I have heard this question and wondered if I could address it to help before someone makes a mistake. Well, I will not give you a list of the best banks for you. The choice is yours. However, I will provide you with two factors to consider in helping you to come up with the best decision. Remember to start saving with the bank you will choose at the end of this article, even before thinking of the loan.
- Rates on loans and savings
Loans and saving rates are some of the significant indicators which banks use in competition. As a client, you want a bank to earn more interest when you save with them and charge you less on your loan.
In most cases, the difference in the rates usually is very minimal, although it matters. Any bank that gives an interest rate of 12% per annum and a loan rate of not more than 7% per annum is recommendable.
If you don’t consider the rates before joining the bank, you might end up servicing your loan for long. In the end, when you calculate the amount you paid, you will realize that it was more than necessary.
- The bank’s client base
This is another major factor that you must consider. Keep in mind that very few banks will give you a loan if you are not saving with them. It means that the journey starts from saving.
Therefore, you should find out whether the bank is stable enough to trust with your money.
You can well know the stability from the number of clients the bank is serving and the number of branches in operation. Take care not to lose your savings even before you qualify for a loan.
Do your market research well. We are in a digital world, and so you can get all the information you need about a bank finance online.