What documents are needed to obtain a loan – the Loans
Each loan requires specific documentary specifications, however we can indicate below a whole series of phases and documents to be presented that are rather standard.
First, during the preliminary investigation phase the applicant must prove through documents that meet the solvency requirements and that the declared income is true. To do this, generally the following are required:
- Copy of the tax code;
- Copy of identity documents valid at the time of the request, such as a driving license or identity card;
- Copy of the payment receipts of the latest bills, such as electricity, gas or others.
Regarding income, there is a different procedure depending on whether you belong to the category of employees, freelancers or pensioners.
Employees will usually be asked for copies of the latest three payslips and the related employment contract, as well as a copy of the last two declared CUDs. Instead, for the self-employed, the last two Unico models declared and, sometimes, the statements from their bank account or the declared invoices are authentic. Finally, for pensioners it is essential to present the pension slip or the CUD for pensioners.
The amount of the documents requested can vary considerably even with te varying amounts to be requested to obtain them, and seniority also plays an important role in this sense.
Documents for loans
The documents presented will then be evaluated and the body that takes over the financing will decide whether to grant it or not. Therefore, it can easily happen that some banks are willing to give it to you and that others refuse. Generally, what is evaluated concerns two distinct characteristics. The first is to check whether there is a general proportion between the income generated and the amount requested, this is an inevitable consideration for deciding whether there is a viable loan. This ratio cannot exceed 20% of the salary (the so-called “fifth of the salary”), in some cases it can reach up to 30%. The second evaluation feature concerns the presence of other loans already in progress. If the institution ascertains that the applicant has already obtained some other loan, then the income threshold that is used to calculate the percentage granted, as is logical, is lowered further.
Don’t be fooled by those institutions that at first sight make you believe of granting loans even without an income : no one gives you anything and in this case the guarantees can be based on something else, such as alternative incomes to act as guarantors, the presence of fixed income such as a rent, or at least that of real estate.
Having clear the framework of the basic documents, you can make your own calculations to decide how much you can make the sum requested to the credit institution without the latter having to be forced to refuse your application. Consider also the choice of the same credit institution among the vast amount available. As mentioned above, it is not certain that a request refused by one of them will be refused by everyone. Read well the specifications that each one requires and make your assessments.