Financing -- Loans/How much bank will give me .....
QUESTION: Hello, my monthly salary : 1 million dollar . I want to take personal loan from bank , how much money bank will give me approx? ( example : 3 or 4 million )
ANSWER: This all depends on:
1. What is the source of your income?
2. How long have you been earning at this level of income?
3. What is the likelihood that you will continue to earn at this level?
4. What is the purpose of your loan?
5. With this level of income, why do you need to borrow such
a relatively small amount of money? After all, $4 million
is only 4 months of earnings for you at that salary?
6. If you are borrowing for real estate, boat, airplane, etc., your request is
reasonable and with a meaningful down payment, you will have no problem.
7. If your loan is simply for spending money, and you cannot guarantee that
your earnings will remain at that level, then you may have a problem.
Hope this helps.
---------- FOLLOW-UP ----------
QUESTION: 1- from company .
2- more than 1 year .
3- years .
4- personal loan.
5- no , I wrote 4 million as example , I want more , so , how much money bank will lend me ?
Thank you .
The amount of money you can borrow will depend on the bank, their
comfort with you as a borrower, the perceived risk of your income
not continuing as its current level, the strength of your company,
the purpose and use of the loan proceeds.
In short, you will have to start talking to various banks and asking them.