The 3 Useful Liabilities: Foundations for Future
It might be true that having no debt is a great fortune, but when it comes the time to invest for future, bank loan could be an option for young generations who strive for success to obtain what they desire. Let us take a look at what are the useful liabilities that will elevate your livelihood and you should be in debt for from young age.
1. Education Loan: Equipped With Knowledge to Build Up Success
Education is the best investment. This phrase is as candid as a mirror. Not only a person has to put their own heart and soul in education, he or she has to invest their money on educational courses as well. With an issue on cost, many young educational investors do not want to bother their parents for money and seek for the way to gain large amount of money through education loan for degree or diploma courses. SCB, thus, offers several products to support young investors on their education such as Speedy Loan, My Home My Cash and My Car My Cash.
Apart from getting you armed with knowledge, education loan also brings about higher income and higher chances of success in the future. In the era that is driven by technology, many new and challenging courses and occupations for young people are generated such as data scientist which is highly demanded in the market.
2. Commercial Loan: Alternative Way for Office Workers for Dreams to Come True
The trend of being a business owner is still popular and attractive for many young-blooded office workers who have just graduated or started working with company for a few years. They wish to open up their own business that bases on their passion with the fall-and-rise attitude. However, those who come with insufficient capital might have to get a support from SCB commercial loan such as Speedy Loan, My Home My Cash and My Car My Cash.
Nevertheless, it would be the best to set up business with no risk of failing. This could be possible through careful business planning including manufacturing plan, marketability, financial budget and organisation management. Moreover, it is important to research and understand all aspects of consumer behaviours and demands in the market in order to improve products and services that meet the consumers’ demands as well as fixing consumers’ “Pain Point” or inconveniences that consumers encounter in products or services. To simply put it, you ought to clearly mention how your business can gain profit and control capital to convince the bank to approve your loan
Also, you have to make yourself trustworthy in terms of an ability to pay debt with consistent record of debt payment and guarantee for the bank to rest assure. With all these, you are certain to successfully get the commercial loan for your dream project.
3. Property Loan: Dream House. A reflection of success
Having a house of their own has become one of the greatest dream that young people of any era would dream of having. As they have been working for quite some time, they are financially stable and want to buy a house as a reward. This house does not only serve as an accommodation but signifies achievement and serves as a symbol of hard-work as well as shows the lifestyle and interest of the owner.
Sometimes, however, the lump sum that you have been saving up might not be enough to pay for a house in one go. Thus, property loan seems to be a solution and looking at it in term of business, this is an investment in property that prices will only go up. If you are interested in starting this investment, you need to thoroughly do researches, knowing advantages and disadvantages, comparing properties as well as observing what to focus in the investment to gain profit.
For amateurs, you might want to start with a 5-question checklist that is related to market observation to understand tenants, financial situation, risk assessment and rental calculation from the article “5 Questions to Answer before Investment on Properties”. Your investment will then go on smoothly without worry.
Mostly, bank loan will come with a condition of about 30-year instalment and this makes 25-35 years of age to be the most suitable period for property loan. Loan amount will depend on debtors’ salary base in which the bank will loan about 50 times the debtors’ salary and calculate maximum instalment that debtors can pay or the ability to pay debt which will not exceed 40% of an income. Also, instalment ratio will mostly be around 7000-8000 baht per one million baht loan. Take a look at registration detail and check out the loan amount via phone.
Therefore, the most important thing before taking on property loan is the ability to pay debt. Starting from clearing your debt to the least amount possible because car loan, personal loan, debit and credit cards will be included to calculate the ability to pay debt. Punctuality in debt payment is also crucial as the bank will observe discipline in debt payment. For example, debt payment for credit card should be paid in full amount and prevent minimum amount payment.
Besides, long-term financial planning should be done carefully. Do not let anything affects bank deposit that is being kept as a saving or reserved for any important expenditure in the future. In addition, remember to reserve money for any emergency use, so that this amount of money could be used to pay for property loan instalment.
Up to this point, it is crystal clear that “useful liabilities” bring about “quality” to life and increase potential to succeed. These debts also serve as a great push for you to be ambitious to earn more. Nonetheless, whatever debt you are in, “do not exceed your limit” and have discipline in debt payment to free yourselves from any liabilities as soon as possible.