Barclays Bank is one of the most trusted names in personal wealth management around the world. They deal will all aspects of personal banking, industrial and business finance, corporate banking, and investment banking, resulting in one of the widest and most extensive service portfolios offered by any financial institution.
A personal loan from Barclays Bank means dealing with one of the biggest and most well established banking institutions worldwide, and taking advantage of the efficient and well-structured policies and protocols as a valued customer.
As Indians living in an essentially unstable financial market, money that’s been saved today won’t have the same purchasing power or value tomorrow. Savings of Rs.1,00,000 will only be worth around Rs.90,000 (or less) in 2015 – in terms of real-world purchasing power and money value. Hence, the sensible option is to invest in securities or funds that have a high rate of interest that promises you a larger sum at the end of the investment tenure. But that brings another problem with it – all your savings will be tied up in an investment and will have zero liquidity – which means that you can’t really use any of that money until it matures.
Having money tied up in investments means your liquid assets won’t be enough to immediately pay for things like large assets for your business, a long-overdue international family vacation or even remodelling your home. Certain obligatory expenses need to also be met that may cost more than planned savings can afford – like giving your daughters their dream weddings, or funding your child’s higher education abroad.
Barclays Bank offers personal loans on different terms depending on whether you’re salaried or self-employed. The below table outlines the various possible loan options:
|Salaried Individuals||Self-Employed Individuals|
|Age||21 – 60 years||24 – 65 years|
|Minimum annual income||Rs.1,20,000 p.a. Barclays considers 55% of the monthly take-home as available to pay EMIs.||Rs.1,50,000 p.a.|
|Loan tenure||12 months to 84 months||12 months to 84 months|
|Eligibility||Only employees of select public and private sector companies and government sector employees.||All self-employed individuals who meet the eligibility criteria.|
|Loan amount range||Loan amounts ranging from Rs.50,000 to Rs.17,00,000||Loan amounts ranging from Rs.50,000 to Rs.10,00,000|
The loan amount that will be made available depends on your eligibility, income and capacity to repay.
Prepayment facilities have been made available at a cost of 4% of the outstanding balance. Prepayment is only allowed after 6 months of loan disbursement.Barclays Bank Personal Loan Interest Rate
Currently, Barclays Bank charges 19% - 22% per annum. Their charges* are follows:
|Processing Fees||2% of the loan amount|
|Default interest rate||19% - 22% per annum|
|Service tax||As applicable|
|Stamp duty charges||As applicable on local regulations|
*It is strongly advised to check these against any possible changes that may have been made under Barclays Bank’s discretion.Eligibility criteria for a Personal Loan from Barclays Bank
You must meet the following eligibility criteria for a personal loan from Barclays Bank:
Minimum age: 21 years for salaried individuals and 24 years for self-employed individuals.
Maximum age: 60 years for salaried individuals and 65 years for self-employed people.
Minimum income: The minimum income of Rs.15,000 monthly take home.
You will also require the following set of documents:
Photo ID proof: Like a valid Passport, PAN Card, Driver’s License, Voter’s ID, etc.
Proof of Address: Like a valid Passport, Driver’s License, Voter’s ID, etc.
Proof of Signature: Like a valid Passport, Banker’s Certificate, Driver’s License, PAN Card, etc.
Proof of Age: Like a valid Passport, Banker’s Certificate, Driver’s License, Birth Certificate, etc.
Proof of Income: Last 2 months salary slips for salaried individuals and Latest 2 filled ITRs for self-employed people.
Banking history: Last 3 months for salaried individuals and last 6 months for self-employed people.
Job continuity proof: Like Form 16 / a relieving letter / an appointment letter.
Knowing how much you’ll be paying as EMI each month is important. It is for this reason that BankBazaar.com has integrated a fully functional and easy-to-use Personal Loan EMI Calculator tool on its website.
The BankBazaar Personal Loan EMI Calculator requires you to simply fill in your loan amount, tenure and interest rate in the pre-allotted slots. Simply enter the information, click on “Calculate” and the EMI calculator will take you to a page which has graphical representations of your loan breakup, amortization, repayment details, interest and principal components, etc. in an easy to understand format.
A. You can call the bank at any time, give them your application number and credentials, and wait for them to update you. Or if you apply through BankBazaar.com, you can simply log in and check your status in real-time.Q. Application forms for Barclays Bank Personal Loans
A. An application form can be acquired from any of the bank branches, or online through their portal. An easier way would be to apply directly through BankBazaar, against the loan that you’ve found best suited to your needs.Q. Is my Barclays Bank Personal Loan statement available online?
A. Yes, you can simply log in to the Barclays Bank secure website and check your loan statement.Q. Are there any prepayment or pre-closure charges on my Barclays Bank Personal Loan?
A. Yes, there is a pre-payment penalty of 4% of the principal outstanding amount at the time of foreclosure. There is also a clause that states that you can only prepay your loan balance after 6 months from the date the amount has been disbursed.Q. What security do I need to provide to avail a personal loan from Barclays Bank?
A. You do not need to provide any guarantor, security, or collateral to avail a personal loan from Barclays Bank.Q. How long does it take for Barclays Bank to approve a personal loan?
A. After the submission of the application with relevant documents, approval is given within 4 to 7 working days if everything is to the bank’s satisfaction.
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