NatWest Bank Personal Loan – are between £1,000 and £50,000 and repayment period up to 60 months.
NatWest Bank, also known as National West Bank, is part of the Royal Bank of Scotland Group.
The United Kingdom Bank was established in 1968 and is a subsidiary of Ulster Bank. The bank provides a range of products such as personal loans, credit cards, and insurance. With that said, here is a handy guide that provides all the vital information concerning NatWest personal loan.
NatWest Bank Personal Loans
Times are harder and life gets even tougher by the day. While the need to satisfy everyday life is evident, the financial solution to satisfy these needs continues to become futile. The choice to apply for loans is one that might be worth considering.
Personal loans are often for individuals and not business institutions. Often, people go for personal loans for various reasons such as home improvements, purchase a new car, get married, go on holiday and consolidate their debts.
Qualifications for a personal loan
The applicants go through a series of qualifications prior to getting a clean bill to apply for loan. To begin with, the applicant has to be 18 years old and above. They also have to be residents of the UK and have an operational current account with NatWest or a credit card or mortgage held for more than six months. If the applicant might have been declared bankrupt in the last six years, then their application will not go through.
When applying for a loan, the applicants need to provide the bank with details such as their credit card limits, monthly income after tax and balances. But, if the applicants happen to have outstanding loans, they have an obligation to come out clear with those facts. That is because anyone with a personal loan taken in the last 28 days would not qualify to apply for loan.
NatWest Bank Personal Loan Calculation
With NatWest personal loan, if a client is looking to get a loan of £1,000 to £7,450, he or she will have a repayment period of 2 to 5 years. A period of 2 to 8 years is given to applicants for loans ranging from £7,450 to £50,000. However, if the loan’s purpose is for home improvements, then the repayment period stretches to 10 years.
Also to help with the lenders loan calculation of the total payable amount and interest rates is the personal loan calculator. This is available on the bank’s website. To begin with, the calculator seeks to know the intention of the loan request and the amount being borrowed. The calculator would also want to know the repayment period. The interest rate depends on the borrowed amount and may be different from the representative APR. However, the rate may never go above 29.9% per annum despite the size of the loan.
From the personal loan calculator working with a representative example of £7,500 to be paid in 5 years, the monthly repayment stands at £135.93 making the total repayment £8,155.80 with an interest rate of 3.40% p.a. and a representative of 3.4% APR. NatWest Personal loans are flexible and friendly to all.