How much credit can I take? The answer to the question will be tried to be answered in this article for those who want to take loans from banks. Today, as a result of the increasing needs, bank credit cards and loans are frequently used methods in meeting the urgent cash needs.
How to Identify the Most Appropriate Loan?
For those who want to take out a loan, the most appropriate loan calculation method is the calculation made by considering the interest rates, maturity options, file costs and annual cost rates offered by banks. If the credit upper limit is being researched , credit calculation should be made according to the payment power.
Finding the most suitable loan does not show what amount of loan can be withdrawn. The calculation of the maximum loan amount that can be withdrawn can be done directly from the bank branches. The situation encountered during the loan application from the bank will probably be different with the calculations to be made on the banks’ websites. Because there are several factors that affect the amount of credit that can be withdrawn.
Which Factors Affect the Amount to be Withdrawn?
The amount that can be withdrawn from banks may vary depending on the following factors;
- Monthly income: In response to the question of how much credit can I take according to my salary; Usually, banks calculate monthly installments and how much their customers can pay by looking at monthly income. As a rule, installments of loan repayments for most banks cannot exceed half of the household’s total income. Banks require regular income for credit. All banks require a document such as official income document or payslip.
- Credit Rating: It is the most important factor for the banks to approve the requested loans and the amount of loans to be given. All financial transactions made through banks are recorded. Credit card and credit transactions are also recorded in the Credit Registry Bureau . When credit debts are paid late or not, credit ratings decrease. The higher the credit score, the easier it is to get credit. With , a common pool, all banks can see the records and credit ratings of the last 5 years. Those who have a low credit rating can give credit in return for less amount and more collateral.
- Credit Registry: Those who delay or not pay their bank loan debts are taken into legal follow-up after a certain period of time. Those who do not cover their debts are registered in the class of those with bad credit records called black lists. In order to get credit from banks, it must not be blacklisted in the last five years. If it is blacklisted, the bank does not give credit or requests additional guarantees such as guarantor and mortgage, since its credit rating is also low.
To summarize, unpaid credit and invoice debts negatively affect the low income, low credit rating and bad credit upper limit.
How Much Loan Can You Withdraw?
For someone who says how much credit can I get according to my income, it depends on the factors affecting the loan mentioned above and depending on the loan type. Banks can allow monthly installments up to 70% of the salary of the applicant. This rate is generally close to 50%. In order to give a high credit limit, the credit rating of the applicant must be very high. Some banks can fulfill their request to increase the credit limit with additional guarantees, such as guarantor or mortgage, depending on their credit rating.
How Much Needs Loan Can I Get?
To summarize, after calculating the maximum monthly installment amount that can be paid according to the income, the number of maturity will be multiplied according to the loan type. For example; up to 60 months in consumer loans, 60 months in vehicle loans, 120 months in housing loans. The guarantor or mortgage value that will be assured in not paying the loan to the bank is added to the last issue and the estimated credit limit is revealed.