Requirements for credit application must be approved by the bank. As we know with one of the functions of the bank is as a distributor of credit. For banks, credit is like two sides of a coin. On the one hand as a source of interest income. However, if credit quality deteriorates (stalled), it could also cause losses. Therefore, the bank will apply the prudential principle in disbursing credit by determining the number of requirements that must be fulfilled by the borrower (debtor). There are still many who think that applying for credit in the bank is difficult, complicated procedures, and often rejected by the bank. Actually such an assumption is not entirely true. In order to apply for credit is not rejected by the bank, there are some requirements we need to consider when going to apply for credit in the bank of identity documents, family cards, photographs is the main requirement in every credit proposal. This is part of the bank's procedures in carrying out the basic principles of knowing the customer, know your custumer (KYC). The Bank will verify the validity of the identity documents of the prospective customer such as name, number and validity of identity, address and zip code, and the composition of family members. Make sure our identity data is complete and on-demand so as not to be rejected by the bank. For business loan application, the bank will add data business identity requirement such as business entity.
Financial data, to ensure that we are able to pay installments on time, the bank will ask for our financial data. Usually the bank will ask for a pay slip (employee only), print out a savings account or business transaction record (for non-employee / self-employed). Next the bank will do a detailed analysis to assess we are worthy or not. Make sure we have the data to show the bank that we have sufficient financial capability.
Collateral, the availability of collateral (collateral) became one of the considerations of banks in disbursing credit. The Bank will assess this collateral as a risk-reducing factor if the customer has defaulted on the loan. There is also a type of credit without collateral. But usually interest rates are much higher than the credit that requires collateral. Provide collateral that meets the criteria of the bank if it is required that our credit application is not rejected by the bank.