asked in Business+Finance by ELITE (3,548 points) 4 24 91
I would like to know if anyone have applied for bank loan in the past and successfully get it. 

What were the requirements needed to make getting the loan possible? 

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4 Answers

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answered by ELITE (3,084 points) 3 6 14
I have taken loan from banks many times and I trust there are different types of loan and same way different conditions of loan popularly known or tagged as terms of loan. There are loans that attract interest and also some that does't attract interest at all. So there are different types of bank,commercial banks, microfinance banks and islamic banks.. The Islamic bank is the only bank that doesn't request interest as a condition. The only requirements is the person must be a member or customer of the bank and mist have atleast 10% of the actual loan he/she is requesting. Another condition the customer must have tangible reason for the loan and means of repaying the loan.
All this conditions is same with microfinance banks and even other commercial banks except that certain percentage of interest will be added. And failure to pay back will attract forfeiture of the collateral.
replied by ELITE (3,548 points) 4 24 91
The interest to be added on the initial loan is a very big problem over here because when it's too much, it would difficult to pay back. 
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answered by VISIONARY (9,008 points) 7 17 71
Yes,I have applied for a loan in the past and actually got it,though it wasn't a huge loan anyway but I think the process was really same with any loan terms.

Getting a loan first step is to be a customer with the bank for  at least 6 months of course banks wouldn't give a loan to a total stranger out there the rule is you have to be their customer and if one has been with the bank for a good number of years the better. Get the loan application to start the process,filled out all the necessary information and it must be as truthful as possible.If it a loan that needs a colleteral,one should be ready to present one  and I know most loan type required this as a way of recovery their debt in case of defaulting. Sign all the necessary agreement with the interest rate to go with and wait for the money to hit your account.
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answered by LEGEND (6,072 points) 7 22 49
Honestly, taking loan from bank is one of those things I have not ventured into throughout my life. I guess this is so because of the stories I've heard about the dangers that goes with taking loan from them. Someone even told me sometime ago that once you take loan from some bank, you would find it difficult to pay back in time. And once this happens, they would come cart away or ceased all the properties you used as collataral for the loan. I guess all these has actually made me to look else whenever I am having financial challenges.

However, I am not really the type that would be in financial crisis requiring a loan from a bank. And whenever I don't have money or I need money for something urgent, they has always being miraculous ways God provide for me.
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answered by VISIONARY (9,060 points) 5 21 52
When I bought my first home I had to apply for a bank loan in order to pay for the home. I know that when I needed a new car the car dealership applied for the loan in my name and I had to pay them back. There has been more than one occasion that I have bought a new car and had a bank loan to pay it off. Most the time when I bought a new car I would drive it for 2 years or a little longer and then trade it in and buy another car. I did this a lot when I was younger until one day I decided it was time to just pay off the car and keep it around for a while. I was planning on leaving the country and moving to another country so it made a lot of sense to just pay off the car. 

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