In Chile there are networks that group different institutions that grant microcredits and help strengthen the development of new projects and microfinance at the public and private level. The best personal loans 2019 aim to improve access and equal opportunities for all nationals. For the year 2018, banking entities are expected to offer their best products with accessible interest rates and cancellation periods adjusted to each current need.
What are the best personal loans in 2019?
The Ministry of Economy, Development, and Tourism (best bank) publishes on its website the best bank.cl a credit evaluation space so that the interested party can make a correct analysis of what is the best option when applying for the best personal loans in 2019. In Bankia we have carried out a simulation of the quotation of a personal loan with the following contracting conditions:
- Amount requested: $ 1,000,000
- Monthly rent: $ 400,000 – $ 600,000
- Term: 12 months and with lien insurance
In the comparison, it can be observed that as of November 2018, there are 3 to 5 financial entities that lead with the best credit offers in the financial market and can be a good option when it comes to better personal loans 2018 .\
Best personal loans: Bank options 2019
Scotiabank offers personal loan installments between 6 and 72 months, also allows a grace period of up to 6 months in the first installment and up to 2 non-consecutive months of non-payment per year. The minimum credit amount is $ 1,000,000 and the minimum income to obtain it is $ 450,000. It is the most recommended loan because it has a lower CAE (24.22%) and a lower monthly interest rate (1.71%), therefore, the total cost of credit is lower: $ 1,135,968.
Main features of the best personal loans 2019
The best personal loans 2019 granted by the entities analyzed above will continue to be fixed, liaison and universal.
Types of personal loans 2019
- Fixed fee: It is a flexible loan to cancel installments of the same value during the entire agreed period. The agreed installments can be canceled by credit card or checking account of the same contracted bank.
- Liaison: It is a loan that allows new projects and ideas to be financed while selling another good.
- Universal: It is a loan that can be requested to finance any type of consumption expenses. From comparison to quotation, it is an easy and simple credit. With maximum amounts of 1,000 UF, without grace periods and mandatory lien insurance.
General characteristics that the best personal loans 2019 should have
Taking into account the aforementioned, in the financial market, entities offer different types of credit lines but in general all of them have common factors.
The best personal loans 2019 should be:
- Widely available
- In dollars
- Fixed interest rates
- Flexible prepaid
For many years, the comparison of financial products in Chile has been a very complex issue due to the various factors that influenced the total cost of a Credit (CTC). That is why the best bank Financiero created in 2012 the so-called Annual Equivalent Load, known as CAE. Taking this percentage into account, the user can compare whether the loan is convenient or not.
This means that when comparing two Loans of the same type and with the same term (at 12, 24 or 48 months) the one with the lowest CAE will be the cheapest
Optional insurance packages offer protected insurance and Lien insurance. Each of them aims to ensure the payment and cancellation of the credit granted in due course. When applying for one of the best personal loans in 2019, you must take into account the mandatory insurance rates, or consider taking out optional insurance, only if it is convenient.
- Protected Insurance: It is voluntary insurance that ensures the payment of the personal loan in the case of unemployment, hospitalization or temporary disability. This insurance covers the payment of more than 6 installments depending on the scope of coverage and the duration of the contingency.
- Insurance Disbursement: It is voluntary insurance that covers the payment of the personal loan in case of death of the insured. In case of death, if insurance contracted, the debt must be assumed by heirs.
The duty of information is an essential aspect of the financial entity. This must deliver a written quote that must contain at least the amount and term of the credit, the validity of the contribution, annual interest rate, the periodicity of the installments, amount of each installment, the monthly cost of the insurance premium and the name of the insurer that offers the insurance. The information must always be updated on the website, about all the premium values, and the payment terms
Conclusion and Comparison of the best personal loans 2019
In summary, according to the main characteristics analyzed and the various credit simulations carried out, we can affirm that the options in Chile are varied and each of them maintains very competitive interest rates in the market, which does not mean that they are always the best.
Taking into account the values according to the best bank, it is recommended to apply for short-term loans, with an interest rate not exceeding 4% and a credit line that maintains a CAE of between 15 to 25%
Remember to request a quote and analyze administrative costs, as well as compliance clauses, payment methods and cancellation conditions for the purpose of making a good decision and requesting the best personal loans 2019 .