Apply for your payday loan
How much cash?

How long for?
Your Loan Summary
Repayment by:
In your account by:8:11PM
Total to repay:
Apply Now
The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%
*Warning: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different rate.
Viva Payday Loans > NAB Personal Loans

NAB Personal Loans

About NAB Personal Loans

NAB, or National Australia Bank, is a financial service provider in Australia offering a number of credit products, including personal loans, and banking services to its individual, business, and corporate customers. As far as credit products are concerned, the bank provides credit cards, personal loans, and home loans to its individual customers. Personal loans are available between $5,000-$55,000 for a loan term between 1-7 years. 

Key Features

Personal loans being provided by NAB share the following key features:

  1. The loan amount can fall between $5,000-$55,000. 
  2. The bank allows a loan term between 1-7 years. 
  3. Customers are also allowed to redraw their loans, provided it is a variable rate loan. 
  4. Funds may be available on the same day if approval is given in-store before 2 PM.
  5. Interest rates are set according to each customer’s individual circumstances. 
  6. Repayments can be made on a weekly, fortnightly, or monthly basis, depending upon the customer’s preference (usually based on the pay cycle)

How Much Does A NAB Personal Loan Cost?

The bank offers either a variable rate or a fixed rate on its personal loans. 

The applicable interest rate, as quoted by the bank, currently stands at 12.69% and 13.56% for its headline rate and comparison rate, respectively, both on a per annum basis. However, these rates can vary between 10.69%-18.69% for the headline rate and 11.58%-19.53% for the comparison rate, depending upon the borrower’s individual circumstances. 

If the loan is a variable-rate loan, then the rate may change over the loan term. A fixed-rate loan will carry the same interest rate as agreed at the time of origination throughout the loan term.  

Other fees applied on a personal loan include an application fee of $150 and a monthly fee of $10. The bank does not charge any exit fees on its personal loans. 

The interest rate that is actually applied to a personal loan is correlated with the borrower’s creditworthiness and other information provided in the application form.  

The following table outlines the total costs that borrowers can expect to pay on a NAB personal loan. 

Loan TypeLoan AmountLoan TermRepayment Period
Personal Loan$5,00036 Months$6,048
Personal Loan$10,00036 Months$12,060
Personal Loan$30,00084 Months$45,444
Personal Loan$55,00084 Months$83,244

These costs are for reference purposes only and may not reflect the total costs actually paid by the borrower on the loan. 

Pros and Cons

The following pros pertain to the personal loans being offered by NAB:

  1. Applicants can choose to apply online, over the phone, or in person. 
  2. Loan amounts of up to $55,000 are available at low-interest rates. 
  3. Loan terms of up to 7 years are allowed. 
  4. The interest rate applied to the loan amount is lower for those with a good credit score. 

Taking out a NAB personal loan has the following cons:

  1. Those with a poor credit score may not qualify, and those who do are charged a high-interest rate. 


How much can I borrow through a NAB personal loan?

NAB allows you to borrow as little as $5,000 to as much as $55,000 in its personal loan. However, borrowing limits are set based upon the borrower’s income and affordability assessment. Hence, some borrowers may not qualify for a loan amount they need due to low income. 

Does NAB accept applicants with a bad credit score?

NAB may accept candidates with a bad credit score, as each application is evaluated on its own merit. However, they would be charged a higher rate compared to those who have a better credit score, as interest rates applied on the loan amount are inversely proportional to the borrower’s credit score. 

Can I redraw on a NAB Personal Loan?

Yes, but only if you sign-up for a personal loan that has a variable rate. Fixed-rate personal loans do not allow a redrawing facility. 

How quickly can I receive the loan funds on a NAB Personal Loan?

Funds may be transferred on the same day as the provision of loan approval, or it may take up to two working days. 

Eligibility Criteria

To apply for a NAB Personal Loan, applicants need to fulfill the following eligibility criteria. Applicants must:

  1. Be over the age of 18
  2. Be filing the application for their own self. In case applicants wish to file an application jointly with another individual, they may do so at the nearest NAB branch or over the phone by dialing 13 13 12. 
  3. Hold the citizenship of either New Zealand or Australia, or permanent residency status in Australia, or have a temporary residency visa in Australia. 
  4. Have a regular income. 

Customer Support

Customers can reach out to a NAB representative over the phone at 13 22 65 for any queries/concerns. Enquiries may also be made online by filling out a feedback form at their website. Customers may also send an email at [email protected], or visit the nearest NAB branch. 

Application Process

Before applying for a NAB personal loan, applicants must collect the following information to ensure a seamless application process. 

  1. Existing customers should have their NAB ID. 
  2. Personal details including the number of their driver’s license. 
  3. Details about their employment over the past three years. 
  4. Pre- and post-tax income, and the frequency of income receipts. 
  5. Details about monthly expenses including major expenditures such as rent or insurance. 
  6. Details about assets such as homes and cars
  7. Details about any outstanding loan obligations, including debt owed on credit cards, personal loans, etc. 

There are three ways you can apply for a NAB personal loan: online, over the phone, or in person. Those applying over the phone need to dial 13 13 12 from 8 AM – 7 PM on weekdays or 9 AM – 6 PM on weekends (AEST) to file an application. Applying in person requires the applicant to visit the nearest NAB branch. 

To apply online, follow the steps mentioned below. 

Step 1 – Submit the online application 

To submit an application online for a NAB personal loan, visit their website and click on the Apply Now button, as displayed in the image below. 

Follow the instructions on the next page and submit your application. 

Step 2 – Verification of information

The lender will verify the information you’ve provided as part of your online application form and may require you to provide further documentation if needed. 

Step 3 – Approval and disbursement of funds

If NAB approves your personal loan application, you will receive a notification and your funds will be processed within a couple of days, if not on the same day.