Financial English Conversations - Applying For Loan

source: Twominute English    2014年2月28日
Applying for a loan is no fun. But sometimes, due to inflation or the desire for a better lifestyle, people must try to get a loan. In this video, we'll talk about some phrases that you can use to talk to others, including bank officials, about getting a loan.
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0:12 Hello, Great to see you here.
0:14 Applying for a loan is a tedious process. I’m sure those of you who have already applied for a loan before will agree.
0:21 You need to prioritize and plan for getting a loan, and you need to be sure that you can repay the loan.
0:26 This lesson shows some conversations that revolve around applying for a loan.
0:32 Practice the lesson by saying the dialog out loud several times after hearing it.
0:37 To increase your vocabulary, remember to practice the words in the vocabulary section at the end.
0:43 Let’s get started now!
0:51 I need to get a home loan.
0:53 Are you planning to buy a new property?
0:55 Yup. But, I’m not sure how to go about the whole loan thing.
0:59 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.
1:06 What kind of research?
1:08 To begin with, you can look for banks or other financial institutions that make home loans.
1:13 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.
1:27 I have no idea how I should choose a particular bank to apply for a loan.
1:31 You just need to keep your priorities straight and focus well.
1:35 What do you mean?
1:37 Well, interest rate, bank reputation and loan term are three main factors that will help you make a choice.
1:45 Try to choose a bank that is ready to provide you with the best service at the lowest interest rate.
1:51 What should be included in the best service?
1:54 For me, one thing is the flexibility to repay the entire principal amount as soon as I want without a penalty.
2:02 It also means friendly people who can answer your questions clearly.
2:12 My name is Harvey Mathews and I want to apply for a home loan.
2:16 Please have a seat. Have you filled out the loan application form?
2:20 Not yet. I just want to confirm a few things before I move ahead.
2:24 What would you like to know?
2:26 I wannna know how long it takes for loan approval and also if the interest rate increases or decreases during the loan term?
2:33 Well, first of all, the loan approval procedure takes 15-30 days and depending upon the information you provide.
2:40 And we provide both fixed interest rate and adjustable interest rate loans.
2:51 Yes, we do.
2:52 All the terms and conditions of both types of loans are in the document you receive along with the application form.
3:05 How do the banks give me the loan amount?
3:07 They don’t pay the loan amount to you.
3:10 They pay the money to the owner of the property you are buying.
3:14 So I’ll never even get to see that big amount of money?
3:16 Not until you’re the one selling the property!
3:28 Interest is the cost of borrowing the money.
3:30 It’s a percentage of the loan amount that is charged extra by the bank till the time you keep the borrowed money.
3:40 The amount that the bank loans is called the principal amount.
3:49 A priority is a thing that is most important to you.
3:51 Is your priority having the biggest house, or having enough money left over to buy gifts for your family?
4:02 You need to complete all the formalities at the bank and get the bank authorities’ agreement to provide the loan.
4:09 That is known as getting approval.
4:16 Generally you pay your loan over a period of time which is called the loan term.
4:22 For a house, this time usually ranges from 15 to 30 years. For a car, it might be 1 to 5 years.
4:30 I hope you’ve had a great time watching this lesson.
4:32 We’ll be back with a new one tomorrow. Make sure you come back for it!
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4:45 Have a good day. Later!