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Financial English Conversations - Applying For Loan - Online English Lesson

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Applying for a Loan.

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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Introduction

Welcome to twominenglish.com. Teaching you English through two-minute lessons.

In this lesson you will learn phrases having to do with getting a loan.

Interaction

Hello, Great to see you here (Smile). Applying for a loan is a tedious process and I’m sure those of you who have already applied for a loan before will agree. 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.

Let’s get started now!

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!

Please don’t forget to hit the like button and let us know your thoughts! Also subscribe to our channel and get regular updates about our lessons.

Have a good day. Later! (hand wave)

Research.

Harvey: I need to get a home loan.

Bill: Are you planning to buy a new property?

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

Bill: 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.

Harvey: What kind of research?

Bill: 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.

What to Prioritize?

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

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

Bill: What do you mean?

Limo: 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 the best service at the lowest interest rate.

Bill: What should be included in the best service?

Limo: 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.

Meeting with Bank Officials.

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

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

Harvey: Not yet. I just wanted to confirm a few things before moving ahead.

Bank Manager: What would you like to know?

Harvey: I want to know how long it would take for loan approval and also if the interest rate for the loan increases or decreases during the loan term?

Bank Manager: Well, first of all, the loan approval procedure takes 15-30 days, depending upon the information you provide. And we provide both fixed interest rate and adjustable interest rate loans.

Harvey: Do you have a written document showing the differences between the fixed rate and the adjustable rate?

Bank Manager: Yes, we do. All the terms and conditions of both types of loan are in the documents you receive along with the application form.

How Will I Get the Money?

Limo: How do the banks give me the loan amount?

Bill: They don’t pay the loan amount to you. They pay the money to the owner of the property you are buying.

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

Bill: Not until you’re the one selling the property!

Interaction Script

Hello, Great to see you here (Smile). Applying for a loan is a tedious process and I’m sure those of you who have already applied for a loan before will agree. 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.

Let’s get started now!

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!

Please don’t forget to hit the like button and let us know your thoughts! Also subscribe to our channel and get regular updates about our lessons.

Have a good day. Later! (hand wave)


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