How to apply National Australia Bank business loan

Last Updated on May 11, 2022 by admin

Are you searching for Australia’s largest business lender that will assist you in starting, growing and succeeding in your business and you don’t know the kind of loan you can apply for? National Australia Bank has unveiled different type of business loans to suit your needs .

The range of loans for National Australia Bank small businesses enable you Manage your cash flow, purchase stock and grow your business. They include the following: NAB QuickBiz Loan,NAB Business Options Loan,NAB Business Markets Loan, NAB Business Recovery Loans and Business vehicle and equipment finance.

In this post we shall take a look at different type of National Australia Bank business loan, requirements and Benefits

1. NAB QuickBiz unsecured business loan

This is regarded as an unsecured business loan because it doesn’t require any collateral during your credit application process but you must show the strength of your cash flow as security, instead of physical assets. You can get up to $250,000 if you are NAB existing business customer, while new to NAB can get up to $100,00

The Term facility ranges from 1-3 years tenor with Fixed interest rate of 10.95 % p.a


Requirements to apply for NAB QuickBiz unsecured business loan

To qualify for NAB QuickBiz loan you need to meet the following Eligibility:

1. You must be at least 18+ and a permanent Australian resident
2.our business is registered for GST, turnover of at least $75,000 per year and operated under your current registered ABN/ACN for more than 12 months.
3.You must be a sole trader, a partnership with up to two partners, a company with up to five directors or a trustee of an eligible trust


2. NAB Business Options Loan

The NAB Business Options Loan is a medium to long term business loan that’s ideal for growing your business. It is suitable for SMEs, including sole traders, partnerships, trusts and registered companies. The loan tenor is up to 30 years to help you purchase an existing business, fund expansion

You can borrow up to $1,000,000 to expand your business so long as it’s registered in Australia.You will need an active ABN or ACN, business bank account number (if you’re an existing NAB customer).


3. NAB Business Markets Loan

You can borrow up to $250,000 via NAB Business Markets Loan and the Loan terms range from from 30 days up to 15 years. the borrower can choose between floating interest rate or fixed interest rate… You can apply over the phone or in person with your local NAB business banker.


4. NAB Business Recovery Loans

NAB Business Recovery Loans have been designed to help small and medium sized enterprises (SMEs) that have been hit hard by the economic impacts of coronavirus (COVID-19). The loan forms part of the Australian Government’s SME Recovery Loan Scheme (‘Scheme’).

With SME Recovery Scheme Loan you can get up to $5 million to help Australian businesses recover.You could either apply for secured business loan up to $5 million, with security options including a mortgage over commercial real estate or unsecured business loan up to $250,000

The loan tenure is up to 10 years with no repayments required for 12 months and there is no application or loan service fees. Note: approved borrowers can access up to $5 million per ABN

NAB Business Recovery Loans must only be used for business purposes, such as:

.working capital
.capital expenditure
.supporting business acquisition (when structured in a way that meets SME Recovery Loan rules)
.purchasing owner-occupied commercial property
.refinancing eligible business debt (restrictions apply


What to consider before applying for a loan

Business loans can allow you to manage your cash flow, purchase stock or inventory and grow your business. Understanding the following will assist you when apply for a loan

. Loan purpose and amount: You should know how much you need to borrow and how much you will be able to repay.

. loan fees and interest rates: try and find out for the loan fees and interest rates before
. loan repayments: Repayments are important to calculate before taking on a loan
. Credit score: your credit check is part of the loan application


How to apply National Australia Bank business loan

To apply for NAB business loan of your choice kindly apply online or visit any nearest National Australia Bank and speak with bank rep or loan officer