Do you have a project but don’t have the funds to carry it out? The bank could give you credit if you meet its evaluation criteria. After which, the procedure for applying for a loan from your bank is relatively simple. It can be broken down into 5 steps.
1- Find the financial institution
Even if you are already affiliated with a bank, you do not have to apply for credit there. By competing against several lending institutions, you will realize that your bank’s offer is still not the cream. Online comparators allow you to find different offers for free with better rates. You can also hire a broker to identify banks that may be interested in your project. He also supports you in establishing your file, making it more solid.
2- Build a solid file to request a credit
Once you have found the bank, proceed with the constitution of your credit application. In general, it includes proof of identity, a certificate of residence, your latest payslips, the last three account statements and an explanation of the destination of the funds that will be granted. Depending on your professional or financial situation, you may be asked for other documents. If you go through a broker, he will take care of establishing your file and then submitting it to the lending institution.
3- Simulate your bank loan
Before submitting your application and requesting a credit, it is imperative to assess the overall cost of your business. This is to avoid unpleasant surprises. You must consider, among other things, your borrowing capacity, the bank fees and broker consultation fees, the amount of the loan and repayment, any charges, etc. Also take note of the penalties that are applied by the bank if there is never a reason for early repayment. That’s a lot of calculations, but thanks to free online simulators, you can easily estimate the overall cost of your loan.
4- Find the loan that suits you
A banker studies your file, in particular the viability of the project. He can offer you a loan offer according to your needs. However, loans can be grouped into 4 categories: medium or long-term bank loan, leasing, long-term rental and short-term credit. The offer thus includes the characteristics of your loan: the amount of the loan and the monthly payments, the duration of the loan and the deadlines to be respected.
5- Wait for agreement in principle
Although the offer has already been presented, it is only formalized when the bank confirms its acceptance of the loan. It will be sent to you in due form and you have 10 days to withdraw if you change your mind. Beyond this period, the lending institution expects you to return the signed offer by registered mail. Formalities completed, the last step to request a loan will consist of opening an account with the bank that will have granted you the loan.