Getting a loan from a bank or the moneylender is not an easy task. The buyers have to go through a lot of formalities. In the recent economic world, the lenders and bankers are looking for a lot more in a loan applicant and they are strict, to avoid risks. In Singapore, the money lenders have to follow certain rules and regulations that are laid down by the Ministry of Law. Every money lender Singapore has to follow those rules. The loan applicant has to submit some documentation for verification and some things should be considered once after the loan gets approved. To know about the documentation and consideration after loan approval, stay on this page and read the following content.
Preparation of documents
It is money lenders duty to check every borrower’s financial status for unsecured personal loans. Moneylenders Singapore will check the financial integrity of the loan applicant before approving the loan. Certain things should be done by the borrowers for the loan to get approved.
Initially, the buyers have a clear knowledge of the type of personal loan and they have to check their eligibility should meet the money lenders expectations. The next step is to have a look on the website that is developed by the Ministry Of Law Singapore, to check how much amount can be borrowed from the money lenders based on the loan applicant’s financial status. Then you have to prepare the proper documents. The documents are listed below.
- Proof of income and employment
- Current credit score and CPF statements
- Residency proof
The Employment proof and income document will tell about the person’s economic conditions and NRIC is the national registration identity card that has a high value in Singapore. The residency proof is for verification purposes and credit score and CPF statements will tell about the financial growth of the loan applicant. These documents will help the money lenders to predict whether the loan applicant can repay the loan amount. The persons with a poor credit history will have a special loan package with payment terms.
What should do once the loan gets approved?
Certain things should be considered once the loan gets approved. The things should be done by both the money lenders and loan applicants. The money lenders have to check whether the loan applicant is repaying the amount correctly. And the loan applicant must repay the loan amount.
Once the loan gets approved, the contract will be issued to the loan applicant. They have to look at the contract and if they have any queries regarding the contract, then the loan applicant has a right to ask those queries to money lenders. It is the money lenders duty to clarify those queries. The contract should have information about dates and loan amount.
Sign and return
Once the loan applicant is clear with the contract then they will sign in the issued contract. The loan applicant can have a copy of the signed contract. This will avoid any future problems while repaying the amount. The signed copy may be sent after scanning the contract. Once the documents are signed and returned to the money lenders, then they will make the arrangements for settlement.
The next one is providing insurance. This will help you only if you are using the unsecured personal loan type for buying a new house and car. The loan applicant has to provide proper insurance to the car or a home. For business development, if you are buying any machines, then you can ensure that also.
If you are done with the above-mentioned steps, then the moneylender will make the arrangements for the settlement. Before the money lenders make the settlement, the loan applicant should submit the cheque details like the name of the recipient, date and amount details. This has to be done before the money lenders make the settlement.
Once these steps are completed, then you have to start doing your needs. If you are providing the amount for buying a new house, then you can start moving to your home. If the money is for buying the car then you can buy your car.
Have a copy of documents
When the loan applicant is paying the loan amount in late, then the accumulation of late fees will occur, so the applicant should provide the best to avoid it. For the safer side, the applicant should have the following documents
- A copy of loan contract
- Receipts of the monthly payment
- Balance account details
- A Copy of all accounts, receipts, and relevant documents should prepare.
The Bottom lines
Crawfort Pte Ltd is the leading company which is providing financial support for many persons. You have to choose the good money lending company among the loan scams. Once you are done with that, then you can run along with the modern world and satisfy your needs.