Understanding Credit and the Types of Interest Rates that Affect Your Loans

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1 Understanding Credit and the Types of Interest Rates that Affect Your Loans Presented By: Barbara Hume, Senior Assistant General Manager, NCB Retail Banking Division

2 Why Borrow? To increase your capacity to earn To increase your assets To enhance your quality of life

3 Where can you Borrow? Banks Building Societies Credit Unions Other Lenders

4 What do Lenders look for? Willingness to pay Ability to pay Collateral security

5 What do Lenders look for? Willingness to Pay Track Record Performance of past borrowings Credit Scores Credit Reports References Less-than-perfect track record? You may still be able to borrow, depending on reason for track record

6 What do Lenders look for? Ability to Pay Equity How much does the Borrower have at risk? Cash available for servicing of principal and interest Net Monthly Disposable Income vs. Monthly Loan Pmt. Fixed vs variable income Rising expenses Guarantor? Same considerations

7 What do Lenders look for? Collateral Security Value Marketability Liquidity Cost to sell

8 Interest Rate Components that Affect Your Loans Benchmark Sovereign, Risk-Free Rate Government of Jamaica WATBY Rate currently 8.1% p.a. Cost to the Lender Higher deposit rates require higher loan rates Reserve requirements Cost of administering the loan Expected losses on portfolio

9 Interest Rate Components that Affect Your Loans Your Risk Premium Depends on your risk profile, as assessed by the Lender Greater willingness and/or ability to pay + better collateral => lower rate Lower willingness and/or ability to pay + less or no collateral => higher rate

10 Interest Rate Components that Affect Your Loans Product Considerations More committed you are to the loan, the lower is the risk to the Lender and therefore the lower is the rate

11 A sampling of NCB s Current Loan Interest Rates Mortgage Home Equity Loan Automobile Loan Auto Equity Loan Education Loan Unsecured Loan Credit Cards Business Loans 9.5% p.a. 15.5% % p.a. 11.5% % p.a % p.a. 18.5% p.a. 18% - 28% p.a. from 39.75% p.a. Negotiable

12 Applying for Credit Demonstrate willingness to pay by Satisfying all obligations Ensuring that your credit report from credit bureau is as good as can be Getting a good bank reference or bank credit report

13 Applying for Credit Demonstrate ability to pay by Providing copies of job letters and/or payslips and/or bank statements Declaring all income and expenses Showing adequate disposable income or, if short, reducing loan amount

14 Applying for Credit If you are able to offer collateral security, you will be required to Provide valuation report or receipt Meet lender s margin requirements

15 Develop a Habit of Saving May lower your loan amount Many lenders offer preferred loan terms to their savings customers Helps to build your track record Special note to self-employed persons Run your income and expenses through your bank accounts, to help build your track record

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