How to Take Personal loan?

How to take personal loan : In present time due to various financial shortages, we need to take loan.

For example, home construction loan or car loan. Apart from this, nowadays people take personal loans or personal loans for various other needs.

In that case, our banks in Bangladesh provide such loans on easy terms. Generally, the amount of loan granted to people will depend on their annual income.

Means every month, the loan will be given based on the annual income of the concerned person by determining the ability to repay the loan.

But it is good to say here that the interest rate of personal loan is much higher as compared to other loans. Personal loans are taken by people for various purposes or needs like-

• Emergency treatment
• travel abroad
• home construction
• car purchase
• Expenses for marriage

Nowadays people take personal loans for the above needs. So let's know about personal loans in detail.

What is a Personal loan?

You can take any loan from any bank or financial institution through check or credit card for urgent needs or for any work. And that medium is called personal loan.

Personal loans will help you meet your current financial needs. And while taking a personal loan usually no security or collateral is required.

Anyone can take this personal loan. And can spend at will. But due to high interest rates of personal loans, loans are given without guarantor in most cases.

Generally, banks provide personal loans at 11% interest rate to 16% interest rate. So all the people should apply for the loan without worrying about the interest rate.

Where to Take a Personal loan?

You can avail personal loans from various government and private banks like-

• AB Bank.
• City Bank.
• BRAC Bank etc.

From all these banks, you can easily apply for personal loans. These types of personal loans provide loans at a minimum interest rate of 11%.

But the loan amount may not be equal for everyone. and sometimes conditional variables. Based on the annual income of a person, the loan can be taken from a minimum of 50 thousand to 2 lakh rupees.

These types of loans usually have a tenure of six months to five years. Banks provide personal loans to customers subject to various conditions and after checking the repayment capacity of the customer.

Herece, government employees can avail personal loans faster than others.

Businessmen or socio-employed persons must have an income of at least 30 thousand rupees to get a personal loan. On the other hand, in the case of employees, the minimum income should be 25 thousand taka.

What is the Interest Rate of Any Bank?

When you go to take a personal loan from any bank. Before that, of course any bank is charging interest at what percentage and how much money.

Check it out. Because the bank that has a low interest rate is usually willing to take a loan from the customer, who is not aware of the interest rate.

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Some state-owned or government-owned banks charge about 13% interest against lending, and among private banks such as-

• Asia Bank interest rate is 10% to 13%.
• Exim Bank interest rate is 13% to 16%.
• IFIC Bank interest rate is 13% to 16%.
• Interest rate of mutual trust bank is 10% to 13%.
• One Bank interest rate is 11% to 15%.
• Prime Bank interest rate is 10% to 13%.
• City Bank interest rate is 13%.
• BRAC Bank and Dhaka Bank interest rates are 11% to 14%.
• 13% from Dutch Bangla Bank.
• Eastern Bank interest rate is 10% to 11%.

So friends, which bank do you want to take a personal loan? It can take loans at fixed interest.

In What cases are Personal loans Available?

If you want to take a personal loan, select the sector. In that regard, banks provide personal loans in various categories.

So let's know in what cases a personal loan can be taken. They are-

• wedding expenses
• Product purchase at any price
• home repair
• Business capital
• Credit card debt etc

What Qualifications are Needed to get a Personal loan?

If you want to take a personal loan from Bangladesh, the customer must have the following qualifications. For example-

Age of Loan Applicant – If you want to take personal loan. In that case your age should be between minimum same year and maximum 60 years.

Loan Applicant Eligibility- The person applying for a personal loan from a particular bank must have income. No such person can take personal loan on monthly and yearly basis.

And if you want to take a personal loan, you will need all the necessary documents.

They are-

• Copy of National Identity Card
• Digital Birth Registration Certificate
• ID card of employees
• Bank statement up to 6 months
• Surety / Guarantor in Borrowing
• Passport size color photograph of the applicant
• There should be electricity bill, gas bill, water bill
• Salary account in case of employees
• Employment letter and pay slip
• If the applicant is the owner of the house. In that case house deed, and rent receipt in case of tenant
• Trade license if a businessman

So friends if you can collect the above documents. In that case, you can take a personal loan from a certain bank.

We have mentioned the names of public and private banks above for your convenience. Now you can take personal loan subject to banks' conditions.

So friends how to take personal loan. We have tried to inform you in detail about that.

You can take loan from any bank. What is the loan eligibility, loan age, personal loan service charge? Also on other matters.

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And especially how to take a personal loan. Share a social media to let your friends know about this. thank you