Personal Loan
FLAT RATE | 4.98% |
|---|
A Personal Loan, more commonly known as Line of Credit, is a revolving credit line. It allows you to borrow money from the bank to tide over difficult times, subject to specific eligibility criteria. It fulfills the same purpose as that of a Personal Loan whilst having the features of a credit card.
In comparison to a personal loan package that deposits the entire sum borrowed into your bank account, a Line of Credit grants you continued access to the funds. These funds are available for usage whenever necessary, similar to that of a credit card. Should you choose to draw on some of the funds, you are responsible for paying back the amount withdrawn and the accrued interest. This can be in the form of daily, monthly or yearly repayments throughout an open-ended loan tenure. The amount repayable is also flexible, depending on the bank’s terms. Some banks may set their minimum repayment amount as a percentage of the outstanding balance, others may set a fixed repayment amount.
In deciding between a Line of Credit and a Personal Loan, take into consideration the interest rates, the loan tenure, the loan type, the repayment terms and the fees involved. Here is a quick comparison between a Line of Credit and a Personal Loan:
A Personal Loan, more commonly known as Line of Credit, is a revolving credit line. It allows you to borrow money from the bank to tide over difficult times, subject to specific eligibility criteria. It fulfills the same purpose as that of a Personal Loan whilst having the features of a credit card.
In comparison to a personal loan package that deposits the entire sum borrowed into your bank account, a Line of Credit grants you continued access to the funds. These funds are available for usage whenever necessary, similar to that of a credit card. Should you choose to draw on some of the funds, you are responsible for paying back the amount withdrawn and the accrued interest. This can be in the form of daily, monthly or yearly repayments throughout an open-ended loan tenure. The amount repayable is also flexible, depending on the bank’s terms. Some banks may set their minimum repayment amount as a percentage of the outstanding balance, others may set a fixed repayment amount.
In deciding between a Line of Credit and a Personal Loan, take into consideration the interest rates, the loan tenure, the loan type, the repayment terms and the fees involved. Here is a quick comparison between a Line of Credit and a Personal Loan:
| Line of Credit | Personal Loan | |
|---|---|---|
|
Interest Rates |
Variable |
Fixed |
|
Loan Tenure |
Open-ended |
Up to 7 Years |
|
Loan Type |
Revolving Loan |
Term Loan |
|
Fee Involved |
Annual fees |
One-time processing fee |
|
Early Repayment Penalty |
✗ |
✓ |
| Line of Credit | Personal Loan | |
|---|---|---|
|
Interest Rates |
Variable |
Fixed |
|
Loan Tenure |
Open-ended |
Up to 7 Years |
|
Loan Type |
Revolving Loan |
Term Loan |
|
Fee Involved |
Annual fees |
One-time processing fee |
|
Early Repay-ment Penalty |
✗ |
✓ |
A Loan Broker is a financial expert who serves as a capable middleman between business owners, the bankers and potential investors. Resourceful, experienced and knowledgeable, a Loan Broker can
A Loan Broker is a financial expert who serves as a capable middleman between business owners, the bankers and potential investors. Resourceful, experienced and knowledgeable, a Loan Broker can-
To maximise your financial goals, our experts will work with you to ensure that your consultation is specifically tailored to meet your needs and wants. We go to great lengths to present you with the best deals and help you to break down the various mortgage jargons.
To maximise your financial goals, our experts will work with you to ensure that your consultation is specifically tailored to meet your needs and wants. We go to great lengths to present you with the best deals and help you to break down the various mortgage jargons.
To maximise your financial goals, our experts will work with you to ensure that your consultation is specifically tailored to meet your needs and wants. We go to great lengths to present you with the best deals and help you to break down the various mortgage jargons.
