Update: ONE bank has said they will offer me a personal loan and sent me the application docs knowing that I’m a foreigner. Chinatrust.
There’s no law or regulation against giving foreigners personal loans . It’s the banking culture here.
Now I haven’t applied for the loan yet because I’m evaluating the conditions and interest rate, I will keep folks posted. Personal loans seem to be limited to 2 million NTD here which is helpful but still a bit on the low side for what I intend to borrow. The final rate will be calculated later , I think it could be around 4% not sure.
Some banking reps mentioned you shouldn’t approach multiple banks as they will record that and rate your credit risk higher…Not sure is that total BS or not ?
We also checked with the landbank , they give Loans
against land or property collateral (could use some farmland as collateral) but there needs to be a defined purpise such as fixing up your house and they will check supposedly that you use the funds for that.
If you work for a large public company supposedly you as a foreigners may also be able to get a loan here or preferential rate, I work for a large international org but not a local public company so no use .
Mostly the bankers are lazy, they want to know if you have property in the big cities to use as collateral , if you don’t they are just not very arsed at all cos it involves them actually having to calculate your credit risk.
PS On a separate note banks do give mortgages to foreigners but they will be looking for collateral and often/possibly always a local cosigner. Without collateral you wont get those Low rates.