You want to get a loan from the bank, but you do not understand this service? The following article will help you learn about bank maturity, to avoid confusion and profiteering.
"Bank maturity loan" - a term that is quite common and known by many people, however, if you do not learn carefully, it will easily be confused with other terms. And when misinterpreting its nature, the borrower himself will be at a disadvantage. Join CashBerry to learn about bank maturity loans in the article below!
Maturity is a common language used to refer to the due date, the expiration of the contract period, contract payment or debt repayment when borrowing from a bank . The maturity date is the last day you have to pay off the loan in full. The maturity date will be determined according to the contract you signed with the bank.
Bank maturity is a service to extend or finalize more loan or deposit time of customers to the bank.
Maturity is a common pattern of borrowers. Borrowers often use this form to extend or extend the loan period for loans at banks.
Explained in a simpler way, this is a form of re- borrowing when the old loan has expired but has not been able to pay off the debt. This form not only extends the loan but also helps the borrower not to be listed in the bank's bad debt .
+ Paying the loan on time, avoiding falling into bad debt:
The immediate benefit that everyone can see is that due diligence will help borrowers fulfill their obligations to pay the bank's loans on time. When done on time, borrowers will avoid being listed as bad debt. And once you have bad debt, it is difficult to get a loan in the future.
+ Reduce the risk of falling into a loan shark:
Everyone knows how dangerous and risky a hot loan is. Currently, hot loans or often called usury loans to make bank maturity are quite common. It's almost the only way for those who can't afford the maturity.
However, hot loans in the society are quite dangerous and bring many risks for borrowers. Incredibly high interest rates, unfavorable terms, terrorist forms of debt collection, ... these are the things that you can bear when entangled in black credit institutions , loan sharks.
+ Continue to maintain profitable business for better loan payment:
Another benefit of using a bank loan service is that the borrower can be approved for a completely new loan, sometimes with a larger limit than the old loan. Borrowers can use that loan to pay off the old loan and use the remaining money to continue investing and maintaining business operations.
Spot maturity is the action taken at the bank where you are taking the loan. You can get a loan extension at the end of your contract based on collateral. If your assets are appreciated, your business is growing, it is possible that the bank will grant you a new line with a certain term and interest rate.
This is a form of transferring credit contracts to other banks in the market with more favorable interest rates and terms, more beneficial to customers.
This is the case when the customer needs to withdraw the book to transfer, split or merge the book for sale, or transfer the book to someone else's name, etc.
+ Choose the form of maturity appropriate to your conditions and circumstances.
+ Different banks will require different bank maturity records. Therefore, you should ask the bank carefully before making the maturity to avoid taking a long time, leading to many related costs.
Because of the rush in the bank's maturity, many people have fallen into the black credit trap, using unscrupulous bank loan services with high interest rates. Therefore, you should be very attentive and calm to solve problems.
+ To ensure that the bank's maturity is fast and safe, you should find reputable bank maturity loan service providers .
Documents and procedures for bank loans to maturity will depend on each implementing unit and usually have the following basic documents:
+ Valid identity card or citizen identification, household registration book, marriage registration certificate.
+ Copy of bank loan documents.
+ Copies of documents related to collateral such as red book, car registration certificate, etc.
+ For customers who are business owners, it is necessary to prepare a business registration license from 2 years, an enterprise seal, a license to establish a private enterprise.
+ Contract to mortgage the property for the loan.
+ Debit note.
* Note: Depending on the different loan, the interest rate is calculated differently. As well as depending on the different loan period, the credit institutions will apply different fees.
Above is CashBerry's advice on the issue of bank loans and related content. For any questions about loans and finance, you can contact hotline 1900638385 for advice.