Sometimes we need some extra cash to deal with unexpected or emergency expenses. You may not want to touch your savings for such expenses. Getting a personal loan is a good option to meet unexpected expenses. Belmont Savings Bank is a diversified bank based in Massachusetts and it offers a number of consumer banking and lending solutions to its customers.
If you reside in Massachusetts and are in need of urgent cash, you can borrow a low rate personal loan from Belmont Savings Bank. Use the loan amount to improve or purchase a home, buy a car, pay education expenses, plan a family vacation, or consolidate debt. The bank offers a wide variety of personal loans for different types of needs. They can lend you small home equity loans, large mortgage loans and various other consumer loan terms.
Personal Loan Rates
The bank offers different terms and interest rates for different consumer loan terms. You will get competitive APR depending on your loan term and your credit status. The table below shows the current rates and payment amount per month on different personal loan terms offered by Belmont Savings Bank.
|Loan terms||Down payment||Interest rate||Max term/months||Annual Percentage Rate||Payment per $1k|
|Installment (48 months)||–||13.50%||48||13.50%||$27.08|
|Installment (36 months)||–||12.50%||36||12.50%||$33.45|
|Installment (24 months)||–||11.50%||24||11.50%||$46.84|
|Installment (12 months)||–||11.00%||12||11.00%||$88.38|
|Overdraft Protection Line ($20 annual fee)||–||18.00%||–||18.00%||–|
Effective as of June 1st, 2015
If you are thinking to purchase a new or used vehicle, Belmont Savings Bank can help you finance your car without any trouble. Get a low rate auto loan having fixed rate and repayment term from the bank and get behind the wheels in no time. Your auto loan will be secured by your vehicle.
Home Equity Loans
Use your existing home’s equity as collateral and borrow a lump sum amount with a home equity loan from Belmont. You can use the loan for one-time purchase or major expenses related to life events. Available home equity loan terms and their current interest rates are shown in the table below.
|Equity loans||Interest rate||Max term/months||CAPS||APR||Payment per $10k|
|10 year fixed||6.75%||120||N/A||6.82%||$114.82|
|15 year fixed||7.75%||180||N/A||7.80%||$94.13|
Home Equity Line of Credit
Get this revolving line of credit against the equity of your home and enjoy fast access to funds for a number of expenses. Withdrew funds through check or from your credit line by visiting a nearest branch. Check out the rate and term of the available home equity line of credit from the bank.
|Type of home equity line of credit||Interest rate||Max term/months||CAPS||APR||Payment per $10k|
|PlatinumBlue||1.99% mo. 2.74% afterwards||300||Minimum APR 2.74% afterwardsMaximum APR 18.00%||1.99% mo. 2.74% afterwards||Variable|
Home Equity Lending Requirements
Belmont Savings Bank has several requirements for its home equity loans and lines. The following are some of the requirements:
- 1-4 family owner occupied residences
- Interest rates are subject to change without any notice
- All loans are subject to credit approval
- Payments are based on monthly repayment schedule
Contact a bank representative or visit a nearest bank branch to get further information on the type of loan you are looking to borrow.