Finty
IMB Bank

IMB Bank Fully Drawn Commercial Loan

Term loan

IMB’s Fully Drawn Commercial Loans are designed with flexibility to help you achieve your business goals, whether it’s to establish your business or grow your investments. IMB’s commercial loan options include fixed or variable interest rates or a combination of both.

Written byDavid Boyd

6.94%

interest rate a year, from

Establishment fee
Not published
Monthly fee
$30
Borrow
$20,000 to $5,000,000

Loan details

Rates

Interest rate (a year)
6.94%–7.79%
Rate type
Fixed or Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$20,000 to $5,000,000
Loan term
1 year to 5 years
Establishment fee
Not published
Monthly fee
$30

How it compares

Against the other business loans we compare. Typical means the middle half of them.

Cost of $20,000 over 5 years

$5,527

Interest and fees at its starting rate. Typical is $4,473.

Monthly fee

$30

A typical monthly fee is $25.

Most you can borrow

$5,000,000

Typically you can borrow up to $5,000,000.

Longest term

5 years

3 years is the usual longest term.

Pros and cons

Pros

  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 6.94% to 7.79%, and only some people get the starting rate.
  • A $30 monthly fee. That adds $1,800 over 5 years, as well as the interest.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.