Do you need money to pay off any debt? Below we detail the Requirements to Request a Bank Loan. Likewise, it should be taken into account if you are prepared to assume this commitment, which must be paid month by month subject to an interest rate.
You will also find information on the steps that must be followed to request it, the interest rate that is applied, the benefits that this loan brings and much more information. Keep reading to find out everything.
What are the Requirements to Request a Bank Loan in Peru?
As a first instance, the general requirements to open a file are set out below, which are part of the Requirements to Request a Bank Loan:
- Have a business at least with six months of operation.
- The National Identity Document (DNI) of the holder, spouse or common-law partner.
- Proof of some service (telephone, water, electricity).
- Not be delinquent within the banking system.
There are also other Requirements to Request an Additional Bank Loan. These are the following:
- Documentation that certifies the operation of the business, that is, sales and purchase ticket, the Single Taxpayer Registry (RUC) or Licenses, registration of expenses and business entries, etc.
- If you own a home, attach the title deed, certificate of possession, statement of sale, certification of heirs or other documentation that proves the property.
- In the case of living in the residence of a relative or as a guest, present the hosted certification granted by the owner of the house, and the National Identity Document of an endorsement with their own home.
- If you live rented, consign the lease contract and the DNI of a guarantee with your own home.
- Having experience within the financial system, it is necessary to present payment receipts and / or schedule of payment of the debts in force.
NOTE: The documentation will be requested by the credit analyst, if the analysis requires it.
- Copy of National Identity Document of the partners.
- Proof of water, telephone or electricity.
- Business documentation.
- The residence documentation of the legal representative and the guarantees.
- The articles of incorporation of the company.
- Current powers of attorney valid for a maximum period of eight days.
- Income declaration for the year and the last three PDTs.
- Documentation of possession of the property that will be granted as a guarantee.
- The telephone, water or electricity vouchers of the establishment where the business operates.
NOTE: It is valid to request extra documentation or intervention of a guarantee, according to the valuation made.
Steps to Request a Bank Loan in Peru
Applying for a loan is something that can help us in some situations in life, whether it is to start our own business, take the dream trip or to pay a debt that we have.
However, loans are not granted so easily since you must meet the required requirements and be prepared for this.
The steps to follow to request a loan in Peru are detailed below:
- Prepare to Apply for the Loan: Define if the loan is necessary, therefore it must carry out a study of income and expenses. If your debts are larger than your income, you may need to borrow. If the loan is for a specific situation (purchase of appliances, marriage, studies, etc.), it is suggested to know how much you are going to spend so as not to request more than is required.
- Review the Credit History: The information must be known as it is essential for loan approval.
- Have a Savings Account: If you are a dependent or independent employee, you musthave a savings accountThus, the bank where the loan is requested can obtain the easiest saving behavior. When you receive money for each job, you must save an amount in the savings account and create the savings behavior.
- Evaluate Ability to Pay: Before applying for the loan, you have to make sure have job stability and solvency to be able to comply with the payment in the stipulated time. It is advisable to make a table specifying the income and the debts to pay, in order to know exactly if it is possible to pay the borrowed amount.
- Keep Accounts Up to Date: It is possible that you have a debt, and if you want the lender to make sure that you have the sufficient resources to pay the loan, you must be up to date with basic payments such as: electricity, water, telephone, etc. Paying for these services is essential for the loan to be tested, because they are basic needs.
The second step
- Start the Loan Procedure: Find out about the different lenders, which start from savings banks, cooperatives, banks, pawn shops and municipal banks. The institutions that clients turn to are banks, because they generate trust even by applying high interest rates.
- Study the Different Advantages They Provide: Every lender offers different advantages to apply for a loan. It is advisable to review each one and define which is the most convenient. One of the advantages it offers is the time it takes the client to pay the loan, the payment times, payment facilities, etc.
- Submit All Requested Requirements: After choosing the appropriate lender, go to the nearest office and deliver all the documentation they request. Generally, it is necessary to justify the gross income that is between 1,000 and 2,000 soles, record identifications, vouchers, and substantiate the age of majority. You must also be sure of the amount to be requested, then submit the documents, sign them, review the details to receive the amount requested.
- Protect Money: When you have the money, it is convenient to take care of it, so it is necessary to open a savings account or place it in an account that has. This point is easier in the case that you have applied for the loan in a banking institution, since they offer this opportunity.
- DDefine the Payment Method: To know how much should be paid and the time is owed verify the loan agreement, the committed quotas are detailed there. However, the financial institution will notify about the amounts to be paid and the period of time. According to the income received, the amount that must be paid each month to the financial entity and of course the period of time can be set. Keep in mind that payments can be paid in part or in full when desired, which does not generate cost or penalties.
- Set Payment Channels: Payments can be made through ATMs, windows, online or bank agents. The municipal and savings banks also have an online bank where bank transfers can be made.
- Check the Payment Notifications: Month by month through an email or a letter, payment notifications are received, about the loan amount and the expiration date of the next installment. It must be pending, because if you forget the due date you can end up paying interest.
- Enjoy the Loan: All of the above are the steps to follow to cancel a loan. If you want to request another later, you must keep an eye on your credit history, since the financial entities give a lot of importance to approve this loan.
Fees When Requesting a Bank Loan
There are banking institutions that provide loans of up to 7 times the salary with a maximum ceiling of 60,000 soles, such as Interbank and Banbif, the bank Falabella grants 50,000 soles and the Banco de Crédito de Peru 87,500 soles. The number of times the salary is a general criterion to calculate the client’s ability to pay, according to income.
banks normally grant the opportunity to repay loans over a period of between 48 and 60 installments.
Which gives the client the possibility to choose between this margin the time that suits him best. BBVA, Interbank and BCP grant a period of up to 60 months, Banco Falabella and Banbif grant a period of up to 48 months.
According to the evaluation, the customer’s credit qualities are defined and the maximum amount for each installment will be indicated. It is recommended to calculate the amount of installments, in order to prevent arrears or the payment of excess interest.
Some experts in the area have pointed out that interest rates are changing and are subject to the characteristics of each client: the amount they want for a loan, credit history and consumer segment, are the fundamentals.
In the case of Banbif, the rate is changing, however, its tariff indicates that they have rates that reach the 24% Annual Effective Rate (TEA).
According to the Superintendency of Banking and Insurance, if a 12-month personal loan of 10,000 soles is used, the limit rate ranges from 23.67% at the financial institution to 57.52% at Banco Falabella, with installments between 931 to 1,056 soles.
Benefits of Requesting a Bank Loan
Among the benefits granted by applying for a bank loan are those mentioned below:
- This loan grants the necessary amount to solve some expense. Low amounts can be requested, which are used to pay for studies, buy school supplies or buy food for the family. Also, to invest in the initial for a car, a house or pay off a debt with high interest.
- Receive a loan that can be paid according to the client’s capacity. A personalized credit plan, which goes hand in hand with the economic possibility.
- The loan is approved within 48 hours and the money is received three days later, so it is very fast.
- It makes it possible to finance the obtaining of a good at the moment.
- The payments to be made are simple, since your amortization is through constant installments.
- You always have the opportunity to know the amount of debt you have with the financial institution.
What is it? Requirements to Request a Bank Loan
A bank loan is a financial transaction where 2 elements are involved, the one that lends (institution that grants the money) and the one requesting the loan (legal person or natural person who receives). The amount of money to be lent and the interest to be used, which are defined at once, with the agreement that it will be returned.
This is a highly requested financial tool, both by individuals and companies. When speaking of bank loan, reference is made to personal loan or consumer loan.
If you are thinking of obtaining some asset, paying a debt, investing in a business, paying for studies, etc., it is time to consider applying for a loan. So here you have the Requirements to Request a Bank Loan.
Do not think about it anymore and get ready to gather the Requirements to Request a Bank Loan correctly, so as not to cause delays in the process, so that you can receive the money as soon as possible and carry out the transaction you want.
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