Bank loans also have many different forms and loan packages. To have the best knowledge and choice for your loan product. We need to know information about loan packages. Here, this article thongtinbank.com will help you learn about What is a long-term loan?? And also help you understand conditions, documents, how to calculate interest rates and some information about long-term loan products.
If you are intending to borrow money for business purposes, investment or shopping for yourself. But you do not have a clear understanding of which loan products are suitable for your purposes. A long-term loan package is also a smart choice. However, before officially applying for a loan, you need to better understand what a long-term loan is?
Find out what is a long-term loan?
Long-term loan means the borrower with the above time 5 years This is called a long-term loan. These loan packages are usually provided for the purposes of investment, production, business, property purchase... With a long-term loan package, the borrower will have enough time to arrange and calculate to invest that amount of money. for reasonable purposes and come up with the best repayment plan.
Long-term loans are only suitable for people who want to do business and borrow large amounts of money. In order to get a loan, you need to meet the following conditions and procedures.
What is a long-term loan: A loan with a loan term of 5 years or more is called a long-term loan.
› Hint: What is the maximum loan limit
Conditions & long-term loan documents
When you need a long-term bank loan, you need to go to the bank to provide a loan package. Then submit the application for approval and appraisal, then the bank will offer a loan plan. If your repayment plan is reasonable and brings high profits, the bank will easily provide a larger amount of capital.
#1 Condition
To secure the loan, the bank sets the loan conditions. Customers who meet the requirements will be disbursed immediately.
√ Make sure the object pillow: As a form of credit guarantee, the lender will act as a creditor and will have rights over the customer's property as collateral. Based on this, the bank has a basis for debt recovery if the customer is unable to pay the loan.
√ Mortgage: Borrowers must have personal assets to provide as security or mortgage. Assets are meant to secure the repayment of your loan.
√ Pledge: Borrowers hand over their assets to the bank for proof. If you are no longer able to pay the debt, the bank will have the right to pledge the property or sell it to clear the debt.
#2 Procedure
These are just some basic documents, when going to the bank to register, they will ask for some other additional documents. But you should still prepare the following documents in advance.
- An application for a long-term loan in the form provided by the bank.
- Household registration book or long-term temporary residence certificate.
- Identity card or passport
- Documents proving your loan purpose
How to calculate long-term loan interest rate?
When you take out a long-term loan, you can calculate the interest rate on your long-term loan yourself. Below I have used an example to make it easier for you to understand.
Eg: Friend A has a bank loan with the amount of VND 200,000,000 for a period of 5 years, and the mortgage interest rate is 10.2%/year. Thus, the number of friendships A must have will be calculated as follows.
(200,000,000 x (10.2%/60)) = 340,000 VND/month (for 5 years).
* Note: The interest rate above is a fixed rate, it will not change during the loan term.
Points to note when taking a long-term loan
When you apply for a long-term loan at a bank, it means that you have applied for a large amount of money for a long time. Therefore, it is necessary to be careful during the loan period if you do not want to face credit risks. Please pay attention to the following points
- Long-term loans will tend to charge higher interest rates than short-term and medium-term loans. This is to ensure and limit the risks that may occur during the loan period.
- Long-term loan packages have less incentives than medium and short-term loans. And banks also rarely provide long-term loan packages for enterprises and enterprises.
- The issue of appraisal and application review will be more rigorous
- You need to have a reasonable calculation and repayment plan, come up with a repayment plan with the least risk for the bank to trust.
Summary
What is a long-term loan? I have explained above clearly for readers to understand clearly. A long-term loan is a loan for a period of 5 years or more. And long-term loan packages also receive less incentives from banks. If you intend to take a long-term loan but still have doubts, please leave a question below!
Maybe you need:
Post a Comment
Post a Comment