Business loan what is a thing?Commercial loans are used to supplement working capital loans for industrial and commercial enterprises, typically a short-term loan, usually 9 months up to one year, but there are also a small number of medium-and long-term loans. This type of loan is a major component of commercial bank loans, generally to one-third per cent of total loans.
procedures are simple and fast approval, relative to population, property developer more interested buyers choose this way. Loan term not longer than 30 years. Typically, final maturity date of loans borrowers less than (men 65 years, women 60 years of age).
loans commercial loans, there are two main ways: 1, method of equal repayments, namely monthly with equal amounts of the borrower to repay the loan principal and interest, also known as the matching law. Which features monthly payments of principal and interest and easy to budget, early repayment is reduced, but the early repayment interest rates accounted for most of the monthly payment, repayment of principal in proportion to increase gradually, gradually reduce the proportion of interest, so as to achieve relative balance. Such payments also have higher interest rates, but the early repayment pressure.
2, equal principal repayment method, namely the equal monthly repayment of principal, interest on loans with principal monthly decline, diminishing payments every month, also known as the depreciation method. It features monthly repayment of principal, interest is calculated according to the loan principal amount daily, larger early repayment, the monthly repayment amount decreases. This low interest repayment, but the early repayment pressure.
business loan application procedures: 1) available to all are thorough consultation with business units to understand credit personal loan type, loan origination, loan amount, and so on.
2) information to be provided to the lender and prove that borrower and spouse of a booklet, identity card (original and copy). The borrower and spouse are not proof of marriage is required under the same booklet,
3) the loan amount and the time limit under the existing policy, loan term to 20 years, loan Bank borrowers review the material and demonstrate.
4) borrowers and lenders to sign the contract. Borrowers, lenders (guaranteed guaranteed property loans to borrowers the banks held) personal commercial housing loan contract signed three. The borrower, lender sign a mortgage contract.
5) legalization. Borrower and lender mortgage contract notary procedures, shall be handled according to the notary's Office. Notary fee shall be borne by the lending banks.
6) pay for cancellation of registration of mortgage. When you work with the lending bank to settle all principal and interest of loan and related expenses, the settlement of vouchers issued by the Bank.
loan credit insurance: credit to debit the credit insurance when borrowers or is unable to pay off debts (such as debits loss), compensation by the insurer, the insured is the legal right of the insured, loss of third party does not comply with the statutory obligations.