Name: Financial English Conversations - Applying For Loan - Online English Lesson
Uploaded: 2014-06-29T01:43:45.000Z
Duration: 4 min 57 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

To-infinitive

Future simple

Applying for a loan is a tedious process. I’m sure those of you who have already applied for a loan before will agree.

Gerund

You need to prioritize and plan for getting a loan, and you need to be sure that you can repay the loan.

This lesson shows some conversations that revolve around applying for a loan.

Practice the lesson by saying the dialog out loud several times after hearing it.

To increase your vocabulary, remember to practice the words in the vocabulary section at the end.

Yup. But, I’m not sure how to go about the whole loan thing.

Well, when I decided to get an auto loan for my car, I researched a lot first to make sure that I knew what it was all about.

To begin with, you can look for banks or other financial institutions that make home loans.

One thing you’ll want to do is compare the rate of interest they’re charging on your principal amount so you can decide which is the best.

I have no idea how I should choose a particular bank to apply for a loan.

You just need to keep your priorities straight and focus well.

Well, interest rate, bank reputation and loan term are three main factors that will help you make a choice.

Try to choose a bank that is ready to provide you with the best service at the lowest interest rate.

What should be included in the best service?

For me, one thing is the flexibility to repay the entire principal amount as soon as I want without a penalty.

It also means friendly people who can answer your questions clearly.

My name is Harvey Mathews and I want to apply for a home loan.

Please have a seat. Have you filled out the loan application form?

Not yet. I just want to confirm a few things before I move ahead.

I wannna know how long it takes for loan approval and also if the interest rate increases or decreases during the loan term?

Well, first of all, the loan approval procedure takes 15-30 days and depending upon the information you provide.

And we provide both fixed interest rate and adjustable interest rate loans.

All the terms and conditions of both types of loans are in the document you receive along with the application form.

How do the banks give me the loan amount?

They pay the money to the owner of the property you are buying.

So I’ll never even get to see that big amount of money?

Not until you’re the one selling the property!

Interest is the cost of borrowing the money.

It’s a percentage of the loan amount that is charged extra by the bank till the time you keep the borrowed money.

The amount that the bank loans is called the principal amount.

A priority is a thing that is most important to you.

Is your priority having the biggest house, or having enough money left over to buy gifts for your family?

You need to complete all the formalities at the bank and get the bank authorities’ agreement to provide the loan.

Generally you pay your loan over a period of time which is called the loan term.

For a house, this time usually ranges from 15 to 30 years. For a car, it might be 1 to 5 years.

I hope you’ve had a great time watching this lesson.

We’ll be back with a new one tomorrow. Make sure you come back for it!

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