NRMA Personal Loan Review

Learn the key points about NRMA personal loans and compare a range of finance offers right here with Savvy.

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, updated on October 4th, 2023       

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While NRMA is perhaps best known for offering roadside assistance and insurance in states across Australia, they also offer personal and car loan products.

Before applying for your personal loan, however, it’s important to know whether your chosen product is right for you. Fortunately, Savvy makes it easy to compare personal loan offers.

By breaking down offers for you, you can see at a glance exactly what different lenders can offer you, which can help you save time and gain greater value from your finance deal overall.

*Please note that Savvy does not represent NRMA for their personal loan product.


The features and benefits of NRMA personal loans

Rates starting at 6.24% p.a.

You can lock in a loan interest rate as low as 6.24% p.a. (6.94% p.a. comparison rate) for your unsecured personal finance deal, offering a competitive price for a loan.

Take up to seven years to repay your loan

With loan terms available from one to seven years in length, you can choose what period over which to repay your loan and make each instalment comfortable for you.

No ongoing fees

Fortunately, you won’t have to worry about any added costs on top of your monthly interest to pay per instalment, as NRMA doesn’t charge any ongoing monthly fees.

Fixed interest

You can lock in your affordable interest rate from the beginning of your loan term, ensuring that your budgeting can be more consistent and accurate across your repayment period.

Tailored repayment schedule

On top of choosing the length of your loan term, you can also decide on either fortnightly or monthly repayments to keep with your personal preferences.

Borrow upwards of $5,000

With amounts starting at $5,000, you can use your personal loan for purposes large or small to help you bring your financial goals within your reach when they otherwise may not be.

The pros and cons of NRMA personal loans


Fast, online funding

You can be approved and fully funded the day after you apply, which can be done 100% online or on the phone from the comfort of your home.

Same-day pre-approval

Once you submit your application, you can be pre-approved on the same day so you can have a clearer idea of what you’re able to borrow and negotiate on price more effectively (if you’re purchasing an asset).

Available to couples

You can either submit a single or joint personal loan application, making it useful for couples who wish to share the burden, such as when shared debts are being covered.


Charge for early repayment applicable

Although additional repayments are permitted on these loans, you’ll have to pay a fee for early repayments in some cases, which could negate the benefit of doing so in the first place.

Unavailable to inexperienced borrowers

If you don’t have a history of being able to repay loans in the years prior to your application or have much in the way of savings, you won’t be able to be approved.

Establishment fee charged

As part of your loan agreement, you’ll be required to pay an application or establishment fee, which you may be required to do upfront or have it built into your repayments.

More about NRMA personal loans

How do I apply for a personal loan with NRMA?

Your personal loan application with NRMA isn’t substantially different from what you might see with any other lender. You can complete this online from start to finish, making it a relatively fast and convenient process to undertake. However, you should enter this process with an understanding of how it all works, which will help you avoid any unwanted surprises or delays. You should also use Savvy’s personal loan repayment calculator for an NRMA loan (or any other) to give you an idea of what rough loan size works best for you.

Gather your documents

Before you start your personal loan, you should gather all the required documentation so you don’t cause any unnecessary hiccups during the process by having an incomplete or incorrect set of documents. This will pertain primarily to things such as income and identity documents, but you can always call your lender if you’re unsure about what you need.

Submit your application

You can find the NRMA loan application form on their website, which should only take you five to ten minutes to fill out. This lets them know what your personal financial situation is looking like at the moment and gives them the information they need to decide on whether your application should be accepted.

Receive an outcome and sign your contract

You’ll be informed soon after by your lender confirming whether the application was successful. If you’re approved for financing, you’ll be sent a loan contract to sign electronically and return to NRMA. This confirms the details and conditions of your agreement, setting them in stone across your term.

Receive your funds

Once this has been sent back and received by your lender, you can have the funds advanced directly into your account for whatever use you need them for.

Who’s eligible to take out an NRMA personal loan?

It’s always important to review all lenders’ eligibility criteria before you move forward with your loan application. This is because you’ll have to know whether you can actually qualify for your personal loan, given that a black mark could go against your credit report for a very avoidable reason. The key factors you’ll be required to meet with NRMA include:

  • You must be over 18 years old at the time of applying
  • You must be a citizen or permanent resident of Australia
  • You must be employed in a stable position
  • You must be earning a regular, consistent income

Common personal loan questions answered

Why should I compare loans with Savvy?

Comparing personal loans with Savvy is important because it can be the difference between spending or saving hundreds of dollars, locking in a cheap personal loan or not. By taking the time to familiarise yourself with the options available on the market, you can choose with greater confidence and find offers with better interest rates, lower or no fees, wider borrowing ranges and terms and any other features which are important to you. Before you dive into the application process, you should always compare to find the best personal loans for you.

What can I use my personal loan for?

Just about anything you like – personal loans are flexible by design, enabling you to use them for just about any purpose you wish. Whether you’re looking for extra funding for your wedding, helping you purchase cruise tickets or even something as obscure as purchasing a horse float, a personal loan can help you reach your goals.

How can I reduce my personal loan interest rate?

There are many things you can do to increase your chances of securing a low interest rate on your personal loan. By exhibiting positive credit behaviour in the lead-up to your application, you can maximise your chances of being approved for a low rate. This may be anything from continuing to pay off your other loan debts on time to reducing your credit card limits. Also, showing your lender you can comfortably afford your repayments will give you the best chance of locking in a low interest rate, as you’ll be considered a safer borrower. Work out what your repayments may be using Savvy’s personal loan calculator for NRMA or anyone else on the market.

Can I take out an NRMA personal loan with a low income?

Yes – provided you meet all the other eligibility requirements for NRMA, you can be approved as a low income-earner. As mentioned, you’ll need to show that you’re capable of supporting your loan repayments, so low income-earners will generally be approved for lower amounts than other borrowers with higher salaries.

Do I have to be an NRMA member to take out a personal loan?

No – being a member of NRMA isn’t a requirement when applying for a personal loan. You can apply for a personal loan with them regardless of your history with the organisation in any other capacity. However, as mentioned, it’s important to compare before you apply.

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