Borrowing money from a bank or other

[phka]

Can anyone tell me what documents are needed for a THAI person  to borrow money from a bank or other lender, I'm told that electric and water bills in their name is sufficient. 

[OneMoreFarang]

20 minutes ago, phka said:

Can anyone tell me what documents are needed for a THAI person  to borrow money from a bank or other lender, I'm told that electric and water bills in their name is sufficient. 

Maybe the person should just call the bank and ask... 

[FritsSikkink]

Depends how much they want to borrow, the bank need some guaranty they get some money back.

[asiaexpat]

Documents needed depends on the amount and purpose for the loan. Simple personal loan usually requires some proof the loan can be repaid, like  pay slips. Loan to buy a house is much more complicated.

[Kwasaki]

3 hours ago, phka said:

Can anyone tell me what documents are needed for a THAI person  to borrow money from a bank or other lender,

Thailand using similar ways like securities, insurance policies, proof of earnings just like any other country does.

[ronaldo0]

Need to be able to provide proof of a steady income and employment over quite a while and having property or a guarantor doesn’t mean the bank will say yes .

[Satcommlee]

Some banks may even ask for evidence of education - so they are convinced the person could get a job to repay the debt.  I know of a case where bank declined a loan even with collateral offered because the person was uneducated.

[Bradmeister]

Op,

 

They need to go to the Bank and inquire in person. 

 

I think that may have been answered ready.

 

[Luttevlal]

I hope that I will pay all my debts soon. Because of them, I have already taken a loan for myself

[Luttevlal]

On 7/14/2021 at 11:51 AM, Luttevlal said:

The correct process of borrowing money from the bank or other microfinance institutions must be well analyzed and decisions made to be economically correct. I had a few loans from the bank and I believe that this was not the most correct decision, I had quite large losses. Later I understood that the financial mechanism works differently, and loans from the bank should only be used in cases of extreme necessity. But in cases where you have insufficient money, you can capitalize on your assets, I use this method by https://www.yhdistalaina.com/lainojen-yhdistaminen-santander/. I consider this as the most correct method, because you do not risk with your heritage, but you can cash in the amount of money you need

 

[mvdf]

On 2/23/2021 at 2:28 PM, Satcommlee said:

Some banks may even ask for evidence of education - so they are convinced the person could get a job to repay the debt.  I know of a case where bank declined a loan even with collateral offered because the person was uneducated.

Perhaps worried the borrower might use the i-didn't-know-what-i-signed loophole to render the contract null and void.

[MrJ2U]

They need to prove income of at least 15,000 baht for 6 months.

 

Pay stubs and tax ID.

 

Shop around.  Interest rates in Thailand can be very high and there may be penalties for paying the loan off early.

Edited July 28, 2021 by MrJ2U

[hotchilli]

Depends what the loan is for, ie: personal or commercial.

Also the size of the loan?

In the minimum I would say proof of id, proof of residence, personal or company income, financial history, securities or savings etc are a good place to start

[khunPer]

On 2/22/2021 at 10:00 AM, phka said:

Can anyone tell me what documents are needed for a THAI person  to borrow money from a bank or other lender, I'm told that electric and water bills in their name is sufficient. 

A bank will not be satisfied with even a huge stack of electric and water bill, but ID-card and House Book might be accepted as proof of address. Furthermore some documentation of income, and security would normally be needed.

 

Other lenders, depending of how grey, might need less documentation, but often security; other lenders, especially quite grey ones, might charge an outstanding high interest.