As entrepreneurs, you need to constantly perform and grow your business. Continuing to grow business take a lot of effort such as increasing the number of sales, promotions, stock addition, purchase of production equipment, the addition of a fleet and some other things that support advancement of the business. Certainly the various needs to develop the business also require additional capital to meet the needs. With the financial condition of a business that fit-in, it requires a way to find additional capital. One of them ways to increase capital is by obtaining credit from a bank. But for every credit, there are certain prerequisites mandatory for a business person. Until these are met, the banks do not lend any money. So, you should pay attention to a few things that can approve your credit application. The requirements vary from bank to bank. But here a general overview is presented.
Before the bank follow up for your credit application process, the bank will surely estimate in advance what the value of the guarantee that you will submit. Whether the value is greater than the debt that you will ask or the difference in value from your credit application. Normally the approved guarantee is 2 x the rate of your credit application. Therefore on the banking side there is usually an appraisal division or assurance appraiser, to assess your guarantee.
Average monthly income
For each appraisal of credit, the bank usually set the installment or approximately 30% of the income you earn each month. Because the bank considers that the safe repayment rate for each person as maximum to be repaid as the debt is 30% -35% of income each month. This is because the bank takes into account the other living expenses you spend in each month. So keep in mind how much your own limit to pay the installment. This will keep you grounded even when you end up in some debt or go bankrupt.
How much debt you are in other financing places
It is worth knowing that Banks have all the list of loans in Indonesia there is a clear record of how the debtor loan history of all banks. Whether the list goes on smoothly or the list is stuck. Do not ever lie to the bank about how much debt you’ve been in other financing places. Because the bank must know where your debts are so far through BI Checking that they know through the data on your ID card and your wife. If you lie, it will reduce the trust value of the bank to you, when applying for credit to them. From your ID card data informed by BI Checking will certainly be clear how much your debt and how your debt history elsewhere. Whether your installment is smooth or even experiencing congestion in installment payments in other finance companies. Therefore, if you want to be trusted by the finance company try to smoothly pay the mortgage.
What is the financial condition in your financial accounting
The banks generally ask to submit copy of financial savings and financial book for at least 3 months. Here it is important that you make a bookkeeping for your business. Each of your transactions in the bank through a passbook which is taken into account by banks. It must be true that your finances match the income you informed the bank. Because every transaction is what will talk about reality,what your income conditions really are. If your transaction at the bank is less appropriate with your information, surely the bank will ask for book your business bookkeeping. Having a great credit score, guarantee that you will be get reliable APR business loans where you will be approved very fast. You business credit score is so important.
Whatever assets you have
Bank professionals come to your home for quick survey of the assets you have. From the survey to your home, the bank will also see how the state of your house, any asset that is in addition to the guarantee that you will guarantee to the bank, your stock of goods, your business activities and other matters related to your credit application . For an understanding of assets you can find in poor, middle and rich classroom management. There will be a clear understanding of the real asset. With the income you informed them, is it in accordance with your assets so that the bank is confident that you are indeed eligible for the loan facility with the proposed loan value. Also you need to know, sometimes the bank will also ask questions about you to the neighbors around or to employees who work in your place.
The few points mentioned above can increase your knowledge to prepare better and easier to gain confidence from the banks to provide capital loan facilities for the business. These will help you to prepare better for your business plan.