Consumer loan options available to you

Consumer loan options available to you

Most banks issue inappropriate consumer loans and SME business loan (สินเชื่อเพื่อธุรกิจ sme which is the term in Thai), that is, you do not need to report for what purposes you take a loan. This loan money can be invested in a business.

How much to count on. Banks offer loans up to $15,000,000 at 7-10% per annum. In most cases, this is an advertising ploy to lure customers. After considering the application, the loan amount will be 10-15 times lower, and the percentage – 1.5-2 times higher.

The minimum rate that the bank promises in advertising is the base rate. A loan at a base rate can be obtained by a conditionally ideal client. For every deviation from the ideal image, the bank adds interest.

Consumer Loan And Interest Rate

The interest rate for you depends on the amount and term of the loan. The smaller the amount and the longer the loan period, the higher the rate.

There is always a risk that the borrower will not return the money, so loans without collateral and surety are more expensive. You can still lower the interest rate if you agree to insurance. Just pre-calculate what is cheaper: a loan at the maximum rate or a loan at a reduced interest rate, but with insurance payments.

Another condition affecting the rate is the reliability of the borrower. A reliable one is a borrower who has a salary card or a bank account where a loan is issued or has a

สินเชื่อหมุนเวียนธุรกิจ (which is the term in Thai). External borrowers can confirm their solvency with a statement of income in the form of 2-personal income tax. They also get a loan on more favorable terms.

The base rate in different banks is different. It is better to pre-compare the conditions of different banks and send two or four applications.

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