People who have been appointed as civil servants for many years with labor and passing through certain stages may need financial support due to the financial difficulties they have experienced or the financial burdens of establishing a new life in the place where they are appointed. When this is the case, can the newly appointed officer take out a loan? comes to mind.
A newly appointed officer can, of course, take out a loan, but like any person who will get a loan from banks, the record of his previous debts must be clear, he must have made regular payments and his credit score must not be low .
People who have high credit assessment points, who have not had any difficulties in the loans they used previously from banks or in the payment of credit cards can use loans even if they are a newly appointed officer. Officers who switch to their first salary accounts after starting their office can apply to any bank to use a loan if they document their income with documents such as salary payroll, account statement, or they can use a loan immediately from the bank where their salary lies , without any difficulties and procedures.
The amount of the installment determined for the loan used is paid back to the bank by deducting the salary of the officer to the bank.
What are the Requirements to Get Civil Servant Loans?
Each bank may have its own terms, as well as banks that need additional documents. For this reason, it is important to research the special conditions of the banks before applying to take out a loan, to save time and to establish the necessary infrastructure for the approval of the loan. General conditions are as follows;
The absence of any legal proceedings pertaining to the person’s debts on behalf of the person,
The officer has started to work,
Monthly installments should not be more than half of the officer’s total earnings,
A refund request with a maximum maturity of 48 months,
If any mortgage transaction is to be made within the scope of the additional guarantee, and the person is married, there are conditions such as submitting the necessary document to the bank that the consent of the spouse is approved.
How Much Loan Can Civil Servers Use From Banks?
There is no standard upper and lower limit for civil servants who want to use a loan from the bank, but it has a decisive role in the amount of the loan that a person can use. While the monthly installment amount should be adjusted to not exceed half of the salary, it is seen that the officers can extend 12 to 15 times the salary in line with some campaigns made by the banks.
Before making a loan request, paying installments not exceeding half of the salary, calculating the loan amount that can be used with a maximum term of 48 months will increase the probability of the loan being approved.
Sample Calculation Table for the loan amount that civil servants can use in proportion to their salaries is as follows;
In case an officer who receives a salary of 4000 USD uses Housing Loan; The amount it can withdraw with a 120-month term, 147,000 USD,
In the case of using consumer loan; Amount withdrawal with a maturity of 36 months, 64,000 USD,
In case of using Vehicle Loan; It is 70,000 USD with a 48-month term.
What are the Documents Required by Banks When Using Clerk Loans?
Banks can request various documents and guarantees depending on the type of loan to be used. For example, if auto loan will be used; a photocopy of the vehicle to be purchased and a mortgage loan will be used; title deed of the residence is required. Banks also reserve the right to seek surety and additional collateral, if they deem necessary.
Generally requested documents are;
Additional income document and residence document.
What Are The Costs That Can Be Paid While Using Civil Servant Loans?
There is no difference in cost between civil servant loans and other loans. As with other loans, in the case of using file expense, life insurance or personal accident insurance policy and mortgage consumer loan or real estate loan, mortgage and appraisal expenses are paid by the borrower.