|
||||||
Personal Loans in Bahrain Bucket List of Dreams Posted: May 27, 2020 @ 6:48 am |
I have a bucket list of dreams. How do I go about fulfilling them?We all have wishes – buying household appliances, getting the latest gadget for personal use, taking that dream vacation and for the more financially savvy – paying off higher interest rate debts (like credit card debt). So, how do we go about fulfilling them? Personal loans are the answer! What are personal loans?A personal loan is an unsecured credit facility in that it is not secured against an asset like a house or a car. And, unlike secured loans, personal loans give you the freedom to do what you want to with the loan proceeds. This is why personal loans are so popular the world over. This is unlike secured loans where the loan amount has to be used against the stated purpose. In fact, according to the "Financial Stability Report" released by the Central Bank of Bahrain (March 2019 | Issue No 26), personal loans as a percentage of GDP increased to 29.3% by December 2018 (BD 4,162.4 million). And, there was a 5.8% increase in outstanding personal loans between June 2018 and December 2018 (year-on-year increase was 11.4%). However, one must remember that secured loans carry lower rate of interest vis-à-vis personal loans as they are secured against a particular asset. What are the types of personal loans available in Bahrain?In Bahrain, personal loans are offered under various names like Personal Loans, Consumer Loans etc and are available under both conventional and Islamic banking umbrellas. Here are a few examples of personal loan products in Bahrain – Consumer Loans from Ahli United Bank, Citibank Personal Loans, Personal Loan from NBK, Personal Finance from Ithmaar Bank, Consumer Loans from the Bank of Bahrain and Kuwait BSC, Expat Loans and Personal Loans from NBB, Basic / Premier and Advance Personal Loans from HSBC etc. What are the interest rates that are applicable on personal loans in Bahrain?The interest rate applicable on personal loans would be published on the personal loan product page on the bank's website. Ahli United Bank has a Base Rate & APR page where the interest rates on all loan products are published. You could click on the Consumer Loan tab to understand the interest rates and charges applicable on it's Consumer Loans. YallaCompare Bahrain provides the interest rates upfront along with the personal loan product. Interest rates could range from anywhere between 6% to 7% or thereabouts. How do I apply for a personal loan?There are various ways in which you could apply for a personal loan in Bahrain. You could walk into a bank branch (have all the necessary documents in hand so that you could walk out with a personal loan!), you could apply for a personal loan online through the bank's website, you could apply for a personal loan online through a third-party comparison tool like YallaCompare Bahrain etc. You could even use the phone banking channel provided by your bank to check out personal loan details or even apply for one. But, before you apply for one ensure that you have all the necessary documents handy, your repayment capability is good (you could check the loan calculator tool offered by several banks to check what your monthly payments would look like) and you have a good credit score (you could obtain your credit report free once every 12 months from the Bahrain Credit Reference Bureau that operates under the trade name of The Benefit Company BSC).
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
