If you are a small or medium business owner, establishing a relationship with a bank by opening an account can help boost your personal business.
Banks are the major lending institutions to individuals and organisations in the society. However, to access loans from banks, the borrower needs to understand what they require in order to qualify for any credit facility.
It is relevant to know that banks do not just give out loans to anybody that approaches them. The lender needs enough evidence from the borrower on his ability to repay the facility that he is asking for.
Banks usually tie their approval of loans to specific projects or purposes such as meeting urgent exigencies or supporting business plans.
Generally, it is easier for employees who work in well established organisations to get loans in banks where they domicile their salaries. This is because the banks can always deduct a certain percentage of their monthly salaries until the total money borrowed is repaid.
When the borrower does not have a salary account with the bank, the lender usually asks for collateral before granting loans.
However, without collateral, some banks can still give you loans if you meet the following conditions.
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