ten to 20 minutes complete. This form is designed to tell your lender a bit about you as a borrower and the type of loan you’re looking for, as this will help them determine whether you can be approved.
  3. Supply your documentation: you’ll need access to a range of documents to help them verify the information included in your application. This ranges from ID (driver’s licence, passport or Medicare card) to income and employment details (payslips and bank statements) to further information on assets, liabilities and regular expenses.
  4. Get approved and receive your funds: once everything is submitted, Bendigo can assess your application and, if satisfied, will approve you and send a loan contract for you to sign. Once you do so and return it, your approved funds can be transferred into your account.

Common personal loan queries

Am I eligible to take out a loan with Bendigo Bank?

Bendigo Bank’s eligibility criteria cover the following:

  • You must be over 18 years of age
  • You must be an Australian citizen or permanent resident
  • You must be employed or otherwise receiving a stable, consistent income
  • You mustn’t be currently in financial hardship, including under bankruptcy
  • You must be using your loan funds for personal purposes
  • For Student Personal Loans, you must be enrolled at a tertiary education institution or currently completing an apprenticeship or traineeship
Does it matter where I live when applying for a personal loan?

No – regardless of whether you live in one of the capital cities like Adelaide, Brisbane, Hobart, Melbourne or Perth or live out in the country, you can get approved for a personal loan with Bendigo Bank. They also have branches across the country if you’re looking for in-person service.

How much will I be able to borrow?

Your individual borrowing power will be determined by a range of factors, such as your income, employment, credit history, expenses and outstanding loan debts. Fortunately, you can use our personal loan borrowing power calculator to crunch the numbers and give you a clearer idea of what you might be approved for.

Should I take out a secured personal loan instead?

If you have a valuable asset which is eligible to be used as collateral for your personal loan, such as your car, you may benefit from doing so. Secured loans come with lower interest rates and greater borrowing ranges (in the case of Bendigo Bank, this can stretch up to $100,000). However, if you fall behind on your repayments, your lender will use your asset to cover any funds lost on the loan. However, the security will need to be considered suitable by your lender and meet its own set of qualification points relating to age, condition and value.

Is it better to go with a bank or a private online lender?

While banks often provide the widest range of services on a comprehensive level, applying for a loan with an online lender is often the best way to secure a low-cost deal. This is because they lack the high overheads which stem from owning and operating branches, as well as lack the shareholders required to pass profits onto in many cases. Above all else, though, you should compare offers carefully to ensure you end up with the right lender.

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