You should plan your loan according to your needs. The repayment conditions, allocation conditions and interest rates of loans for every need are different. And when applying, the bank will be asked for your reason for application.
Because, according to the general policies of the loan, the amount of allocation is different for each loan type. For example, the figures to be allocated for consumer loans are quite different from those allocated for housing loans.
It is not legally possible for banks to provide the figures
They allocate for housing loans for general purpose loans. Of course, banks will also doubt the very high demand loan demands. Because if a loan is taken for general needs, the amount is on average. Higher amounts are allocated for larger purchases, which will indicate needs such as home and automobile, and different loans are possible for these needs.
In addition, banks allocate car and home loans and pledge on property and cars. In this way, if there is a disruption in the payment of the debt, a direct foreclosure is put in the property or vehicle that is taken with a loan in the forensic follow-up process and the follow-up is carried out immediately without delay.
For this reason, banks do not give you a loan in the amount of hundreds of thousands of lira. In commercial loans, the situation is somewhat different.
Commercial loans to be allocated by banks
Are shaped according to different criteria according to commercial banking principles. Different loan groups such as commercial vehicles, business, and general finance loans are available for commercial loans. And in this case, the figures can reach astronomical dimensions. In fact, real estate and vehicle loans may remain low in addition to general finance loans in commercial loans. Of course, in this case, the qualifications of the Commercial Enterprise are taken into account. The past revenues, profitability, and of course the frequency and repayments of the enterprise are taken into account. Just like retail loans, a scoring system that analyzes your credit repayment history is used in commercial banking.
Of course, while a loan is allocated to a business enterprise, the credit ratings of the company partners are also effective. The credit rating of the dominant partners of the company should be high.
In other words, it is not possible to use consumer loans to purchase houses and cars, and interest rates differ. For example, while the consumer loan interest rate is at the level of 1.40, vehicle loans can decrease to 1.20, and housing loans to 0.90. Depending on the amount and maturity, as the figures grow, of course, the income of the bank will change, so some discounts can be made on interest rates.
Of course, there are some legal restrictions on loan amounts and terms. In this context, for example, the maximum maturity of 36 months in consumer loans, up to 70% of the vehicle price in second-hand vehicles, and 48 months in vehicle mileage up to 80% of the vehicle re-surrogate value can be made. In housing loans, this figure has maturities of up to 360 months, up to 90% of the appraisal value.
In addition, mortgage, a method that has been used frequently in recent years, offers flexible loans with low monthly payments for housing loans.
Consumer lending conditions of banks
Are a little more difficult than other loans. Because, as we said, the conditions of reimbursement depending on the person’s income and other indebtedness, since there will be no element that they can mortgage. Therefore, these loans are more difficult to allocate.
Some loan users prefer to use consumer loans and not to pledge on their vehicles, especially when they are taking vehicle loans. This situation, as we mentioned, while providing the advantage of not having a pledge, causes a more expensive loan.
It is the best method to apply for the right type of loan for every need. We recommend that you identify the loan that suits your needs correctly.