What are the Documents Required for Tradesmen Loan?

 

It is becoming more and more curious about what it takes to get tradesmen loans. Especially the recent economic problems have badly affected the standard of life for everyone, especially tradesmen. Many people have financial difficulties and cannot find the source to return their trade. The government gives support to tradesmen and small-scale businesses every year in entrepreneurship. These supports are generally provided by state-sponsored banks, institutions and organizations. In addition, there are other special loans for tradesmen. When applying for this loan, you must take some documents and meet certain conditions.

Requirements for the Tradesman Bail Loan

Requirements for the Tradesman Bail Loan

Tradesman surety loan has undergone positive changes in 2019. Following the announcement of the official authorities, the loan amounts were increased and the interests were decreased. In this way, many people have applied to benefit from tradesmen bail loans. You must have certain features for this application to take place. Besides, you should bring the necessary documents with you. These documents are listed as follows:

  1. Identification of the business owner and photocopy of the identity document
  2. Photocopy of the business tax plate
  3. Registration document of the shopkeeper’s room to which the business owner is affiliated
  4. Tradesman registration certificate of the person requesting credit
  5. 2 passport photographs of the person requesting credit taken within the last 6 months

With all these documents, it is possible to apply for tradesman surety loan. In the event that these documents are completed, tradesmen who meet the necessary conditions can apply to the cooperatives they are affiliated with. Applications are made with a written petition and features such as the financial status of the shopkeepers are evaluated during the application process.

Tradesman Bail Loan Limit

Tradesman Bail Loan Limit

The question of how much the tradesman bail loan limit is a matter of curiosity. The credit received first examines your financial situation. If there is no problem in your evaluation, the limit and the maturity of the loan will be determined. The amounts of the tradesmen bail loan are listed as follows.

The maximum upper limit of the tradesman surety loan is 200,000 USD. In this loan type, the maturity is maximum 60 months. If you are taking the loan for investment purposes, the maximum limit is set at 250,000 USD.

Tradesmen Bail Loan Repayments

People who ask the question of what happens if the tradesman bail loan is not paid are those who take this loan and are not knowledgeable about reimbursement. There are principles to be followed by the people who receive the tradesman surety loan. The payments of the loan you receive vary according to the limit. However, general refunds are made in 3 months and 6 months. Maturities are determined in these 3 and 6 month periods. In addition, interest rates vary depending on your payment schedule. The interest rate, which was determined as 4% in the first year, was determined as 5% in the second and subsequent years. It is also preserved in writing that it should not exceed these limits.

Who Cannot Benefit From Tradesmen Bail Loan?

Tradesmen Bail Loan Repayments

People who do not know what the conditions for withdrawing tradesmen bail loans are very low. Some people may not get credit even if all the conditions are met. The main reason for this is that the documents are wrong or incomplete. In addition, it is unlikely that people who have previously been blacklisted will be credited. Blacklisted persons are those who have not previously made a loan payment and started a legal process with the bank. Besides, in order to benefit from supported loans, the certificate program required by must be completed. It is also necessary to register in the database and fulfill other requirements.

How the Bank Decides During the SME Loan Approval Process

Getting approval for SME loan; means that small and medium business owners use credit to support their businesses. Business owners who are entitled to use SME credits provide the necessary support for their businesses.

The commercial loan type can only be obtained on behalf of businesses, and since they are issued in different regulations than individual loans, they have different statuses. Who is given the SME loan of those who want to use credit? The answer to the question is given to small and medium enterprises.

What are the Types of Loans for SMEs?

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SME support loan is given in two ways in 2019. Credits grouped under two subheadings;

  • Cash SME loan: Tradesmen loans in equal installments are used as loan types used by business owners to meet their cash needs in the short term. SME loan, which is frequently used by small businesses, is a type of business loan that can adjust the payment plan according to its budget and is used by certain tradesmen whose earnings are used.
  • Non-cash SME loan: It is the type of loan used for big dealership applications in case of large companies participating in the tender, and for purchasing goods. Non-cash SME loans can be explained briefly in the form of the bank’s commitment (guarantee provided by the Bank) on behalf of the applicants to fulfill their obligations by doing these works.

How to Apply for SME Support Loan?

Business owners who want to apply for SME Loan give information about why they need to use loans by interviewing the banks’ credit specialists.

During the mutual meeting held by the customer and expert personnel, the type of SME loan and the amount of credit to be used and the maturity period are decided. Following the decision process, SME officials share information about the reimbursement conditions and how and where to pay.

The credit evaluation process begins behind the information shared with the bank. In case of positive results for SME loan applications, a payment plan is prepared and signatures are signed. Business owners who are entitled to use the loan can obtain their credit cards after approvals and signatures.

What are the Requirements for SME Support Loan Applications?

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The SME loan conditions that banks want from the applicants differ between banks, but they are the same as the general loan terms. Support loan that can be used by the owners of the business is not used to open a new business.

In order to use the tradesmen loan offered by banks, it is necessary to have a business in operation. Tradesmen loans are given to meet the needs of small or medium level trades in their workplaces or to change their workplaces. The most important condition required by the business owners who apply is to have a business owner.

How Does the Process of SME Loan Approval Progress?

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In the SME loan approval process, firstly, business data is prioritized. At least 1-year tax plate of the workplace and additional information that the operator has made a profit should be shown on the plate. Loans used in commercial loans are in short term.

Applicants who wish to withdraw long-term loans, rather than loans held in the short term against the risk factor, should show collateral. It is very effective to show a guarantee of the fixtures, vehicles and real estates belonging to the company in the loan approval process.

Another factor affecting the SME loan approval process is the bank credit rating of the business owner. Approval is required for all partners required for loan applications.

For this reason, it examines the registry status of all the partners belonging to the enterprise applied by the bank to which the loan application is made. Even if any of the partners have a low credit rating, they can request collateral by not approving the loan request.

What are the Documents Requested in SME Loan Application?

What are the Documents Requested in SME Loan Application?

Banks, which give pre-approved loans after the evaluations, request some documents from the business owners applying for SME Loans. The documents requested by the bank are as follows;

  • Documents with financial data
  • Workplace balance sheet documents
  • Income documents of applicants
  • Residence documents of applicants
  • Registration sample document showing that the Trade Registry Gazette is registered

How to Make SME Credit Calculations?

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Business owners who want to apply for SME loans should primarily review the most appropriate commercial loan calculation, comparison, and research processes.

By investigating the answers to the questions such as how much the loan amount should be withdrawn and in which process the repayments should be, using the loans in the payment processes that are suitable for their own budget ensures that their businesses do not suffer.

The fact that the operator, who has the power to pay in 24 months, tries to pay the loan in 12 months may cause negative results.

It is in favor of business owners to seek credit by researching commercial loan interest rate calculations and the most appropriate commercial loan calculations and by conducting a good feasibility study.

What Happens If SME Credit Is Not Paid?

What Happens If SME Credit Is Not Paid?

In requests for SME loans issued by banks, applicants are generally required to show collateral. The decision of the guarantees to be shown is determined by the purpose and type of the loan. Guarantees to be shown;

  • Property,
  • Any goods or fixtures,
  • It can be check or promissory note.

In cases with credit card payments, it is decided by the first meeting with SME officials. A new payment plan can be prepared for loan holders who do not make loan repayments, or the legal process for the guarantees shown begins.

People who have problems with loan repayments generally agree with the authorized bank and agree on a common point in drawing up the payment plan.

It is difficult to find interest-free loans when using SME loans. You can get interest-free loans with the Ancan government support SME loan.

You can make zero interest-free loan applications with the campaigns made on GFIC. They are not always loans. You can use the SME Loan Calculator on our site to calculate the SME loan.

We advise you to read our previous article, ” Why the application for a consumer loan is not approved.” You can browse the topics that may be of interest in our Consumer Loans category.

Restructuring consumer loans

Paying general purpose loans provides great opportunities for people who have difficulties in paying their debts.

Today, banks, which are the institutions that many people apply to meet their financial needs, offer quite suitable options for cash needs. Configuration can be done for customers who cannot pay their debts or take advantage of changes in interest rates.

Personal loan type

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A consumer loan is offered as a personal loan type with different options to meet all needs of consumers. Banks operating in our country;

It offers advantageous options to meet urgent cash needs for medical expenses, wedding expenses, renovations, holidays and many more needs. The most appropriate loan is the loan that can meet the needs of the consumer and in the amount that it can pay.

When consumers find it difficult to pay the loans they take, loan configuration options come into play. Consumers can apply for the configuration themselves. However, banks generally offer their customer’s configuration options due to delays in payments.

The interest and maturity options offered for the configuration are calculated in order to pay the loan installments more easily. You can find the details about consumer loan and configuration in the rest of our article.

How to Configure a Needs Loan?

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Reimbursement scheme is very important in financial supports received from banks. In case of difficulties in payments, your registry is badly affected. Banks generally wait 90 days for unpaid loan installments. The bank prefers legal remedies for debts exceeding 90 days without payment.

If you have difficulty in paying the installments of the loan you have received from the bank, it is possible to structure your loan with much more favorable interest rates according to the conditions of the day.

Under normal conditions, general-purpose loans can be matured for up to 48 months. Bank interest rates are offered in different options at each bank in 2019. Although it is a situation that is at the discretion of the bank, some banks can increase the configuration period up to 72 months.

What are the Points to be Considered in Demand Loan Structuring Processes?

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There are some issues to be considered in consumer loan structuring processes. If the consumer has difficulty in paying monthly installments, then he can apply for configuration options. The important thing at this point is that the person pays the loan on time.

It would be logical for people who have difficulties paying their loan debts without any delay. Thus, the credit rating is adversely affected. Other points to be considered in the consumer loan structuring process are as follows;

  • Not every configuration offer may be advantageous for every consumer. For this reason, profit and loss calculation must be done properly in the configuration process.
  • After the configuration, the total and monthly amounts to be repaid should be well calculated.
  • Each bank can offer different interest rates and repayment options for the configuration. For this reason, you should do your research well.
  • The fact that interest rates can be reduced in the configuration generally applies to house loans. If the interest rates of that period decreased in the agreements made in the housing loans, the consumers can benefit from the low-interest rates by restructuring the housing loans.

Loan Calculation Tool by Entering Interest Rate

The process of making a loan account with interest rate and viewing the loan installment in bulk is an important method used by the people who will make loan payments while preparing the payment plan. Many banks providing services in the country, offers a detailed payment schedule for loans and other credit accounts in a detailed manner to their customers. Through the official Internet addresses of the banks;

  • Loan interest rate
  • Loan amount
  • Maturity, etc.

You can perform appropriate loan installment payment calculation using the options. By entering the interest rate, the loan calculator tool instantly calculates loan payment details and many other elements for you. You can perform these calculations whenever you want, from many online platforms and through the banks’ official Internet addresses.

What Does Credit Calculation Do By Entering Interest Rate?

What Does Credit Calculation Do By Entering Interest Rate?

Making credit calculations by entering credit interest rates and maturity options on the system will give you many advantages. It is not possible to calculate a fixed loan interest rate for all loans as the loan interest rates differ according to banks and periods. For this reason, you need to use credit interest rate calculation tools with updated data. Thanks to the loan calculation process by entering the interest rate;

  • Detailed payment plan
  • Installment amounts by months
  • Maturity options etc.

You can view the details. Various differences may occur in the calculations you will make according to the type of loan you use. Therefore, do not forget to determine your credit type and bank.

Credit Installment Calculation by Entering Interest Rate?

Credit Installment Calculation by Entering Interest Rate?

From loan installment calculation tools, you need to enter credit features in detail while performing the installment calculation. Again thanks to similar calculation tools;

  • File expense
  • Credit maturity range
  • Credit insurance options
  • Interest rates etc.

Many different elements can be calculated. Credit installment payments can be calculated by simply entering the interest rate. To calculate loan installments, you can use the calculation tools of the banks through their own corporate websites, or you can perform a healthy loan calculation through the constantly updated Internet platforms. If you perform credit calculations from bank branches, you can access more detailed information about the payment plan. The loan installment calculation process by entering the interest rate will help to establish your debt payment periods in a controlled manner.

What are Interest Rate Loan Calculation Applications?

What are Interest Rate Loan Calculation Applications?

By calculating the interest rate, loan calculation can be done through many different applications. Calculations based on loan type and bank options will help us prepare an advantageous loan repayment plan. Credit calculation applications by entering interest rate;

  • Prepare the detailed payment plan
  • Detailed installment viewing
  • Early closure penalties, etc.

It responds to all topics. Loan rates are calculated by applying interest to the existing loan amount according to regular payment periods. The total remaining loan amount is multiplied by the loan interest rate and added monthly to the installments to be paid. By using loan interest and loan calculation applications, you can view the loan installments that increase according to the maturity over current amounts.

Why Necessary Loan Application Is Not Approved

The reasons for the rejection of the consumer loan application mostly stem from the information that the banks obtained as a result of their intelligence.

No Credit?

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Bank officials evaluating loan applications made to them;

  • Determining the risk level of the applicant,
  • Determining the solvency of the applicant

He wants to work with customers who will not find it difficult to repay the loan they have used as a result of their evaluations. In these evaluations, there are some basic reasons underlying negative response in loan applications.

Unless there is an intervention to correct the related causes, knocking the banks’ door in cash needs will not yield results. In this article, we have gathered for you which points the banks pay attention to in their loan applications, what they use as a determinant and what should be taken into consideration in order not to get a negative response from the banks.

With the information in our article, you can be a person whose applications to banks are accepted and even wanted by banks to work with them.

What is the Effect of Credit Rating on Approval Process?

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Commonly, low credit rating is the leading reason for rejection of consumer loans. The credit rating is a score type in which the applicant’s risk level and payment habits are measured.

  • Credit card usage,
  • Use of credit,
  • Existing credit and credit card debts,
  • Plus balances on the term / demand deposit account

The banks are given a score by the banks with such deterministic effects and this score range is compared from the list below:

  • 700 – 1099 Medium Risk
  • 1100 – 1499 Low Risk
  • 1500 – 1699 Good
  • 1700 – 1900 Very good

Your current credit rating is requested by banks to be in the least risky group at worst and close to the upper limits of the group in which it is located. Before the consumer loan applications, the credit note learning process should be completed by using the existing methods, and the loan application information should be compared by comparing the information obtained from the table above.

What is the Effect of Black Listing on Approval Process?

The Credit Registration Bureau, established by banks, is a system used by banks during their intelligence process during the approval process to store and evaluate credit information. The existence of evaluations made by banks after each loan and credit card application can be clearly understood by the number of KKB applications. According to the information received from the relevant institution, the application loan applications of the applicants included in the group called black list with irregular payments made in the past period will encounter a rejection response. To fall into the black list;

  • Credit card,
  • Credit

Legal proceedings should be made by not paying their debts for at least 90 days. If the applicant has not followed legal proceedings in their past payments, the application for consumer loans is not rejected due to the black list.

If you say ” How Can I Find Money?” I recommend you to read our topic.

What is the Effect of Unapproved Loan Applications on Approval Process?

Successive loan application is a development that causes the credit rating to decrease. This mistake, which is usually made by people who want to try their luck at the same time, causes the applicant to appear high in the risk level and receive a rejection response in consumer loan applications.

First, after comparing the conditions of banks for general purpose loan applications, an application should be made to a single bank, and then an answer should be sought when the excess loan applications made in the past are deleted from the system. 180 days must pass for excessive loan applications in the past. If there is a rejection response you received in the previous period for re-application, make sure that this period has expired in order to apply for a need loan again.

What is the Effect of the Calculation Based on Your Payment Power on the Approval Process?

What is the Effect of the Calculation Based on Your Payment Power on the Approval Process?

Applicants wishing to use consumer loans also need to undergo a questionnaire of income applied by banks. Along with the loan calculation made by presenting documents showing the monthly income status to the banks ;

  • Existing debts,
  • Being married or single,
  • Whether to have children,
  • Whether the house you live in is a rental house

The payment power determined with the monthly installment amount of the loan applied is compared. To give an example, if the assessment made by the bank according to the income level, the person can pay a maximum monthly installment of 1,500 TL;

  • 18.000 TL for 12 months,
  • 36.000 TL for 24 months,
  • 54.000 TL for 36 months

Payment plans are prepared that will not exceed the amount. It should not be forgotten that there is an interest amount with the principal in the given limits, and the monthly installment amounts and the income level should be compared according to the interest rates of the banks by using credit calculation tools before the loan application.

What is the Impact of the Approval Process of the Consumer Loan Application with Missing Documents?

A number of documents are requested for consumer loan applications to banks. Although some banks do not request documents from their customers online, in applications made from the branch in general;

  • Copy of identity card,
  • Electricity, telephone, internet or water bill arranged by name,
  • Document showing monthly income,
  • SGK service breakdown,
  • If necessary, collateral or mortgage documents

It is requested. It is known that applications for consumer loans made in case the related documents are not completed will receive a rejection response in accordance with the procedure of the bank.

During the application, after confirming all the documents both from the bank’s website and from the branch employee, you must complete your application documents and submit them to the bank branch.

What is the Effect of Mortgage or Collateral Deficiency on Approval Process?

What is the Effect of Mortgage or Collateral Deficiency on Approval Process?

Banks;

  • The negativity observed in the credit registry,
  • Low credit score

For such reasons, an immovable property or vehicle demand may be encountered during the loan approval process. At this stage, the loan amount to be used by banks;

  • 50%
  • 70%
  • 75%
  • 80%

The mortgage with the value corresponding to such rates must be displayed on the immovable or vehicle to be displayed. In order to determine the value of the related goods shown as mortgages, the experts of the banks perform the valuation process. If the value of the immovable property or vehicle desired to be presented as a mortgage does not correspond to the amount requested by the bank during these expertise studies, the application for the general purpose loan may encounter a rejection response.

Banks have difficulty in giving credit to many people for many reasons or you will be directly rejected. If you have had problems with banks before, it becomes more difficult to get credit. For this, it is a little easier to apply and get credit with banks that give easy loans or banks with no guarantors or banks that provide instant loans. You can calculate the loan amount you want with the Consumer Loan Calculator on our site.

We recommend you to read our previous article titled What are the Housing Loan Cost Items. You can browse the topics that may be of interest in our Mortgage Credits category.