Tips and Tricks from Cambodia

January 16, 2016

Bank Loan Conditions at Mega Int'l Commercial Bank


Decades ago, when one borrows from a bank, that person might want to hide because it's a shame to borrow from bank. However, it's becoming a trend to buy something with mortgage or loan.

Some persons even think that one must be rich to be able to borrow from a bank, because bank does not give you money easily. You will need to have hard title deed of a property and a concrete income.

In this post, I am going to explain to you step by step on how to request for loan from Mega Bank in Cambodia and what documents they need before they grant you the loan.

First of all, you will have to contact its loan officer. For my case, I contacted Sreyneang and asked her for more information. She told me the details and the documents she might need before answering a YES or NO to your loan. It took my family 4 to 5 weeks before I have been granted the loan.

So before answering, Sreyneang asked what properties I have in place so that she can come to assess. My dad agreed to put his house title deed as collateral so that we can request for loan of USD 120,000.

She came to my house and check the conditions and locations of the house. She also came to my mum's store at Orussey market to assess the business. She came to assess these properties, but what we put for collateral was only house title deed.

They ask you to make photocopy of your business patent, house title deed, income, ID cards, family book, etc. At this point, she only needed a photocopy, later she will keep the authentic house title deed. I'll let you know when in the below paragraphs. 

Loan officer will call and inform you about your loan grant and then you will need to proceed the following:

- $150 for property valuation (Sreyneang came to assess, but she still needs it assessed by professional. So, I had to pay this amount to CPL Cambodia Properties Limited). 

Later, when you have the Property Valuation Book in hand, and gave the to bank, the loan officer will call you for an appointment before a lawyer. When you arrive the bank, you will have to pay as following:

- $100 for open new account (We will have $100 deposit in that account)
- $200 for lawyer fee
- $250 burden fee​ at cad astral survey (At this time, loan officer will keep your house title deed and let cad astral survey record the title deed so that it cannot be reproduced during loan) (It takes up to 10 working days)
- Not compulsary: Extra $300 if you need a fast service from cad astral
- $10 for ID
- 0.5% to 1% processing fee. For my case, the bank deducted $600 from my $120,000 as it was 0.5%. 

It will take 7 to 10 days to wait for response from cad astral survey. Then, you are ready to get your money. In total, for my case, I spent $1,310 before getting my loan and it took me about 6 weeks.

I also gave the loan officer $100 as tip. It isn't compulsory.

If you have experience with other loan and wish to share, please do so in the comment box :)

By the way, the interest rate that I got 6.75% per $10,000 per year (Special rate, indeed). For normal rate, it is $75 per $10,000 loan. In this situation, I find Mega Bank one of the best banks for loan. 

19 comments:

  1. Does that mean that people can afford less now that they all have to look at a financing plan before buying anything? Absolutely not! In fact, loans are just a smart way to maximise your money!

    ReplyDelete
    Replies
    1. Thanks for your comment! But one has to reassure that he can repay monthly :)

      Delete
  2. This comment has been removed by a blog administrator.

    ReplyDelete
  3. In researching loan modifications, you may have already discovered that there are a number of companies out there willing to take your money.
    Bankruptcy Filing Course

    ReplyDelete
  4. Wisconsin Mortgage Corporation has been providing quality home loans across Wisconsin.Meet our loan officers. Please choose the loan officer that you were referred to view their personal page and apply online.Wisconsin Mortgage Each loan officer's page includes the following services.

    ReplyDelete
  5. This post is very useful for us. Because we have a lot of tips and tricks from this post. Thank you for this amazing post share.
    Even as simplest the great loan will Do.We don't forget small agency’s ought to flourish and prosper we're captivated with assisting small corporation proprietors get entry to the cash they want to grow or manipulate their cash float So we've got taken the workout of having a commercial enterprise loan And decided on the fine company loans in the market location for you.Getting a loan for a small business

    ReplyDelete
  6. Emergencies requiring instant cash can arise. Sometimes the need is so crucial and so immediate that the next payday looks like it might as well be in the next century Simpleinstallments

    ReplyDelete
  7. You may need money in an emergency which can not wait until payday for instance; emergency medical or dental treatment, to settle a bill quickly, extra spending money on holiday or even for a romantic weekend away. The choice is yours as long as you make the repayment due on the repayment date.
    long term business loan industry

    ReplyDelete
  8. This blog gives a solid confirmation of sensational written work.
    dealerships that accept bad credit

    ReplyDelete
  9. Or on the other hand in the event https://imsgcanada.com/personal-loans-in-new-brunswick-and-saskatchewan.php that you are completing a business you can in any case get a loan.

    ReplyDelete
  10. The correct approach is to go to the Bank before purchasing a property and check your credit standing. The loan officer can help to pre-qualify your loan. At any rate, when you pay the house store, you pay with certainty.theloanrepublic.com

    ReplyDelete
  11. On the off chance that you are in any uncertainty in the matter of whether the payday loan organization you are thinking about applying to is completely directed then you are inside your rights to contact both of these bodies for additional data. bad credit personal loans in arizona

    ReplyDelete
  12. cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans payday loans in detroit

    ReplyDelete
  13. I think this is one of the most significant information for me. And i’m glad reading your article. But should remark on some general things, www.aamadall.com

    ReplyDelete
  14. It feels awe-inspiring to read such informative and distinctive articles on your websites.how can I get a business loan

    ReplyDelete
  15. Low financing costs and deferred or diminished charges are accessible on the off chance that you comprehend what to search for. best site

    ReplyDelete
  16. Is it possible to get a loan by borrowing against my car to get the money I need? ... If you have a car loan, you might have enough equity. You would need to owe less than its value. To find out, estimate your car's value at one of the car pricing sites such as Edmunds.com, and compare it to the payoff amount of your car

    ReplyDelete

Follow by Email