You may need new house equipment; your children are applying to university, or maybe it is time for travel. Perhaps a personal loan may be the way to achieve that. But don’t rush, taking a personal loan option is often not the right move.
Indeed, Lebanese banks offer loans that are tailored for specific needs like getting a new PC, traveling abroad, or arranging for a wedding. Such loans take into account specific needs and come bundled with a series of advantages that make them more suitable for you than a personal loan.
So… what could be the advantages that Lebanese banks may offer you through such specialized loans?
- Lower application fees that can be as low as zero.
- Exemption from down payments in case you are purchasing equipment.
- Longer grace periods for you to start paying your loan (Particularly handy in case of travel loan or wedding loan where starting to pay immediately can be painful).
- Easier Eligibility: Lower or zero guarantees required in the case of small amounts. (For loans with big amounts guarantees might still be applicable and keep in mind that the monthly payment should not exceed one-third of your monthly income).
- Lower rates: Sometimes lower rates are offered by banks in Lebanon on specialized loan, especially when the reimbursement period is short Lower rates also apply in case of loans that are backed by Lebanese Central Bank in order to encourage particular areas such as education (Currently there are several types of educational loans with low interest rates backed backed by the Central Bank - please check on Bnooki.com).
- Benefits and gifts: Lebanese banks usually offer several benefits packaged with their special loans. These could be in the form of discounts and gift if you purchasing from predetermined shops or centers in Lebanon. For example with travel loan, the borrower can get special discounts on flight ticket or on travel packages from agencies.
- Fast Approvals: Some banks give approvals for such loans in record times, sometimes not exceeding 2 days.
Banks in Lebanon offer a wide variety of special loans that are customized to finance a wide range of needs: Education, solar panels, home equipment, travel, wedding, medial, jewelry and even plastic surgery! Special loans can be granted in USD and Lebanese Liras. The minimum amount could be as low as 500 USD while the maximum amount may increase to reach the value of the object sought. For example, a boat loans can reach 1.5M USD.
To discover and compare what types of loan packages you can have from Lebanese banks, check the consumer loans section on Bnooki.com.