Good Credit Bank Retirement Loan Application 25 thousand USD 36 MonthsOn December 18, 2019 by Ethelyn Murphy
Pensioners, who have regular and guarantee income every month, are a very valuable customer group for banks. In this context, banks that compete in turning pensioners into their own customers undoubtedly benefit the most retirees.
Good Credit is one of the advantageous banks that pensioners can presently apply for financing in case of cash needs. In this context, it will be useful to briefly mention how Good Credit Bank pension loan application is made and what should be considered for 25 thousand USD.
Good Credit Pension Credit Features
Applications can be submitted even on weekends for the pension loan allocated by Good Credit. Depending on the loan amount, it is possible to allocate the loan even without showing any guarantee after a short evaluation. The payment plan of the loan, which can be matured up to 36 months, can be determined at the request of the consumers.
Good Credit Retirement Loan Calculation
The interest rate determined by Good Credit Bank for retirees is 3.02% for a 24-month maturity of up to 5 thousand USD, 24-month maturity is 3.02% and 362 maturity is 3.02% for more than 5 thousand USD. Other costs to be incurred are the 0.5% financing allocation fee and various tax payments. It is not included in the calculation below as it depends on consumer preference whether or not to take out insurance.
In this context, consumers who want to make a loan application of 25 thousand :
- 2606 USD every month for a 12-month term, a total of 31.272 USD,
- For 24 months maturity, 1577 USD each month, 37.851 USD in total,
- For a 36-month maturity, it is required to pay 1254 USD each month, 45.149 USD in total.
- With the BRSA decision, a term of 48 months was lifted.
It is also possible for people who want to benefit from lower interest rates to make a request for a housing mortgage loan product. If a mortgage loan is used, the mortgage facility fee will also have to be paid by the borrower.
Good Credit Retirement Loan Terms
Retirees who will use credit:
- Not having administrative or legal follow-up,
- Having a high credit score,
- Be under the age of 80,
- Proof of retirement status with a document,
- Submitting applications for a maximum term of 36 months,
- Monthly income should be at least twice the loan installment payments,
- If the application is to be submitted for the mortgage loan, the signed document indicating that the consent of the spouse has been obtained must be submitted.
Documents Required for Pension Credit
Persons who will use pension loans:
- Monthly breakdown,
- Residence certificate,
- It is required to apply with the identity card.
How Much Loan Can Retire Retire
The amount of credits available to retirees is limited in accordance with BRSA legislation, just like other consumers. In this context, it is decided that the installments to be paid by the pensioners who will use loans for the determined maturity should not exceed half of the salary.
For example, the highest loan installment amount that a pensioner with 2000 USD pension can pay monthly is 1000 USD. While it may be possible to make a loan installment payment and use a loan below this amount, it is not possible to make a loan installment payment for a higher amount.
Life Insurance is not compulsory
Pensioners do not have to take out life insurance while using loans. Those who request can submit a loan application without having a life insurance, but it should be remembered that loans will be used with higher interest rates. In case of an unexpected problem (death, injury, etc.) to be taken out of life insurance, it is very important to protect the heirs and family members from various sanctions, but whether or not it depends on the consumer choice.
Having a retirement-age person getting a life insurance policy may increase their costs. However, rather than age, the most important issue is how much credit is used and how long will be repaid. For those who want to reduce their insurance costs, all they need to do is to use as little credit as possible in the short term.
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