Each bank requires documents for a loan, that is, for its execution. But the list of these documents differs in different financial organizations. Nevertheless, the basic necessary papers are most often the same for everyone, and are required in absolutely any such institution.
Documents for obtaining a loan without collateral
Always and everywhere, banks primarily require a passport. Without a passport, or if for one reason or another it has become invalid, there can be no talk of any credit. In addition to a passport, a driver’s license, a compulsory medical insurance policy, an insurance certificate from a state pension fund or a document confirming registration with a tax authority may be required.
For consumer lending, this is often enough. If necessary, and a loan is issued under the guarantee of third parties - similar documents are also required from them. Guarantors must remember that they are responsible for the delay in the loan to the same extent as the borrower himself. In most cases, it is recommended to look for guarantors among those people who can trust you and whom you can trust.
Documents for loans secured by real estate
If the loan is secured by real estate, to consider the application, the bank requires additional documents confirming ownership.
So, if Sberbank provides you with a loan, what documents are needed? Almost all clients ask this question. The answer to it can be obtained on the bank’s own website, where all requirements are completely listed. This includes a certificate of ownership, cadastral and technical passports, confirmation of the onset of ownership (purchase and sale agreement, etc.) and the consent of the spouse to transfer housing to a mortgage.
Since Sberbank requires the maximum package of documents, not all of the above may request from other financial institutions. In addition, in the case of buying real estate on credit, it is simply impossible to immediately provide the listed documents for a loan (they must first be drawn up). Banks are well aware of this and point out that certain documents can be provided after some time agreed with the borrower. In other words, the bank can wait until everything that needs to be properly executed if it is sure that loan payments will be received on time.
Documents for a loan for the purchase of vehicles
Documents required for lending to purchase a car also include proof of payment of the down payment, a purchase and sale agreement, a car passport and a paid CASCO policy. Most often, these documents for obtaining a loan are required together with the buyer’s passport, his work book and proof of income. Sometimes, when the process of acquiring a car is only at the initial stage, the borrower may be required to use paper, with the help of which the bank can understand that preliminary negotiations with the auto center have been carried out, and preliminary consent has been obtained from him for the sale. This is usually a free-form certificate directly from the seller.
Documents confirming the borrower's income
Each time a person asks what documents are needed for a loan, the first thing that comes up is the confirmation of solvency.
Considering the well-known fact that some citizens work informally (or official wages are minimal), many banks meet potential customers and do not require papers executed in accordance with all the rules. But most often you still have to provide the bank with a work book and a certificate of employment in form 2-NDFL. Naturally, all this must be certified by the employer. However, if the bank does not put forward such strict requirements, almost any document can be used by which you can determine the level of income or even just voice your approximate earnings.
Additional documents
Sometimes, when something seems suspicious to the bank as a borrower (and in some cases it may just be the subjective opinion of an employee of this financial institution), he may also require other documents for a loan: education certificates, marriage certificate, military ID, birth certificate and other often ignored papers. Since the bank seeks to minimize its own risks, such requirements can be understood, but sometimes they become a stop factor in obtaining credit. For example, a guy of military age did not serve and is not going to serve, having any reason for this, but does not have the opportunity to confirm them. Naturally, he does not have a military ticket or other similar document. In this case, he will not be able to get a loan.
Summary
Despite the fact that in most cases the bank wants to play it safe and requires such documents for a loan, the existence of which the borrower may not even suspect, you can always find a way out by explaining your situation or by going to another place where the requirements are not so high. It should be remembered - in many banks, the list of documents in which is minimal, credit conditions are far from the most favorable. This compensates for the bank’s increased risks in providing a loan, but obviously does not benefit the client. So if all the necessary documents are available and executed in accordance with all the rules, it is always better to go where the conditions will be more favorable and the interest rate is not so high.
Based on all of the above, the question of what documents are needed for a loan cannot be answered by a strict, exhaustive list, since one must take into account the specifics of the selected type of lending, the requirements of the bank, and even the financial situation in the country. For example, in a stable period of economic development, when finding a job is not a problem, and wages are constantly growing, the requirements to provide a work book and income certificate can be ignored. Also, some banks provide an opportunity to collect the required documents after the loan is provided and indicate clear and specific terms after which the required securities must be provided. Most often, this point is indicated in the loan agreement, and in no case can it be ignored, because failure to provide it can be punished by raising the interest rate, charging fines or even early termination of lending.
