If you’ve ever taken a loan from a bank, you’ve probably heard of disbursement. So what is disbursement? Is the disbursement procedure when getting a bank loan complicated? Understanding the process as well as disbursement procedures makes your loan faster and simpler.
Table of Contents
What is disbursement?
Disbursement is a bank that issues money to a customer according to a previously agreed loan contract.
Disbursement methods
Depending on the purpose of the loan, there are different disbursement methods, such as:
Bankruptcy release
The bank will disburse through another bank account according to the borrower’s purpose. After the transaction, purchase and sale, the loan amount is transferred to the account of that seller.
Unblocked disbursement
When you pay, the money will be transferred to a 3rd party or withdrawn for use.
Methods of disbursement of bank loans
Currently, there are several methods of disbursing bank loans, which are:
Method of disbursing loans using cashless payment service
Disbursement takes place in the form of non-cash, disbursement units need to make through other forms of credit. That is, the loan will be transferred by the disbursing party to the customer’s credit account.
The loan is transferred to the borrower’s account on the first day of signing the disbursement contract. When you pay, you will also pay through a bank account, moreover it is an account that has signed a contract before.
Method of disbursing loans in cash
This method applies to the following cases:
- Customers are entitled to disbursement but do not have a checking account at the lending bank.
- The person conducting the disbursement does not have a payment account at the payment service provider.
Method of disbursing loans using cashless or cash payment service
The implementation of this disbursement method also depends on factors such as:
- The disbursement party has a payment account at a payment service provider, the disbursement account must not exceed 100,000,000. In this case, the cashless method applies.
- If the disbursing party does not have an account with the payment service provider, but the disbursement object is an agency or organization using State capital, the disbursement will be made in cash to the beneficiary.
Bank loan disbursement process
The disbursement process includes the following specific steps:
Collection and verification of customer information
Bank employees collect personal information of customers, specifically information such as:
- How much money do customers want to borrow?
- Is the purpose of the loan for consumption or business?
- Is it possible to pay the debt on time?
- Is there any collateral? What is property?
Preparing documents for loan procedures
The bank will ask to prepare documents and records, this will determine whether the bank will approve it for you. Therefore, you should prepare all documents, depending on each bank, add or omit certain documents.
Expertise
Once the documents are completed, the credit specialist will verify the accuracy of the documents provided by the customer, verify and compare the information. During the application process, the credit officer will ask questions to determine if you are suitable for the loan.
Loan approval
The credit specialist prepares a report proposing the loan amount and then submits it for approval. Large loans will have a department to evaluate documents carefully to ensure transparency and objectivity. Depending on the conditions of each application, the bank can approve or deny the loan.
Disbursement of bank loans
When there is a loan decision, the bank will disburse according to the amount in the contract. It can be disbursed once or many times depending on the needs of the customer.
Disbursement profile
To easily get a loan, you need to prepare a set of documents with all kinds of documents such as:
Proof of identity
- Valid ID card/CCCD card.
- Household registration book/long-term temporary residence registration certificate.
- Marriage certificate/single certificate.
Financial proofs
- Expired labor contract, salary statement, payroll.
- For businesses, need a business registration certificate, invoice, sales book.
- With the source from the rental of the property, it is necessary to have documents proving the income from the rental source.
Papers proving the purpose of using capital
- Papers proving the purpose of using capital such as: purchase and sale contract, notice of payment, deposit paper.
- Construction estimates, cost estimates.
- Business license, financial statements, future capital needs.
- Proof of collateral property
- Pink book, red book, vehicle registration license if the property is a car…
- Personal papers if the property is guaranteed by a third party…
Notes when making loan disbursement procedures
When applying for a loan, there are a few things to keep in mind, such as:
- Read the contract and the terms to see if it is appropriate or unfavorable.
- Before disbursing, if you still have questions about records, interest rates, etc., ask staff for answers and adjustments.
- Prepare documents as required by the bank to ensure legality.
- When the application has been approved but not yet disbursed, you can still refuse the loan if there is an unsatisfactory problem.
What are the risks of disbursement?
The biggest risk is bad debt, if there is bad debt, the bank’s reputation will be reduced. Moreover, when the total outstanding balance is large, it can reduce the bank’s solvency with deposits. As a result, the bank’s capital will be affected.
With the market economy, if there is a risk due to disbursement, it will cause economic chaos. The decrease in the bank’s ability to pay deposits will cause customers to withdraw capital from the bank.
Some frequently asked questions
Regarding disbursement, there are some frequently asked questions such as:
What is the disbursement frequency?
Is the number of disbursements in a given period, there is no fixed frequency for disbursement.
Is withdrawal must disburse?
Withdrawal is when the customer takes a deposit from a bank or prepaid credit card they own, so it is not a disbursement.
How long does disbursement usually take?
Depending on each bank, the disbursement time can be from 1-2 days, if the documents are complicated, it will take 3-4 days or 1 week.
Conclusion
Above, Filipinance.com has just introduced the details of what is the disbursement problem? Hopefully these shares can help you gain more useful knowledge, ensure a favorable loan and be disbursed quickly.
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