Loans royal bank of scotland
Royal Bank of Scotland provides one of the best loans to the citizens of Scotland, UK and elsewhere. With an array of loans available with them you can opt for the type of loan that is suitable for you. Let us see the different types of loans that are offered by Royal Bank of Scotland.
Personal loans
As personal loans from RBS you can borrow £1,000 to £25,000. This money can be used for anything. The payment for these loans is spread over 1-5 years. If you have borrowed an amount more than£15,000 then your repayment duration can extend up to 7 years. The typical APR applied on these loans is 7.4%. However, this can vary depending on various factors. If you already are a digital banking customer with RBS and have applied for the loan online, then you can just fill out your banking details and meet their credit requirements. This is enough for qualifying for the loan and you can have the money into your account as soon as the next day. In another case, if you are a customer but are not a digital banking customer then the process can take 2-3 days. When you apply online and agree to the terms you would be sent documents through post. These documents are received on the next working day. You can read through them and send them back. Once they are approved you can get the money into your account within two days of applying.
If you are a new customer then the whole process can take up to five days. However the transfer of funds depends on approval of the loan. RBS provides payment protection insurance for their personal loans. This can protect your loan repayments. However, you are required to apply for this feature when you apply for the loan.
Graduate loans
If you are finding it difficult to meet your educational expenses then you can easily apply for graduate loans with RBS. With them you can borrow any amount ranging from £1000 to £15,000 and enjoy a number of benefits.
The interest rates applied on these loans are tailor-made. The rates are just 2.5% above- the base rate of RBS. As of now the interest rate on graduate loans is 8.5%, typical variable APR.
If you are unable to payback the loan or are waiting for a job offer you can defer the payments up to 12 months. In case you have got a job offer the payments can be deferred up to 9 months. However, it should be kept in mind that you are charged interest rate during the deferment period also.
All the payments are under the payment protection insurance and you can defer the payments as mentioned above.
Mortgage loans
RBS provides mortgage loans to all types of buyers ranging from first-time buyers to people who wish to take a re-mortgage. The different types of mortgages available at RBS include:
Offset Mortgage: These mortgages are best for people who do not have stable financial situation. The initial interest rate with this mortgage is 6.7% variable. You can borrow a maximum of 95% of the value of the house. There is no pre-payment penalty with this loan, when you are on offset there is no interest accumulated. However on payment holidays you would be charged interest. Besides this amounts that finance more than 90% of the value would have higher lending charges. There is a product fee of £245 applicable on this loan.
Variable Mortgages: With this mortgage you would have an interest rate few points above the Base Rate of the Bank of England. Your interest rate would change every month depending on the rates with the Bank of England. If the rates go down then you can enjoy a lower interest rate. There are different plans available under this mortgage from which you can choose according to your financial situation and repayment capacity.
Fixed Rate Mortgages: Your interest rate would be fixed for the agreed period of time. You can plan your budget and stay in control of your finances. There are different plans under this mortgage option. You can select the one that best fits your needs.
100% Mortgage: RBS understands that it is difficult for first-time buyers to save up to 10% as deposit as required by traditional mortgage hence you can qualify for their 100% mortgage loans. However, keep in mind that you are required to pay higher lending fee if you are taking this mortgage.
Lifetime Mortgage: This loan is again secured against your property and can be used for any purpose. With this loan there is no requirement to make regular payments. If you are above 60 years of age and have your own house you can apply for these loans. You are supposed to be located in England, Wales or Scotland. These loans carry 6.79% interest rate fixed for the life of the mortgage.
Buy to let Mortgages: If you wish to buy a property to give it out on rent then you can take this loan. There are different programs that you can qualify for.
Further Advances: If you are a mortgage customer of RBS then you can use the equity in your house to meet your financial needs. Under this program also you have different plans that you can qualify for. With so many loans to apply for you can select the one that you think would suit your requirements the best. For more details on the loan products you can contact them by filling in your postal code on their website and they will get in touch with you. You can also call them at Call 0800 121 121or Text phone 0800 404 6160. Lines are open
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