Today, loan programs are in great demand among s, because of the difficult economic situation in the country, almost every person takes a loan at least once in his life. Since the demand for such services is constantly growing, then the proposals are beginning to take on a different character. For example, today it has become possible to obtain a loan from a bank.
Credit abroad: advantages
The very first thing that can attract customers is the minimum interest rate for a loan, for example, if banks in the country offer 17-36% per annum, then abroad it will be only 3.5 – 7% per year. Of course, what is important is the purpose of the loan, as well as in which country. It should be understood that foreign banks offer advantageous loans for the purchase of real estate, where the minimum amount can be from $ 50,000. For foreign customers, the interest rate can be from 5-7% per year. Compared with such indicators, they will still be more profitable than in the country.
It is worth comparing the stability of foreign and domestic banks, then it is safe to say that the former are more stable. Here, the conditions for lending remain unchanged, which is why users can safely plan their budget for several years in advance.
How to get a loan in a foreign bank?
Of course, at first glance it may seem that such an operation is impossible, but still in the modern world you can get a good loan without even leaving the country. In this case, the borrower will be assisted by a consulting company that will work as an intermediary between the person himself and the foreign bank. Such companies can usually charge approximately 1% for their services. But, to save on the services of such companies, you can simply search for representative offices of import banks in your country. If you need money faster, a person should start by choosing a banking organization. The next step is to search for the organization’s representative in the country or search for a consulting company and perform the following steps:
- Apply for a loan and provide all the necessary documents;
- Wait for a loan decision, it may take up to 7 days;
- If the loan is approved, then you need to draw up an agreement and register it with the National Bank or the Ministry of Finance.
As for the collection of documents, it must be understood that each bank has its own requirements, mainly from the borrower they require:
- Passport of a citizen of the country and taxpayer code;
- Income statement, usually foreign banks require that the income is 1.5 times more than the monthly loan payment;
- If the loan is secured, then you need to provide documents for real estate or other valuable property.
When applying for a loan at a foreign bank, it can be repaid either in monthly or quarterly payments, everything will depend on the loan agreement. The lending currency is chosen by the borrower himself, today the most popular are the dollar and the euro. Many banks notice that the user pays his loan on time and without debts, so with the following loans they can offer more favorable interest rates and bonuses.
How to get a loan from a bank abroad?
If a person is abroad for work or for personal purposes, he can get a loan from banks without difficulty. In order to obtain the required loan amount, the borrower will need to have:
- International passport;
- A document that confirms the official resides of a person abroad;
- Employment document;
- Information that the borrower does not have arrears and debts on previous loans;
- Documents for real estate or valuable property in case of collateral for a loan;
- Surety, if a relative of the borrower lives in the country and is ready to take responsibility.
Most often, a mortgage loan is approved, while real estate that you buy itself acts as a collateral for a loan, this is the option that will give the bank confidence that the loan will be paid on time, without delay. Of course, it is worthwhile to understand that the chances of issuing credit funds will depend on the guarantees that the borrower will provide him. If the user refuses to pay the loan, then he will receive an appeal to the court, which may affect the credit history of the borrower. Many banks initially check the solvency of customers so that such situations do not occur.