Investigation On Business Loan Procedure: In activity 2, we have been asked to do investigating business loan procedure in three high street bank. We have been through some high street banks like HSBC, Barclays, Lloyds TSB, Santander, and Halifax. Among the five popular high street bank we have got three banks which are helping investor about business loan. They are-
HSBC
Lloyds TSB
Barclays Process Of Business Loan Application:
In order to give a business loan every bank follows some specific criteria, which are given below.
Deciding on business finance
Contacting with bank
Building a finance application
Application’s assessment
Business manager makes initial decision
Business manager works with credit team
The credit manager role
Business manager explains the decision. Key Features and benefits of Three High Street Banks: Barclays: 1. Barclays bank offers ? 1,000 to ? 25,000. 2. Loan repayment term is 1- 10 years. . Interest rate is fixed. 4. 6 months repayment holiday available. 5. No early repayment fees. HSBC:
Business loan limit is ? 1,000 to ? 25,000.
Loan repayment term is 1to 10 years.
Fixed interest rate.
Funds can be credited on the same day when agreed.
Rebate facilities for the early repayment.
?100 loan arrangement fee.
Lloyds TSB: 1. ?1,000 to ? 1,00,000 business loan limit is available.
Loan repayment term is 12months to 10 years.
Fixed interest rate.
1. 5% loan arrangement fee. .
Fund availability is not guaranteed on the same when agreed. In conclusion, the basic process to get a business loan is almost similar for every bank. However in order to prefer a suitable business loan should be considered on maximum limit of the loan, interest rate of the loan and how flexible to repay the loan. After go through all of these criteria we think Barclays is the most suitable bank for our business to get the loan as they have repayment holiday facility, and good public support.
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