Profitable Bank Loan at Mega Int’l Commercial Bank in Cambodia

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

Some persons even think that one must be rich to be able to borrow from a bank because a bank does not give you money easily. You will need to have a 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 a 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 the 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 the photocopy of your business patent, house title deedincome, 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.

The 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 them to a bank, the loan officer will call you for an appointment before a lawyer. When you arrive at the bank, you will have to pay as follows:

– $100 for an open new account (We will have $100 deposit in that account)

– $200 for lawyer fee

– $250 burden fee at cadastral survey (At this time, the loan officer will keep your house title deed and let cadastral survey record the title deed so that it cannot be reproduced during loan) (It takes up to 10 working days)

– Not compulsory: Extra $300 if you need a fast service from cadastral

– $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.

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