Prior to ask for a loan It is important that we take into account some requirements that can play a fundamental role when it is granted, such as the financial profile, job stability or our ability to generate savings. Apart from these requirements, knowing a series of tips and tricks could have a positive influence so that the granting of credit is a success.
How to apply for a loan from the bank step by step
Search various options and compare conditions that the different financial entities offer us should always be the first step that we carry out. Once we have found the loan that interests us, these are the main steps that we must follow to request it:
- Provide our personal data: In order to avoid possible fraud, we must identify ourselves to the corresponding bank. The most common is to provide our ID at the physical office or by email if we process it online. If we are already clients of the bank where we want to apply for the loan, it will suffice to identify ourselves in the corresponding application or website as users.
- Offer our bank account number: in which we wish to receive the loan proceeds.
- Submit proof of income: Whether through our payroll, pension or bank movements, the financial institution will want to make sure that we have regular income that will allow us to deal with the debt.
Requirements and documentation necessary to apply for a bank loan
In order to guarantee that we will be able to repay the loan without difficulties, financial institutions usually analyze a series of criteria on our economic situation. In order to carry out this process, the most common is that they request certain documentation:
- Latest payroll: thanks to them they will be able to know what our salary is, if it has been stable during the last months and what is the company for which we work.
- Statement of income: This document allows them to know if we obtain any additional income apart from our salary, if we own a home or if we have other financial products such as pension plans, for example.
- Data from the CIRBE (Risk Information Center of the Bank of Spain): where financial entities can consult the debts that we may have. It is a database common to all banks and that offers information on loans and guarantees for each client, but only those that exceed 6,000 euros.
- Deeds of other properties: to check what properties we have and thus be able to make an estimate of our savings capacity. In addition, these properties could serve as collateral and/or collateral for the granting of the loan.
Conditions for personal credit
When granting a loan, most financial institutions usually require a series of usual requirements:
- Be of age: Banks have to ensure that the borrowed money will be returned to them, which is why the maximum age to request a personal loan is established at 75 years. However, in order to apply, we must have stable and regular income or a credit history. Two difficult aspects to bring together if we are not over 18 years old.
- Have some solvency and/or stable income: This will show that we have the ability to repay the borrowed money without difficulty.
It should be noted that some economic profiles start with a greater advantage when a loan is granted thanks to the ease they have for repayment. We talk about civil servants and people with regular incomean indefinite contract or a great seniority in your company.
Conditions for a mortgage loan
The usual requirements that we must meet for financial institutions to grant us a mortgage loan are:
- Starting conditions: They refer to the minimum income that we must have to be granted the loan, as well as the analysis of our saving capacity.
- Economic solvency: As with personal loans, having a certain solvency and not having outstanding debts will make it easier for entities to grant us a loan of this type.
Advantages of applying for a loan
Paying for our studies, buying a car or a home, taking that trip that we have been wanting for so long… there are many reasons that can prompt us to request a loan. Apart from our personal or professional wishes, there are also a series of benefits when requesting a loan that can help us dispel doubts about your contract:
- We can know in real time our financial status and control the debt we have with the bank.
- We will build a credit history that will allow us to access more important loans such as mortgage loans, for example.
- It allows us to finance the acquisition of a good at one time.
- We can repay the loan in easy installments
Tips for requesting a bank loan and getting it granted
Now that we know the main advantages, as well as the requirements and documents necessary to apply for our loan, it is time to learn some tips for requesting a personal loan that could facilitate its granting:
- Do not ask for more money than we need: It is important to request an amount that fits our project, as well as our economic capacity. Being realistic in our claims will increase the possibility of granting us the credit, in addition to avoiding paying more money for expenses and interest.
- Choose tight return terms: Applying for reduced amortization loans will help us pay less interest.
- Compare different offers: to find the loan whose conditions best suit our needs.
- Go to financial entities that know us: In addition to offering greater confidence, if we have an optimal credit profile, it will be more likely that our request will be granted.
- Read the conditions carefully: to make sure the loan requirements fit our project. Otherwise, they may deny us credit.
- Prepare the documentation in advance: making sure that all the information that appears in it is correct will help us speed up the process and avoid errors that could hinder the processing of the loan.
- Pay outstanding debts: Although some financial entities grant loans to clients that are part of some delinquent files such as the ASNEF, resolving all our debts before applying for a loan will increase the probability that they will grant it to us.
In the event that we cannot do so, the most advisable thing is to look for loans that accept clients that appear in this type of lists and files, or try to clean up our financial situation through the reunification of debts or by taking advantage of the law of the second opportunity.
How do Caja Rural entities manage personal or mortgage loans?
Thinking of starting a new project? The entities that make up the Rural Box Group We want to always be by your side to make things easy for you. Therefore, through our Ruralvía loan simulator You will be able to discover the option that best suits your needs. Click and discover the loan that best suits your circumstances.
Also, if you are thinking of buying a new home, but doubts assail you about which mortgage loan to choose, we put at your disposal our mortgage simulator. Thanks to this tool, you will know quickly and easily which loan best suits your needs.
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