Personal Loan in Bahrain

Personal loans today are the preferred means of short term credit. People prefer taking personal loan in Bahrain to meet their various financial needs be it for any reason like home renovation, higher education, emergency medical expenses, vacation, dream wedding or even to consolidate their debts. Banks in Bahrain are always ready to offer personal loans at attractive interest rate if the applicant meets the eligibility criteria decided by the respective lender.

This type of loan is unsecured loan in which the lender loans you the money on the basis of your creditworthiness and no guarantor or collateral is required to avail it. In addition to this, the approval period of the personal loan in Bahrain can be low as just one minute. The maximum personal loan amount can be equal to 20 times of the monthly salary of the applicant that can be availed with flexible repayment tenure of up to 84 months.

Personal loan interest rate in Bahrain is an extra charge that is levied upon the principal amount of the loan. Moreover, there are two types of interest rates charged to the personal loan in Bahrain and they are as follows:

Flat Interest Rate

A flat interest rate on a personal loan refers to when the sum payable and interest is calculated at the start of the loan repayment schedule and remains same until the loan has been fully paid off.

Reducing Interest Rate

Reducing interest rate on a personal loan takes into consideration the fact that after each installment, the principal loan amount reduces. Meaning that, the interest percentage (that remains unchanged) is levied on the reduced loan amount each month. Thus, it results in reduced installment amounts each month.

Here is a list of top 5 best personal loans in Bahrain with interest rate comparison and some other requirements:

Following are some of the key features and benefits of the personal loan in Bahrain:

• No Guarantor Required: One of the key benefits of personal loan is that it is unsecured loan. That means, you do not need to submit any collateral or guarantor to avail it.
• Easy Approval: Majority of the banks in Bahrain offer instant personal loan in a matter of few minutes only. The approval period of personal loan can be low as just only one minute. This is why, this financial product is the best bet in times of financial crunches.
• Minimum Documentation: In this digital era, the verification & documentation process has become very short and fast. This is applicable for a personal loan as they are quick in disbursal and need minimum documents for approval.
• Multi-Purpose in Nature: A personal loan is multi-purpose in nature and therefore can be utilized for anything except illegal activities and investment.
• Flexible Repayment Tenure: Majority of the banks in Bahrain offer flexible repayment tenure ranging from 12 to 84 months to repay the loan with ease.