Personal Loans Guide

What is Personal Loans?

 

Financial institution or moneylender to get a personal loan or a line of credit. The lender will decide the loan amount (known as the principal amount) based on your annual income. Personal loans in Thailand are unsecured loans, which means you don’t have collateral at all when you borrow money. Someone who is paying for your existing debt. There are many terms when you borrow money, such as interest rates and draw fees and any other fees and charges. This varies from lender to lender.

Uses of a Personal Loan

People in Thailand using personal loans for various reasons. They include the following:

  • Consolidating debts
  • Medical emergencies
  • Family emergencies
  • Making a payment for a wedding
  • Business or investment purposes
  • Education planning
  • Property purchases
  • Transferring outstanding credit balances for lower interest rates

Documents Needed for Personal Loan Applications

Documents Needed for Personal Loan Applications

  • In Thailand, you must be at least 20 years old, but not over 60 years old, must be a permanent resident status
    • Corporate card or government enterprise employee card
    • Your latest salary slips and a copy of payroll account records
    • A census registration

    Your credit history plays a big part in your loan approval as well. You need a good credit history Banks have access to it, and take this as part of their evaluation process.

    What You Need to Know Before Getting a Personal Loan

    Personal Loan and cash

    • Credit history, interest rates and loan approval

      Before your loan application is approved, is a credit check that is done to make sure that A poor credit history and loan rejection. You should always maintain a good credit history.

      Before your loan application is approved, is a credit check that is done to make sure that A poor credit history and loan rejection. You should always maintain a good credit history.

    • Additional fees and charges

      It’s important to check that the lender imposes. The most common fees are annual fees, fees and administrative fees and charges for late payment fees.

      Because of certain market conditions, such as the annual fees.

    • Fixed Instalment Loans vs Overdrafts

      Fixed Instalment Loans and Overdrafts are most popular loan types in Thailand.

      Fixed instal loans are bound to a fixed schedule with fixed loans On the other hand, Overdrafts are a “safety measure” for those An overdraft, the borrower from incurring additional fees and charges when they withdraw However, overdrafts also come with their own credit limit, so people are discouraged from withdrawing multiple times.

      Keep in mind that there are serious issues when you are secured or unsecured.

    • EIR is a better tool for comparison

      The Effective Interest Rates (EIR) includes all fees and charges (eg annual fees and handling fees) and interest is calculated on a daily basis. This is the best way to compare the best products to find the best deal.

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