Bank loans: all the useful information
THE bank loans represent a form of credit access very common, both for individuals and for companies who need a constant flow of liquidity to run their business.
THE funding they represent one form of credit which allows people to have money on loan from a bank. These funds can be used for a variety of purposes, such as purchasing goods or covering sudden expenses.
Every bank offers different types of financing, depending on the purpose and duration; therefore, it is important to compare the interest rates and conditions of each bank before choosing which one is best suited to your needs.
How to apply for a loan from a credit institution
To apply for a loan, it is first necessary choose a bank.
Once you have chosen your bank, you need to fill out an question of access to financing. The bank will ask for some personal information, such as:
- home address;
- l’età anagrafica del soggetto richiedente;
- [if–> the average annual income;
- the profession exercised.
THE necessary documents to be attached to the loan application are:
- the identity document;
- the tax code or health card;
- an income document: the last paycheck, the pension slip, or the CUD.
Finally, an IBAN will be required in order to be able to pay the requested sum once the loan has been approved and to debit the monthly installments (it is not possible to indicate an IBAN linked to a prepaid card).
Once the loan application has been sent, the bank will review the documentation and evaluate it. If the application is approved, the bank will send a confirmation email with the details of the loan.
Requirements for applying for a bank loan
To be able to apply for a loan, you must:
- aged between 18 and 75;
- residenza in Italia;[if–> demonstrable income through documentation;
- IBAN of a current account in your name on which you will receive the requested sum and the debit of the monthly installments (it is not possible to indicate an IBAN linked to a prepaid card)
It is important to underline that banks have the obligation to carefully evaluate the ability of a person to repay the loan; therefore, if the institution considers that the person is unable to do so, it can refuse the request presented.
How to choose the loan that best suits your needs
Before applying for a bank loan it is important carefully evaluate your needs and your own budget: in fact it is important to make sure that the chosen loan can be sustained in the long term and that it is suitable for your needs.
In addition to this, it is good to consider aspects such as:
- the type of interest rate;
- la presenza di costi aggiuntivi oltre al tasso, come ad esempio le spese di istruttoria pratica, oppure penali in caso di estinzione anticipata del finanziamento, così come la presenza di spese legate alla stipula di una polizza assicurativa o altri costi di gestione legati alle rate;
- [if–>the APR, acronym for Global Effective Annual Rate, which indicates as a percentage how much the loan costs per year. This index summarizes all the compulsory and ancillary expenses, and constitutes an excellent value for comparing the various offers of the banks;
- the duration of the loan, which directly affects the amount of the installments;
Once these variables have been examined, it will be possible to choose the best solution for your needs.
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