Bank loans are necessary for many business or personal purposes. Many people do not know how to borrow a bank loan. If you want a bank loan, you can’t actually get a bank loan. Ways to get a bank loan
As the saying goes, friends are in danger, and when the financial crisis hits, banks are friends and offer bank loan opportunities. . Banks help you in many ways. But banks don’t care when it comes to interest rates.
However, the process of getting a loan from a bank is a bit complicated. Therefore, no one can get a loan from a bank. Errors in the credit process may result in the rejection of your credit application. Getting a loan is easy if you know how to get a bank loan.
Are you considering getting a loan from a bank? Worried about complex banking processes? Please tell me how to get a bank loan.
Ways to get a bank loan
What is a bank loan?
A bank wants to lend money to a customer for a period of time. This is a bank loan. As a condition of a bank loan, the customer must pay a fixed amount and interest on a monthly or annual basis.
Types and Types of Bank Loans:
Banks offer different types of loans for different purposes. There are many types of loans
Types of Bank Loans:
Personal Loan: A loan to be used for any personal work purpose.
Business Loans: Loans for any type of business.
Home Loan: Loan for buying or building a house.
Auto Loans: Loans for buying any type of car.
Education Loan or Student Loan: Loan for studying.
Expatriate Loans: Loans for moving out of the country.
Agricultural Loans: Loans for any type of agricultural work.
Types of Bank Loans:
Long-Term Loans: Long Term Loans are loans that are provided for a period of one year or more. For example, personal loans, education loans, home loans, business loans, etc.
Short-Term Loans:
Short-term loans are loans granted for a period of less than one year. For example, agricultural loans, foreign loans, etc.
The best bank in Bangladesh
There are many banks in Bangladesh with different types of facilities available. Different banks offer different types of loans. There are different ways to get bank loans from different banks.
Some of the best banks in Bangladesh are:
HSBC Bank
Dutch Bangla Bank
Sonali Bank
Islamic Bank Bangladesh Limited
Grameen Bank
Janata Bank
BRAC Bank
Standard Chartered Bank
Prime Bank Limited
Bangladesh Bank
EBL Bank
First Security Bank
Al Arafah Bank
Asian Bank
City Bank
Which bank to take a loan from?
Almost all banks in our country offer loans. All kinds of banks offer credit options, but you need to decide which bank to borrow from. It is easier and more convenient to get a bank loan from a bank with the lowest interest rates.
Not all banks are suitable for all types of lines of credit. Therefore, you should choose your bank carefully according to the type of loan.
1. Standard Chartered Bank Any Purpose Loan
We will always provide credit. If you take a loan of Rs 5000 for 5 years, you have to pay interest and monthly installments.
Interest Rate: 9.9%
Monthly Installment: 10,598.94 BDT
2. Citibank Personal Loan
Citibank Personal Loan provides a loan facility to you at low interest. If you take a loan of Rs 5 lakh for 5 years, the interest rate and monthly installments you will have to pay.
Interest Rate: If employed, the interest rate is 10.5%.
However, for businessmen, the interest rate is 13%.
Monthly Installments: 10,746.95 BDT
3. BRAC Bank Personal Loan
BRAC Bank offers personal loans at low-interest rates. This is one of the best lending facilities in Bangladesh. If you take a loan of Rs 5000 for 5 years, you have to pay interest and monthly installments.
Interest Rates: Interest rates range from 10.5% to 12.75%.
Monthly Installments: 10,746.95.94 BDT
4. EBL SEO Loan
The best loan from EBL Bank is their All Purpose Loan or SEO Loan. This loan offers an insurance option. If you take a loan of Rs 5000 for 5 years, you have to pay interest and monthly installments.
Interest Rate: 10.5%
Monthly Installment: 10,746.95 BDT
5. Trust Bank Salary Loan
If you are employed, you can apply for this loan. Trust Bank Salary Loan is one of the best Salary Loans in Bangladesh. If you take out a loan of Rs 5000 for 5 years, you have to pay interest and monthly installments.
Interest Rate: 11.5%
Monthly Installment: 10,996.30 BDT
Therefore, depending on your loan type, you can take a loan from the bank that offers the lowest interest rate.
What should be taken care of before taking a loan from the bank?
Know your creditworthiness before you apply: Most banks check a customer’s creditworthiness when they apply for a loan, which determines the loan repayment amount.
Know your interest rate and loan term: Before you get a loan from your bank, you need to know your interest rate and loan term.
Processing charges should be noted:
Before taking a loan from any bank, you should know how much processing charge that bank will charge for the loan process.
Late Payment Charges:
Late payment charges should be known before taking a loan from the bank. Usually, the lake payment charges are 5% to 10%.
Pre Payment Charges:
Before taking a loan from a bank, you should know the pre-payment charges.
What are the conditions for getting a loan?
One of the ways to get a bank loan is to fulfill the conditions of the bank. When taking a loan from a bank, one should know the terms and conditions of the bank. You should check whether you can fulfill the conditions. If you can meet those conditions, apply for the loan.
Questions you need to answer to get a loan
Reason for taking a loan
How many years of experience in business or job?
You plan to take the loan.
Your credit history.
Personal information.
Your financial statement.
Cash flow statement.
Have you taken a loan from somewhere else before?
What documents are required to take a bank loan?
The 2nd step as a way to getting a bank loan is to prepare the documents. To get a bank loan you need to submit various documents like,
The application forms should be duly filled out and submitted with a signature.
You must provide your photograph.
Copy of National Identity Card.
Office ID copy.
Salary Certificate.
Copy of any bill.
Copy of Income Tax Return.
Checkbook page.
Driving license or passport.
Bank statement.
Basically, all these documents have to be submitted for taking a bank loan. But, if any other documents are required, the bank will inform you in advance.
Rules to apply?
The third step in a bank loan is the application. To apply for a bank loan, all you have to do is first fill out the Bank Loan Application Form NF and explain your reasons for taking the loan. How much money do you need to fill in all the information on the form? After submitting the form, the bank will call you for an interview. There you will have to answer many questions, such as why you are borrowing, how much you owe, and why you are taking out a loan.
Verification is then carried out by the bank. If you can submit the correct documents, your identity will be verified and your account will be credited with the loan amount.
Advantages and Disadvantages of Bank Loans
Taking a bank loan has advantages as well as disadvantages.
Convenience
Bank loans come in handy in times of danger. You can easily get the job done by getting a loan from the bank. It is now very easy to get a bank loan from some banks.
Difficulty
If you borrow unreasonably large amounts and later default, legal action will be taken. Moreover, the road to bank loans is very difficult for many banks. There is also the problem of high-interest rates.
Finally
The rules for getting loans from banks are rather strict. But if you apply properly, this bank loan will be your dangerous song. Ways to get a bank loan