To solve the financial problem, many individuals have chosen to use the banks capital. However, because they do not know the procedures and conditions for a bank loan, many people have difficulty accessing capital, and the loan application does not meet the requirements, so it is not approved.
Therefore, before applying for a bank loan, individual customers need to understand the general conditions to be more prepared, and the procedure is therefore faster.
1. Conditions for bank loans
1.1 Conditions for borrowers:
Subjects eligible for bank loans:
Subjects not supported by banks for loans:
1.2 Conditions of income
Customers need to prove their stable income through a labor contract (effective) with salary statement (original) from the last 3-6 months. The bank will consider the borrowers income level with the loan amount to assess the debt repayment ability. Besides, some banks also add different conditions.
1.3 Conditions of collateral
To get a bank mortgage, customers first need to have collateral to perform their civil obligations. Customers can use the following types of collateral (Special Assets) to get a mortgage at a bank.
2. Bank loan procedures
Most of the lending process at banks has the following steps in common:
Step 1: Prepare documents
Usually, bank staff will ask customers questions around: the purpose of the loan, how much money to borrow, how long the loan is, what is the collateral (if mortgage), income How much is the average monthly income, is the source of income stable, the main sources of income...
After the survey, the bank staff will review each loan and guide the customer to complete the application to ensure the loan conditions for that bank.
Step 2: Receipt of documents and financial appraisal
After receiving the loan application from the customer, the bank will confirm the information and re-evaluate the application. Each bank will have its own appraisal regulation with the aim of limiting risks and increasing the possibility of loan repayment.
The more complete the required documents are provided by the customer, the faster the bank will appraise, the higher the chance of loan approval.
Step 3: Loan approval
After assessing the loan application, the staff makes credit proposals and submits them to the competent authorities for loan approval. After that, the bank staff will send a notice to the customer about the approved loan.
Step 4: Disbursement
If the application is approved, the customer signs the contract and the bank will disburse (provide the amount that the customer is loaned according to the contract). Customers can receive directly by cash or bank transfer.
Bank loan procedures are usually done and completed in 1-3 days. However, for complex loans, this period can be as long as 1 week.
3. Loan documents need to be prepared
When applying for a loan, individual customers need to have documents including:
Application letter for bank loan
Legal records
Financial records
Loan purpose profile
Documents of collateral (if mortgage loan)
Certificate of property ownership, specifically:
4. Which appraisal unit should I choose?
Indochina International Appraisal & Investment Joint Stock Company (INA) is one of the leading prestigious appraisal companies with a nationwide system of branches and offices. Besides, our SunValue service will give customers the best service experience, customers will be consulted and helped to determine the value of each type of property to determine the value of each property. Get the most reasonable price to help customers achieve their best goals.