practical life

What are loans, what are their types, and how do you get them?

Concept of loans

Concept and types of loans

Many entrepreneurs have some misconceptions about the concept of bank loans, which are highly important if selected as a means of supporting their project materially.

The entrepreneur opens the bank doors loaded with hopes that relate to them; in order to defend his ambition, and the possibility of realizing his dreams on the ground, and here; It is aimed at obtaining a loan and blowing the whistle on the start of his new business.

But at the outset, young entrepreneurs and entrepreneurs must know the importance and seriousness of loans, and indeed their key concepts and types that are in line with the nature of their project.

Concept of loans

The concept of loans is the duty that an individual owes _وفي this case you are that individual towards the creditor that supports him with the funds; In order to achieve one of its objectives, the term is used to include ethical obligations, and non-economic value-based interactions.

The loan is realized when the creditor agrees to grant the money, at which time it is agreed to repay the principal amount, and in some cases, interest is added.

In the area of finance, loans are the ideal means of using future purchasing power, as an insurance strategy for launching small enterprises, or supporting companies that seek to stay in the market and compete.

Types of loans

Now that the real concept of the loan process has been reviewed; You should know that it is divided into a number of different types, which came as follows:

• Personal Loan

A personal loan is regarded as a guaranty for individuals that is resorted to in personal matters; It is similar to “debt”, and is repaid through instalments by the loan provider.

This type of loan often requires collateral, such as a borrower’s monthly salary, a guarantor paid on your behalf in the event of default or the guarantee can be a particular property sold; In the event of default.

Concept of loans

• Mortgage

Some banks offer access to mortgages; In order to help citizens buy properties that they cannot afford to pay at once.

In this case, the loan repays the property price, while the buyer pays instalments to the bank to repay the loan, the borrower obtains ownership of the property, but in the event of the buyer’s failure to pay the loan premium; It will jeopardize the property and may cause it to be sold.

Many entrepreneurs have some misconceptions about the concept of bank loans, which are highly important if selected as a means of supporting their project materially.

The entrepreneur opens the bank doors loaded with hopes that relate to them; in order to defend his ambition, and the possibility of realizing his dreams on the ground, and here; It is aimed at obtaining a loan and blowing the whistle on the start of his new business.

But at the outset, young entrepreneurs and entrepreneurs must know the importance and seriousness of loans, and indeed their key concepts and types that are in line with the nature of their project.

Concept of loans

The concept of loans is the duty that an individual owes _وفي this case you are that individual towards the creditor that supports him with the funds; In order to achieve one of its objectives, the term is used to include ethical obligations, and non-economic value-based interactions.

The loan is realized when the creditor agrees to grant the money, at which time it is agreed to repay the principal amount, and in some cases, interest is added.

In the area of finance, loans are the ideal means of using future purchasing power, as an insurance strategy for launching small enterprises, or supporting companies that seek to stay in the market and compete.

Types of loans

Now that the real concept of the loan process has been reviewed; You should know that it is divided into a number of different types, which came as follows:

• Personal Loan

A personal loan is regarded as a guaranty for individuals that is resorted to in personal matters; It is similar to “debt”, and is repaid through instalments by the loan provider.

This type of loan often requires collateral, such as a borrower’s monthly salary, a guarantor paid on your behalf in the event of default or the guarantee can be a particular property sold; In the event of default.

Concept of loans

• Mortgage

Some banks offer access to mortgages; In order to help citizens buy properties that they cannot afford to pay at once.

In this case, the loan repays the property price, while the buyer pays instalments to the bank to repay the loan, the borrower obtains ownership of the property, but in the event of the buyer’s failure to pay the loan premium; It will jeopardize the 

property and may cause it to be

Mortgages – Buy your residential plot

Buy your residential plot and start the journey of stability with your mortgage program and age your own home

Advantages of mortgages

Competitive interest rate.

Financing up to 70% of the land purchase and up to 80% of the personal loan against a mortgage.

Insurance on presumed life within the terms of the Collective Life Insurance Policy approved by the Bank

Buy loans from other banks with the possibility of increasing the loan amount if it does not conflict with income and debt burden.

without a guarantor.

Get a credit card that is exempt from the issuance fee for the first year.

Get free services such as debit card and e-services.

Loan Terms

The client must be at least 21 years of age and not more than 75 years at the end of the loan period.

The minimum repayment period is 12 months and the maximum 144 months for a land purchase loan and 96 months for a personal loan against a mortgage.

The minimum loan value is 15 thousand dinars and the upper limit is 250 thousand dinars for the purchase of land and 200 thousand dinars for the personal loan against a mortgage

The client’s name is not blacklisted or a list of issues

Documents required for mortgages

The identity of Jordanians’ civil status.

Valid passport for non-Jordanians.

Salary certificate for the last six months.

Statement of account for the last six months.

Social Security Disclosure.

Copy of the property’s registration document.

Land Scheme and Organizational Site

A real estate estimate from an accredited estimate of the bank and according to the approved conditions

* Subject to the Terms and Conditions of the Bank.

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