How to Borrow Money with a Bank Loan 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 ease of loan processing, fintech is superior to banks. However, if you are not careful in choosing a fintech, you can lose many times over. The reason is, the interest rates for 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 with a Bank Loan and Tips to Get a Loan Approved
Almost all banks have requirements that must be met by prospective debtors. This requirement is mandatory, if one of the points has not been met then the application process cannot be processed further. The following are general requirements that must be prepared before applying for a loan at the Bank, namely:
- Photocopy of ID Card, Marriage Certificate as proof of identity if 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 house and land certificates.
Next, please come to the bank that has been selected and don't forget to bring all the supporting documents.
Quick Loan Tips Approved by the Bank
After the files are prepared, pay attention to the following things so that loan applications are quickly approved, including:
1. Use 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 value is the same as the nominal value to be borrowed.
The Bank will re-selection whether the collateral is eligible to be used as collateral or not. Because the item will be auctioned if the debtor is unable to complete the payment. The selection process is quite strict. In general, there are specific requirements regarding this collateral. Such as motor vehicles that are guaranteed 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 considered by the Bank.
3. Determine the loan tenor
The loan term is the length of the loan. If you choose a longer loan tenor, the loan 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 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 with installments not exceeding 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 warranty.
That's info related to how to borrow money at a 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