List of 6 Phases in Having Personal Loan To Bank
PERSONAL LOAN – Here are the six(6) phases in having a personal loan to a bank.
In the Philippines, among the institutions that offer loans to the public are the banks. In fact, most banks in the country offer several types of loan thus the public has a lot to choose from.
Most banks in PH offer personal, housing, car, and salary loans. They may come in different terms depending on what the bank has set. They may also require different sets of documents for application.
Meanwhile, there is one general process in having a personal loan to a bank. This whole process is from finding the best loan offer until you finally get to pay the last monthly amortization.
Based on an article on Moneymax, here is a list of the six(6) phases in having a bank personal loan:
Phase 1 – Checking for loan offers
It is important that you check on a variety of loan offers. Compare them – the terms, the loanable amount, the interest, the requirements, etc. It is one way to make sure you get to apply for the loan that is suited to you.
Phase 2 – Apply for the loan
In applying for the loan, prepare the requirements first and then go to the bank for the application. In that way, your expenses in going back and forth the bank would not be so big. You may also apply online.
Phase 3 – Processing of the loan
The approval of your loan application may not come right away. The bank will have to evaluate your documents first and your eligibility as well. In this phase, you will have to wait for the notification from the bank.
Phase 4 – Release of loan
You will be issued cash or check. You may also have it directly deposited to your bank account.
Phase 5 – Loan repayment
There are several options on how to repay for your loan based on the article. It can be through post-dated checks, over-the-counter, a deposit account, etc. It will depend on the terms of the bank.
Phase 6 – Closure of your loan
Your loan will be closed after you have made your final payment or your last monthly amortization.