The Basic Loans and Their Requirements

YOUR BASIC GUIDE TO LOANSBy Compare Hero

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EVERYONE NEEDS MONEY

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YOU ARE LYING IF YOU SAYOTHERWISE!

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LOANS COME IN MANY DIFFERENTTYPES DEPENDING ON THE PURPOSE.HOUSE, CAR, EDUCATION, BUSINESSDEVELOPMENT AND PERSONAL LOANSARE SOME OF THE MORE COMMONLYKNOWN LOANS.

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HERE ARE MOST OF THEM

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PERSONAL LOANThis is the loan that you take out to meet your personalexpenses that may include house renovations, educationexpenses, and so on. It is immediate cash and you cando anything with it. Personal loans may be secured orunsecured.

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CAR LOAN:This is the loan that you borrow to buy a car for you andyour family. When you buy a car using a loan you becomethe renter and the bank becomes the owner until you repaythe loan- even though the possession of the vehicle remainswith you. The loan usually requires a down payment thatdetermined by your credit history.

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WHEN REQUESTING FOR ALOAN, THERE AREREQUIREMENTSThis is the loan that you borrow to buy a car for you andyour family. When you buy a car using a loan you becomethe renter and the bank becomes the owner until you repaythe loan- even though the possession of the vehicle remainswith you. The loan usually requires a down payment thatdetermined by your credit history.

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HERE ARE THE MOST BASICONES

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YOU SHOULD BE ABOVE 21 YEARSOLD TO OBTAIN THE LOAN

This one’s no brainer

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COPY OF YOUR NATIONALREGISTRATION IDENTITY CARD

(NRIC)So that they’ll know it’s really you

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IF YOU HAVE A SALARY – PROVIDE THESALARY STATEMENT SHOWING SALARY

CREDIT INTO YOUR ACCOUNT, FORMBE/EPF STATEMENT; OR COPY OF AN

APPOINTMENT LETTER FROM YOUREMPLOYER

So that they’ll know that you have the ability topay

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IF YOU ARE SELF-EMPLOYED – COPYOF LATEST FORM B OR CPO2

ATTACHED/ EPF STATEMENT/COPY OFYOUR AUDITED FINANCIAL STATEMENT

AND PROFIT AND LOSS ACCOUNT.So that they’ll know that you are capable

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SOURCEhttp://www.comparehero.my

http://www.comparehero.my/blog/your-basic-guide-to-loans

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