How To - Give your Bank the right Info for a Loan



If you maintain a good relationship with your bank, you also should demonstrate to them that you act professionally and competently.

This is important if you are seeking a loan from your bank or where you are seeking an independent opinion on a particular matter. If you are seeking a loan, the bank will require certain information from you.

Your bank will need to know the following:

  • How much money do you want to borrow?
  • What is the purpose for the money - that is, how will it be used?
  • How will the loan be repaid?
  • What is the source of the funds that will generate the cash for repayment?
  • Do you have a reserve plan in case the funding source you have in mind does not materialise?
  • What security can you offer for the loan?
  • Are you able to offer a personal guarantee for the loan?

 


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