How to apply for a prime bank loan in Bangladesh
prime bank loan application form in Bangladesh: A prime bank loan in Bangladesh is one of the most secure ways to borrow money in the country, with numerous benefits and features to help you out. However, finding the right lender can be difficult with so many different lenders operating in the country, each offering their own unique packages. Here’s how to go about applying for your very own prime bank loan in Bangladesh.
Know your credit score
Most banks require you to have at least an average credit score (720) before they will offer you a prime bank loan. In order to know your credit score, it’s important that you know what is included in the calculation:
1) Payment history-35%
2) Credit utilization-30%
3) Length of credit history-15%
4) Types of credit used-10% 2/3
Research the best loan option for you
Research the best option for you before applying. Your credit score will be taken into account, but there are other factors that affect whether or not you get approved. You’ll want to compare interest rates and other fees, as well as the length of your loan and any prepayment penalties. For instance, if you only need $10,000 now with the intent of paying it off within two years, then a personal line of credit may be better than a traditional bank loan.
Get pre-approved for a loan
To apply for a prime bank loan, visit the nearest branch of the bank where you want to take out the loan. You’ll need to fill out an application form and provide proof that you have at least five years of experience in your field. The next step is to wait for approval, which may take up to seven working days. When it comes time, you’ll be asked if you would like the money delivered electronically or by paper check.
Fill out the loan application form
1. Your name (required)
2. Your address (required)
3. Your phone number(required)
4. Purpose of the loan (required, 1-2 sentences)
5. When do you need the money by? (required, 1-2 sentences)
6. How much will you be borrowing? ($5000 or less, $50001-$20000, $20001-$50000, $50001-$1000000)(default: $5000 or less)(optional)
Submit supporting documents
A prime bank loan is secured with collateral, and the lender can take possession of the collateral if you default on payments.
Application forms typically require your personal information (name, address, etc.), information about your employer and/or source of income (gross monthly income), information about your business (location, projected cash flow, number of employees), and an explanation of what you plan to use the money for.
Lenders generally require that you have been operating for at least three months before applying for the loan. You should also provide supporting documents such as tax returns and financial statements when applying for a prime bank loan.
Wait for approval
You can either get your funds via cheque or cash. To get the funds through cheque, you have to submit your application form at any branch of the bank and pay all applicable fees. The amount will be deposited into your account after about four working days. To get the cash, you have to show up at any branch of the bank with your proof of identity and fill out an application form. You will receive your money on the spot as long as you are not more than 18 years old and don’t owe any other banks money.
Disbursement of funds
If you’re looking to get a loan, it’s important to know the different types of loans and what they entail. Prime banks offer one type of loans called an MFI. An MFI is short for micro-finance institution and typically offers small loans that are below $5000. The application process is relatively straightforward, and can be done in person or online.
To start the process, you’ll need your personal information, including your name, address, phone number, occupation and citizenship status. You’ll also need some banking information such as your account number with the bank where you have your savings account or checking account, proof of identification such as an ID card or passport copy.
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