What are the pros and cons of an in-house loan and a bank loan?

Buy Car 14/01/2017 63 View

1 Answer


Pros of BANK Loan are as such: 
1) Very low or fixed interest rates (As low as 5%, or maybe lower) 
2) Predictable monthly payments 
3) Available for many users 
4) Professional banker relationship

1) Has a stringent and hassle process in loan application 
2) Longer waiting time for approval 
3) For employees, you will need to meet the basic wage requirement in order to be eligible for the loan. 
4) A lot of documents needed for verification and approval.

Pros of IN-HOUSE Loan: 
1) Does not requires much paperwork 
2) Higher chances of loan approval 
3) Convenient

1) Higher interest rate 
2) Shorter loan settlement period

I hope this helps (:

0 Upvote Downvote Reply over 2 years ago