4 important actions for borrowers before obtaining loans

4 important actions for borrowers before obtaining loans
4 important actions for borrowers before obtaining loans
The Committee for Information and Banking Awareness in Saudi banks recommended that loan applicants adhere to sound borrowing standards before requesting loan amounts from banks and financing bodies.

The committee added, through its official account on the “Twitter” site, that the criteria for optimal borrowing include determining the objective of the loan and the actual need that will be directed to it, while ensuring that it is directed to the basics and not just luxuries, along with making comparisons between more than one financing agency before taking on borrowing in order to identify the terms and conditions. And the actual cost of the loan and choose the most suitable among them.

The committee cautioned the need to inquire from the financial body granting the loan about all costs and fees that are required to be paid upon obtaining financing, in order to assess the extent of the borrower’s ability to pay and meet the value of the monthly installments on their specified maturity dates.

The committee’s recommendations to borrowers also included the necessity to search for other alternatives instead of borrowing in a way that are better and less expensive, because entering some money or allocating it for emergency expenditures is important to reduce the amount of financing that the borrower intends to obtain or search for an additional source of income that helps to achieve the desired goal.

Read also

Finance Minister: The next stage requires reconstruction and support for economic recovery

These were the details of the news 4 important actions for borrowers before obtaining loans for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Tadawul: The accession of the Saudi market to global indices attracted...
NEXT Saudi German Hospitals is the medical sponsor for Al-Ahly – Saudi...