In the market there is a range of credit products that a bank can grant you, learn about the most common and analyze which one suits them.
your need.
Every time we decide to make an investment, spend money on a good or service that we like, or simply cover an eventuality, for which there is no budget, requesting a loan from the bank is the best alternative. However, knowing the types of credit will help us make a better decision.
There are big differences between the credit options, such as interest rates, payment terms, mode of use, destination, etc. For this reason, being clear about which product meets our needs is essential.
Free investment credit
Free investment credits granted by a bank can be used by citizens to cover any expense, without having to give explanations or justify their motivations to the financial institution.
Generally, this type of credit helps us finance eventualities, such as travel, buying available goods for a limited time, paying for an unexpected medical expense, accident, remodeling the house, or any other non-budgeted expense.
Most banks place free investment credit from one million pesos.
Requirements: You must be between 18 and 84 years old, have a basic income of a minimum wage, labor certification, proof of residence, certificate of income and withholdings or proof of non-declarant.
The terms to pay the debt range between 12 and 60 months, according to the debt capacity of the person, always in fixed installments at a previously agreed rate.
Some banks have the option of granting credit through the internet.
Mortgage credit
This is a loan that the financial institution grants in the medium or long term for the purchase, expansion, repair or construction of a home, purchase of sites, offices or commercial premises.
In this case, the bank takes as collateral the property you want to buy, build or remodel, and gives you the opportunity to start a large personal project with different financing options.
Requirements
Credit history: This document is issued by Datcrédito and Cifin. It summarizes how your financial behavior has been, so that banks can evaluate your ability to pay.
Initial capital: To acquire a home you must pay an initial fee and later, finance the rest. This fee must be 20% for VIS and 30% for No VIS.
Income: Your financial capacity depends on what you earn, but also on your age, so they will do an evaluation that determines if it is time to acquire the mortgage loan.
Revolving credit
The 24/7 revolving credit is a free investment line that consists of approving a credit that you can have whenever you need it. As you make payments, you free up space that you can use again without the need for new credit applications.
The loan has an amount whose ceiling depends on the debt capacity of each person. The money is deposited into a savings account and can be used in whole or in part, interest is charged on each disbursement.
The product is enabled for both natural and legal persons. However, if a company obtains a revolving loan, it must be used for working capital.
Credit card
A credit card can be used to pay for goods and services without having to pay in cash and can also carry the payment of the products to future periods.
It is “credit” because the sum of money that you use when you make a purchase corresponds to a loan granted by the financial institution.
Credit cards usually have a money limit and interest is charged on each purchase that is deferred for more than a month.
An advantage of this product is that you can obtain insurance, such as medical assistance, accidents, life, anti-theft, among others.
The payment deadline is the maximum day on which you must pay your credit card. Payments made after this date may incur late interest.
Portfolio purchase
The purchase of a portfolio unifies all the debts you have in other entities, being acquired by a single bank, which will give you a better interest rate and a longer financing time.
There are some financial entities that handle some caps, but in general, this factor depends on the debt capacity and the payment that the client has.
Anyone who has a debt with another financial institution can request the purchase of a portfolio.
GIVEN
31 million Colombians have at least one financial product.
GIVEN
Microcredit is an alternative for self-employed and micro-entrepreneurs who wish to invest in their business.
GIVEN
To access a loan, the main requirement is to have an income of a minimum wage.
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