Bank loans are required for many business or personal purposes. Many people do not know How to get a bank loan . If you want a bank loan, you can’t get a bankLoan.
As the saying goes, a friend is in danger, and when you are in a financial crisis, the bank comes as a friend with bank loan facilities. Banks will help you do many things. However, the bank does not give a single hair in terms of interest.
However, the process of getting a loan from a bank is a bit complicated. So anyone can’t take a loan from the bank. Due to any mistake in the loan process, your loan application may get rejected. If you know how to get a bank loan, you can get a loan very quickly.
Are you thinking of taking a loan from the bank? And worried about the complicated process of the bank? So let’s know how to get a bank loan.
What is a bank loan & How to get a bank loan
Banks are ready to lend money to customers for a specific time, which is a bank loan. As a condition of the bankLoan, customers have to pay a certain amount of money and interest every month or every year.
Types and Types of Bank Loans:
Types of Bank Loans:
- Personal Loan: A loan to be used for any personal work purpose.
- Business Loans: Loans for any business.
- Home Loan: Loan for buying or building a house.
- Auto Loans: Loans for buying any car.
- Education Loan or Student Loan: Loan for studying.
- Expatriate Loans: Loans for moving out of the country.
- Agricultural Loans: Loans for any agricultural work.
Types of Bank Loans:
Long-Term Loans: Long-term loans are loans that are given for more than one year—for example, Personal loans, Education loans, Home loans, Business Loans, etc.
Short-Term Loans: Short-term loans are loans for less than one year—for example, agricultural loans, expatriate loans, etc.
The best bank in Bangladesh
There are many banks in Bangladesh, from which many types of facilities are available. Different banks offer different types of loans. There are different ways to get a bank loan 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
- Probashi Kallyan Bank
Which bank to take a loan from?
Almost all banks provide loans in our country. Although all banks offer loan facilities, you must choose which bank you will take the loan from. It is easier and more convenient to get a bank loan from the bank with the lowest interest rate.
All types of loan facilities of all banks may not be suitable. So, you must carefully select the bank according to your loan type. Banks from which you can take the loan.
1. Standard Chartered Bank Any Purpose Loan
Standard Chartered Bank will provide you with a loan through their Any Purpose Loan. If you take a loan of Rs 5 lakh for 5 years, you will have to pay the interest rate 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, you will have to pay the interest rate and monthly installments.
- Interest Rate: If employed, your interest rate is 10.5%. But if you are a businessman, your interest rate is 13%.
- Monthly Installment: 10,746.95 BDT
3. BRAC Bank Personal Loan
BRAC Bank provides personal loans at low-interest rates. This is one of the best loan facilities in Bangladesh. If you take a loan of Rs 5 lakh for 5 years, you will have to pay the interest rate and monthly installments.
- Interest Rate: The interest rate ranges from 10.5% to 12.75%.
- Monthly Installment: 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 provides an insurance facility. If you take a loan of Rs 5 lakh for 5 years, you will have to pay the interest rate and monthly installments.
- Interest Rate: 10.5%
- Monthly Installment: 10,746.95 BDT
5. Trust Bank Salary Loan
If you are employed, then you can apply for this loan. Trust Bank Salary Loan is one of the best salary loans in Bangladesh. If you take a loan of Rs 5 lakh for 5 years, you will have to pay the interest rate 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?
Knowing the credit score before applying: The customer’s credit score is looked at while taking a loan from most banks, determining their loan repayment amount.
Knowing clearly about the interest rate and loan tenure: Before taking a loan from any bank, one should know about the interest rate and loan tenure.
Should Know Processing Charges: Before taking a loan from any bank, one should know how much processing the bank will charge for the loan process.
Late Payment Charges: Before taking a loan from the bank, you should know the charges. Usually, the lake payment charges are 5% to 10%.
Pre-Payment Charges: Before taking a loan from the bank, one 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. While taking a loan from the 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 the loan
- How many years of experience in business or job?
- You plan to take the loan.
- Your credit history.
- Your 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 to getting a bankLoan is to prepare the documents. To get a bankLoan, you need to submit various documents like,
- Application forms should be duly filled 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.
- We are a driving license or passport.
- Bank statement.
All these documents have to be submitted to take the bankloan. But, if any other documents are required, the bank will inform you in advance.
Rules to Apply?
The 3rd step as a way to getting a bankloan is to apply. All you need to do to apply for a bankLoan is to first fill out the loan application form NF from the bank and explain the reason for taking the loan well. How much money did you need to give all the details in the form?
You need to check how to make installments and the interest rate. After submitting the form, the bank will call you for an interview, and there you will have to answer many questions about the reason for your loan, how much money you will take the loan, why you will take the loan, and many more questions.
Then your verification will be done by the bank. If you submit the correct documents, your verification will be complete, and you will get the loan amount in your account.
Bank loans can help you a lot in times of danger. You can do your work easily by taking a loan from the bank. Currently, getting a bankLoan from some banks is relatively easy.
If you take an unduly large loan and later default on it, legal action will be taken against you. Besides, getting a bankLoan from many banks is quite troublesome. Besides, there is the problem of high-interest rates.