When you want to buy a car or a house, what is the first thing you do? Look at the types of houses and cars first? Tell everyone that you can afford to buy a house first? No no no!
In fact, the most important thing to do is to get a loan! Although it is easy to say, before applying for a loan, please remember these 5 points! After understanding the T & C of the loan, it is not too late to apply!
Companies you may be interested in
1. Who should I borrow money from?
There are more than 24 banks recognized by the country in the market, and each bank will provide different interest rates and discounts to meet the needs of applicants. However, there are still many Malaysians who believe in the rumors of loan sharks and other private institutions, and finally the interest will pile up, and over time they will owe a huge loan that cannot be repaid! Although the procedures of those loan institutions are simpler and easier, the editor still strongly recommends that you must borrow from banks, which will be much safer!
How much can I borrow?
Before taking out a loan, you must know your debt service ratio (DSR) so that you can roughly estimate your ability to repay the debt.
For example, debt service ratio = total monthly debt (divided by monthly salary) x 100%
If your monthly debt is RM 600 (including credit card, PTPTN), and your salary is RM 3,000, then your debt service ratio = RM 600 / RM 3,000 X 100% = 20%
The best debt service ratio is no more than 40%, while the worst ratio is 60%. Therefore, when you want to borrow money, you must first calculate the monthly Austria Phone Number List debt service ratio. As long as it is within the appropriate range, you can rest assured to borrow money.
How much do I need to repay each month?
The bank will use your monthly salary as a benchmark to determine how much you can borrow/how much you can repay each month.
Each bank has different standards, so remember to ask the bank staff yourself! But when applying for a loan, the editor has a tip, which is to make sure all the documents are ready, such as the employer’s employment certificate, etc. In this way, your chances of successfully obtaining a loan will be higher!
Check interest rates
When taking out a loan, you must pay attention to the interest rate! Because the higher the interest rate, the more interest the lender gets! No matter what Germany Business Phone List type of loan you choose, you must ask the interest rate of the loan in advance! Is the return on the interest rate calculated monthly or annually? What are the prepaid fees and handling fees for the loan, etc. Once the contract is signed, there is no turning back. So the interest rate is very important!
