If you are a resident of the United Kingdom, you have surely heard the name Barclays which is one of the most famous banks of the UK. The bank has got some great loan schemes for its users along with other financial products as well as services.
The Barclays Bank first opened in Manchester in the year 1690 which shows that it goes way back and since then, it has been acting as an international finance fixture.
There are growing entrepreneurs in every part of the world especially the United Kingdom. So, in order to cater to all those potential entrepreneurs, Barclays is offering them various loan schemes to help the businesses grow and kick start their operations. The most important fact about the Barclays’ Loan Schemes is that the repayment procedures can be as long as 20 years which is not at all a bad idea for emerging businesses but there is an interest rate that has to be paid.
Business Loan Schemes by Barclays:
There are two main types of loan schemes being offered by Barclays at the moment. Have a look at all of those!
- Small Business Loan Scheme – In this loan scheme, businesses can choose their own payment terms as they are unsecured loans. The payment terms, however, come with fixed interest rate along with the six-month repayment holidays. But it must be kept in mind that interest will be applicable in the holidays as well.
- Medium Business Loan Scheme – With this loan scheme, businesses can choose the repayment period for up to 20 years. There is variable as well as fixed rate interest available for the businesses along with an option for 12-month interest-only payments.
Salient Features of Barclays Business Loan Schemes:
For over years, Barclays business loan schemes have helped many businesses kick start their operations and grow in the market. That is all due to the unique and highly customer-driven features that are has to offer. Let’s have a look!
- Repayment period is 1 to 10 years for small businesses and 1 to 20 years in case of medium businesses
- The small business loans are not secured but the medium business loans surely are. Businesses can use any type of assets to cover the payments when they are unable to give money. However, if you sell your home as an asset, it can be repossessed when you make the payment
- Fixed rate of interests is available for small as well as medium business loans. However, small medium business loans have the variable interest rate option as well.
- Medium business loans have the option to take a repayment holiday but you will have to pay interest even then
- The decision making is very efficient which shows that if you apply for a small business loan, you will be contacted in a matter of few days only
- Once the loan has been approved for small business, the funds will be transferred to the account within in 24 hours whereas, in case of medium business, funds will be transferred within 48 hours
Who is eligible for Business Loan in Barclays?
When someone requests for a loan, Barclays asks for the following information to make a decision;
- The amount you want as a loan
- Personal information of the officials who are requesting the loan
- Information about the debt your business currently has
- In case of an already established business, the annual turnover will be analyzed
- In case of a startup, the forecasted annual turnover will be analyzed
- In case of an already established business, net profit for the past year will be asked
- Details about the usage of loan money in your business
Personal Criteria for Business Loan by Barclays:
- The requesting person must be the resident of the United Kingdoms for over three years
- The age of requesting member must be 18 years old
- There must be no legal actions against you or any police record
How To Apply For Loan in Barclays?
In the case of a small business loan, you can visit the Barclays website and you can make an application for a loan request. However, in the case of a medium business loan, phone call has to be made to the bank
Barclays does not offer loans for personal purposes and the approved loan must be used for business purposes only.
This was all about Barclays Business Loan Schemes – Rules & Policies. We hope that this information helped you to the best. In case of further information requirement, you can visit the official site of Barclays. Have a good day!