Life is full of uncertainties. We can't always anticipate what is coming ahead. Sometimes, destiny puts us in situations - whether good or bad - when we face instant need of money. Sometimes our instant financial need overflows our budget or bank balance. Then we have no other choice left but to borrow money. Many of us feel ashamed of borrowing money from friends and relatives due to self-respect issues. Now what's the way out?
Nowadays, many banks and financial organizations in
You can take personal loan to meet any 'legitimate' personal financial need, like medical treatment, education, tourism, marriage, home renovation, interior designing, purchasing consumer goods, purchasing different tools and equipment for office set up, etc.
In this article, we are gonna introduce you with some renowned scheduled banks and financial organizations who are currently offering worthwhile Personal Loan Deals in
How to Choose the Best Personal Deals in
In this section, we have focused on some vital parameters to find which bank is providing the best personal loan deal for you.
Rate of Interest
Interest rates are basically two types: fixed and floating. From our survey, it revealed that the banks mostly set floating interest rates on their loan products.
Personal Loans in
The above info-graph shows the initial rate of interest for 'Personal Loan' for different banks in
Loan Ceiling
If you need a good deal of money for medical treatment or marriage or any other legitimate purpose, it is wise to check out which banks are offering the highest loan ceiling.
Personal Loans in
On average, most of the banks in
Loan Amount at Salary Multiplications
Some banks are offering 'Advanced Loan against Salary'. This kind of loan product is especially designed for salaried executives who draw salary through any government approved bank in
Personal Loans in
The above graph reveals the trend of advanced loan against salary multiples offered by several reputed banks in
Lowest Amount of Loan
For sudden financial requirement you may need to borrow a small range loan. The scheduled Banks in
Personal Loans in
Our research shows that most of the scheduled banks in
Loan Repayment Tenure
Though loan tenure depends on the policy of respective bank, the tenure can be cut short depending on the borrower's age. For instant, if banks set maximum age limit 60 years on loan-maturity. Then, a 59 year old person can get Personal Loan; but s/he gets only one year for repaying the total loan amount.
Personal Loans in
Starting from a minimum six months, an individual borrower usually avails 5 years period to repay his/her loan including interest. However, a few banks like
How Banks Choose Potential Borrower for Personal Loan
The scheduled banks in
Debt
While evaluating any loan application, the banks evaluate the client's income-expenditure profile and calculate the Debt
The maximum allowed range of DBR varies depending on monthly earning. For instance, banks may allow up to 60% DBR when you earn two lacs BDT per month. The same banks may not approve your loan loans when the DBR crosses 40%, if your monthly earning falls below
Our research shows that the renowned scheduled banks choose prospective clients with lesser DBR profiles. It seems that the possibility of loan approval increases while the DBR value decreases. While approving 'personal loan' the scheduled banks tend to keep the DBR range within 40 to 60 percentages, in general.
Age Limit
If you are a salaried executive you can't get a loan after taking retirement from your office according to Government policy. In
Personal Loans in
The above graph depicts the age range for personal loan approval by the government approved banks in
Monthly Earning
Banks are highly interested to offer 'personal loan' to salaried executives, professionals, business owners, landlords, self-employed and government employees who make handsome amounts per month on a regular basis. However, the minimum earning requirement for loan approval may vary depending on the prospective borrower's occupation type. For instance, earning requirement is a bit flexible for government professionals.
Personal Loans in
The above graph represents the trend of minimum required monthly earning for salaried executives working in private sector organizations. A good number of banks are ready to offer 'Personal Loan' for minimum monthly earning of
Work Experience
The required length of work experience varies for government employees, private salaried executives, self-employed professionals, businessmen and landlords. Usually, the scheduled banks have flexible earning requirement for the renowned businessmen, Government officials, successful professional, etc.
Personal Loans in
The above info graph reveals the length of required work experience for salaried executives working in private sector. Mostly the scheduled banks are comfortable to provide loans to permanent executives working in well-known organizations. A significant number of banks want 2 to 3 years of continuous work experience with at least one year working history with the current employer.
Bottom Line
Opportunity of getting Advanced Loan against Salary is a windfall for many salaried executives in the moment of crisis. People from other profession can avail this opportunity taking 'Personal Loan' or 'Any Purpose Loan'. Some banks are providing 'Special Loan' to professionals working under some specific sectors. Therefore, it behooves upon you to find an appropriate Loan Scheme that complies with your specific legitimate financial need.
Our research also shows that a good number of banks are offering as high as 20 lacs BDT as 'Personal Loan'. However, under the scheme of Advanced Loan against Salary, the banks decide the loan ceiling counting monthly salary multiplications of the salaried executives. On average, the scheduled banks sanction 10 to 20 times of monthly salary as loan amount.
And, most of the banks provide
Minimum required monthly earning ranges from 15 to
In this article, we have analyzed 'Personal Loan' schemes offered by different scheduled banks and financial organizations in
© Pakistan Press International, source