Barclays Bank offers loans up to £25,000. The customer may choose the loan to be either under a personal loan or a business loan.
Personal Loans and Business Loans
To qualify for a Barclays Bank personal loan, the customer has to be at least 18 years old and has a permanent residency in the bank’s location. He should also have an existing Barclays Bank savings or current account. With a personal loan of £25,000, the fixed interest rate is 4.9%. Barclays Bank also gives a 6-month repayment grace period for this kind of loan.
The grace period will start from the time the loan has been awarded to the customer. For the whole repayment period, the customer gets the option to choose from 1 to 5 years. The premiums and the total payable amount will depend on the repayment period that the customer chooses.
For the business loan option of borrowing up to £25,000, the customer has to present his personal information and business information to Barclays Bank. The business information should include the business’ total debts, an annual sales report, and the net profit from the past year. The business should also be under a sole ownership, partnership, charity or association.
If the business is under a partnership, authorization papers to disclose information about the company should also be presented to the bank. The interest rate will depend on the whole repayment period of the loan. The business owner can choose a repayment period from 1 to 10 years. The 6-month grace period does not automatically come with the business loan option; however, the customer may apply for it with the bank.