What are the Conditions of Tradesman Loan Application?
Applying for a tradesman loan is possible for every tradesman who complies with the conditions. Thanks to the financial supports and campaigns offered by banks, it is possible for tradesmen to receive support for their business-related expenses. All tradesmen who are included in the SME definition and operate legally with a tax plate can apply for tradesmen loans.
Documents Required for Tradesman Credit Usage
The documents required for the tradesmen loan are more than the documents required for the personal loans. The reason for this can be said to have more measurement dimensions than individual loans in measuring the financial status of the business. The documents requested from the applicants who want to use SME and tradesmen loans are listed as follows;
- Photocopies of the identity cards of the business partners applied for
- Signature circular of the applicants
- Workplace tax plate
- Trade registry newspaper establishment and latest newspapers are requested.
- Chamber of commerce registration document
- At least the last two years’ balance sheet and income statement
- Partners and company assets are required (if any). For example, a copy of title deed or vehicle license can be given.
How to Calculate Tradesman Loans?
You can use the calculation tool services offered by banks on the official websites for tradesmen loan calculations . Of course, the calculations you make using these tools on official websites are made at the lowest interest rate. Interest rates may vary due to reasons such as the applicant or the status of the credit rating. Another alternative for loan calculation is to go to bank branches and meet customer advisors face to face.
What Are The Interest Rates For Tradesmen Loan?
Tradesman loan interest rates are presented differently at each bank in 2019 . Interest rates may vary depending on the period in which the loan request is made, as well as according to the campaigns offered by banks. Currently, bank offers interest rates starting from 2.26%, while other bank offers interest rates starting from 2.66%. While the interest rates are moving, it would be beneficial for tradesmen who want to take credit to evaluate all options and do a good research.
You can get the tradesman loan with maturities of up to 48 months, as well as a monthly or quarterly repayment option. You can apply for this loan with interest rates starting from 7% up to 200 thousand dollars. You can not benefit from interest-free trades loans.