In a bid to gain more new clients, Santander cut down the cost of its loan offers. Personal loans for £7,500 to £15,000 that bear a low 4.5% interest rate are available for qualified borrowers. A higher loan limit of £20,000 at the same low interest is available for existing clients.
These new offers practically beat the previous lowest deals on the market by around 0.1%. To illustrate, you can save £16.60 for a £10,000 loan with a 5-year term.
Santander Bank Loan Features
Following are some of the attractive features of Santander Bank loans:
- Low interest of 4.5% for £7,500 to £15,000 loans for new borrowers, which is lower than the previous lowest rates by at least 1.3%
- Flexible repayment term of anywhere from 1 to 5 years
- Higher loan limit of £20,000
- Offers the cheapest rates for loans of at least £15,000
- Ideal for debt consolidation because of the low interest rate
Debt Consolidation with Santander Bank Loan
If you have outstanding balances on multiple credit card and loan accounts, you can consolidate them through a single personal loan from Santander. This way, you can make repayment simpler by paying only a single account with a much lower interest rate, saving you a significant amount of money in the process.
Requirements for a Santander Bank Loan
To avail of a Santander Bank loan, you must be at least 21 years old, and a permanent resident of the UK. You must also have a bank account equipped with Direct Debit facility. Likewise, your gross annual income must be £6,000 or more, and you haven’t been declared bankrupt during the last 6 years.