How to borrow money at a bank and tips to get a loan approved – Are you currently in need of additional capital, but feel proud to borrow from friends/relatives? Want to pawn or sell something but don't have any valuable assets?
If the answer is yes, then try to find a solution by applying for a capital loan to a financial institution, such as a bank or fintech. Applying for a loan to a bank/fintech is one of the best solutions for your financial problems.
In terms of the ease of the loan process, fintech is superior to banks. But if you are not careful in choosing fintech , you can lose many times. Because the interest rates on fintech loans are quite large compared to banks.
For this reason, banks are often chosen by the public on the grounds that the interest is not too large and the loan tenor can be longer than fintech.
So, how do you borrow money from a bank so that it gets approved quickly? Come on, see the explanation below!
How to borrow money at the bank
Almost all banks have requirements that must be met by prospective borrowers. This requirement is mandatory, if any of the points have not been met, the application process cannot be processed further. The following are the general requirements that must be prepared before applying for a loan at the bank, namely:
- Photocopy of ID card / family card, marriage certificate as proof of identity if you are already married
- Copy of salary slip
- Copy of TIN
- Photocopy of savings book
Note: If you take a loan with collateral, then prepare a document proof of ownership of the object that will be used as collateral. For example, BPKB for motorized vehicles or certificates for houses and land.
Next, please come to the bank that has been selected and don't forget to bring all the supporting documents.
Tips for Fast Loans to be Approved by the Bank
When the files have been prepared, then pay attention to the following things so that loan applications are quickly approved, including:
1. Wear a guarantee
In order for a loan application to be approved quickly, you should use collateral. Choose a guarantee/collateral that has a high selling value, at least the collateral is worth the same as the nominal value to be borrowed.
The Bank will re-selection, whether the collateral is eligible to be guaranteed or not. Because the item will be auctioned if the debtor is unable to complete the payment. This selection process is quite strict. In general, there are special requirements regarding this warranty item. Such as motor vehicles that are guaranteed to have the latest production, and so on.
2. Do not have a debt record with any financial institution
Usually, the Bank will check the data of prospective debtors at BI Checking . Does the prospective debtor have a bad/good credit score. Your credit score or credit history will show whether you have defaulted on a loan before. The credit score will be taken into consideration by the Bank.
3. Determine the loan tenor
The loan tenor is the period of time for the loan. If you choose a longer loan tenor, the debt installments will be much smaller but the interest paid will be higher. On the other hand, if you choose a short tenor, the monthly installment costs will be heavier.
Before determining the tenor, you should calculate the income per month. Make a loan plan carefully and carefully so as not to burden it and cause default in the future.
4. Adjust the loan nominal to your needs and ability to pay
Be a wise debtor. That is, adjust the loan ceiling to your ability to pay. Apply for a loan where the installment amount does not exceed 30% of your income. So the bank will judge you are still able to pay the debt.
If you take into account the loan ceiling carefully, it is likely that the application will be approved by the Bank.
5. Take advantage of Unsecured Credit offers
Some banks have unsecured credit services. This service is almost similar to fintech , but the interest offered is much lower. Take advantage of this service if you don't have a guarantee.
That's info related to how to borrow money at the bank and 5 tips that can be tried so that the application is approved by the bank. Hopefully whatever is reviewed above can help and provide benefits. good luck
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