What you must do to apply for a loan from CommBank

Applying for a loan can be a complicated process. There are multiple options and details that we have to pay attention to because this is a serious matter. In cases such as these, it is important to have all the information you need clearly presented. So that’s why we’re doing this quick guide to applying for a loan from CommBank.

Once you decide that a CommBank Loan is the best option for your situation, you need to establish how much you need to borrow. Their personal loans can vary from $4,000 to $55,000. But you can borrow from $10,000 with no maximum amount if you need the loan for a new car. After that, you need to choose your type of loan.

As mentioned, CommBank has a Secure Car Loan that has lower interest rates and a fixed interest rate. Under this loan, you can make up to $1,000 extra repayments a year with no extra costs. The other two types of loans are the Fixed Rate and the Variable Rate. While the first gives you the stability of the same interest rate throughout your loan, the second gives you flexibility and the chance to redraw funds.

Features of the loan from CommBank

Some general features apply to all CommBank Loans. You have access to their calculator, for example, to estimate how much you can borrow and understand your repayments. Since this will affect your life for the next few years, you must understand this process thoroughly.

For your convenience, you can choose the frequency of your repayments for all types of loans. Whether they are done weekly, fortnightly, or monthly will depend on your schedule and availability. And rest assured that the applying process is easy and practical.

Remember that you can apply for a loan online, from the comfort of your home. Just be sure to have some things on hand. To apply for a CommBank loan, you need to present proof of income, bank statements, and personal identification.

Besides, you will also need to show evidence of 12-month comprehensive car insurance, and a tax invoice of the new car when applying for a Secured Car Loan from CommBank. It is important to understand these guidelines and have these documents upfront to make the application process simpler. After all, the faster you get your loan approved, the faster you can start achieving your goals.