Which Bank is Best for Personal Loan?

We are going to discuss about the Personal Loans financial institutes or Banks in Bangladesh. We have already discussed about the Home loans and Car Loans in our country. But today our mission is discussing about personal loans.

It is typically the simplest option to obtain income for personal requirements. More importantly, you can utilize the money borrowed in almost any way you like. But borrowing money comes with a price tag: interest, processing fees, paperwork fees, and so forth. Making an informed selection requires comparing the best personal loan offers accessible. How to compare personal loan offers so you can get the best deal.

 

May be it is your right time to get Personal Loans for your personal purposes. Personal Loans can change your life and you can enjoy hassle free with family. But the main problem is that we need fast and hassle-free financial institute to get Personal Loans. This is why our main aim of this content is to show you the best way of taking Personal Loans.

What is Personal Loans?

A personal loan is an amount of money you can borrow from any banks, credit unions, or financial loan provider. It is a loan that can be used for a variety of purposes. But the money you borrow must be repaid over time. It is true that a personal loan is a type of unsecured loan. It helps you meet your current financial needs.

It can help you to meet unexpected expenses such as wedding, going out for a vacation or even for the purchase of consumer durables. But you must have some basic eligibility to get a personal loan in Bangladesh.

List of Top Personal Loans institutes in Bangladesh with Compares:

Let’s explore the best Personal loans in Bangladesh with comparative interest rates.  If you have a good job , then it has high probability to get approve for loans.

Principal Amount: BDT 500,000

Bank Name	Profit Rate	Monthly Installment	Loan Tenure
City Bank Personal Loan	10.5%	BDT 10,746.95	60 months
Brac Bank Personal Loan	10.5%	BDT 10,746.95	60 months
City Bank Manarah Personal Finance	10.5%	BDT 10,746.95	60 months
EBL Assure Loan	10.5%	BDT 10,746.95	60 months
Standard Chartered Bank Any Purpose Loan	9.9%	BDT 10,598.94	60 months
NRB Bank Personal Loan	11%	BDT 10,871.21	60 months
Prime Bank Any Purpose Loan	11%	BDT 10,871.21	60 months
Mutual Trust Bank Personal Loan	11%	BDT 10,871.21	60 months
UCB Advanced Against Salary Loan	11%	BDT 10,871.21	60 months
Trust Bank Salary Loan	11.5%	BDT 10,996.30	60 months
EBL Executive Loan	11.5%	BDT 10,996.30	60 months
Lanka Bangla Personal Loan	12%	BDT 11,122.22	60 months
One Bank Personal Loan	12%	BDT 11,122.22	60 months
Southeast Bank Personal Loan	13%	BDT 11,376.54	60 months
Midland Bank Personal Loan	13%	BDT 11,376.54	60 months
DBBL Jokhon Tokhon	13%	BDT 11,376.54	60 months
AB Bank Personal Loan	13.5%	BDT 11,504.92	60 months
Farmers Bank Any Purpose Loan	14%	BDT 11,634.13	60 months
Social Islami Bank Consumer Investment	14.5%	BDT 11,764.14	60 months
Shahjalal Islami Bank Household Durables Investment Scheme	15%	BDT 11,894.97	60 months

 

How to Select the Most Appropriate Personal Loan?

Find out what features you may use to compare personal loan offers. Among the available personal loan offers, the following main features might help you choose the best.

1. Low Interest Rate:

The interest rate influences how much you must pay in addition to the loan principal. The finest personal loan deals usually feature the lowest interest rates, making borrowing money cheaper.

2. Reduced Balance Interest Calculation:

Personal loans have two methods of calculating interest: flat balance and declining balance If both flat rate and lowering rate offers have the same interest rate, the reducing balance method of interest computation is usually less expensive. The greatest personal loan offers often use the lowering balance strategy.

3. Processing Fees Are Low:

Processing costs are normally based on the loan amount disbursed, thus the lower the better. The best personal loan offers include low (or no) processing fees, including any administrative or paperwork fees.

4. Low Partial Prepayment :

Perfect personal loan offers allow partial or full pre-payment of the loan amount with minimal fees. Lesser (ideally nil) partial prepayment/foreclosure charges mean more money left in your pocket when you prepay your loan in full or partially.

5. Simple Documentation and Quick Payments:

Borrowers prefer personal loans for its ease of application and speedy disbursement. The fastest disbursal time and easiest documentation will save you time.

6. Tenure of Flexible Repayment:

Individuals can choose between 12 and 60 months to repay their personal loans. Paying EMIs at your own pace reduces the monthly cost. Bullet payments are an option for applicants with seasonal cash flows in specific situations.

To get the best personal loan, you might have to compromise. When choosing amongst personal loan offers, make sure that your chosen loan offer meets a majority of the aforementioned requirements.

Required Documents for a Personal Loan in Bangladesh

The following is a list of documents that are typically necessary to obtain a personal loan from Bangladesh’s leading banks and Non-banking Financial Organizations (NBFCs):-

Required Documents	Description
Proof of Identity	National ID Card/ Passport/ Driving license
Proof of Address	Latest Utility Bill (GAS, Water, Electricity or Telephone)
Documents for  Salaried Person	Letter of Introduction (LOI)/ Salary Certificate/ Pay Slip, Last 6 month’s Bank Statement
Documents for Self-Employed/Professionals	Last 6 month’s Bank Statement Latest Professional Qualification/ Membership Certificate for Self-professional Self-income declaration on professional Pad, Letter head
Documents for  Businessman	Last 1-year Bank Statement Updated Trade License Registered Partnership Deed for Partnership concern MOA & Certificate of Incorporation for limited company Schedule – X, XII and Board resolution for limited company (if Applicable) Company TIN, BIN, VAT certificate and Business card of company (if applicable) etc.
Documents for Landlord/ Land lady	Last 6 month’s Bank Statement with rental reflection Ownership Document of Rented Property Rental Deed Mutation copy (if applicable)
Common Documents for all Segments	Passport Size color Photographs, Visiting Card/Business card/Office ID copy of both loan applicant and guarantor, Latest E-TIN of customer, Latest Utility bill copy

 What is Personal Loan?

Personal Loan is a loan that provides from commercial bank or financial institute in Bangladesh. The loan amount is not so big. It is from BDT 50,000 – 5,00,000. It is a loan that depends on the specific person activity and source of income. It does not required any security like other loan.

 

What is the personal loan product called?

Personal Loan, a consumer loan is a multi-purpose loan which meets our immediate needs. Basically, personal loan provided mainly based on profession, income source, employment history, payment capacity and credit history.

What are the conditions for personal loan?

Mainly, salaried employees and salaried doctors can take a personal loan. Normal people also take this loan but he/she needs to fulfill some requirements which are given by public and private limited companies and they are – 1. Minimum age of 21 years, 2. Maximum age of 60 years at the time of maturity and 3. Minimum net monthly income BDT 15,000.

Is personal loan a term loan?

You can say that. Because personal loans, business loans etc. loans are unsecured. On the other side, home loans means as secured term loans against fixed property.

Types of Personal Loans:

On the basis of end usage, the following are the major categories of personal loans:

1. Loan for a Wedding.
2. Home Renovation Loan.
3. Medical Loan or Loan for Medical Treatment.
4. Travel Loan.
5. Consumer Durable Loan: (Also known as a shopping loan).
6. Instant Personal Loan.
7. Personal Loan Top Up.

 

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