Would you like to know what kind of collateral is on the bank loan? Or are you going to the bank to apply for a loan? Now let's talk about the common collateral for bank loans and the application process。

What do you need for a bank loan

Often, the property is the most common collateral. This means that borrowers who own real estate are more likely to have access to bank loans, as banks are willing to provide higher amounts and lower interest rates for real estate loans. But don't forget, make sure you have enough to pay, or you'll lose your house。

Besides, vehicles are a good collateral option. The use of vehicles as collateral is more flexible and relatively easy to sell than real estate. However, it should be borne in mind that banks usually lend less to vehicles and have higher interest rates, which means that the loan period is not long. So if you choose the car loan, it is important that you pay your money within the required time frame, and the bank may take your car。

Now let us look together at the conditions that need to be met to apply for bank loans. First, the requirement is a natural person with full civil capacity. Second, there is a need for a permanent urban household or a valid residence certificate. Third, there must be stable work and income, good credit and sufficient debt-servicing capacity. At the same time, if you have a credit card at the bank, or if you have previously made a loan at the bank, and you have a good credit record, you will be more successful in applying for a loan. Finally, some banks would like the applicant to provide a working mortgage or pledge that they approve, or have the right person to repay the loan interest as guarantor。