Vietcombank unsecured loans help customers quickly access capital. No collateral or guarantor required, but you can still borrow large amounts of money. Just need the borrower to work for a salary. You already know How to borrow money from Vietcombank according to salary? not yet? What conditions and procedures does Vietcombank require. Especially how interest rates are applied to unsecured loan products.
If you are in need unsecured loans according to Vietcombank's salary No collateral required. But do not know where to start, below Thongtinbank introduces all the points about the unsecured loan package according to the salary schedule at Vietcombank in the most detail. Read and refer!
What is a Vietcombank bank loan according to salary?
Unsecured loans according to Vietcombank's salary considered the easiest form of loan. Borrowers do not need to have collateral or a third party to guarantee. Just meet some basic conditions and work with a stable income according to Vietcombank's requirements.
The bank will consider the maximum amount you can borrow based on the customer's monthly salary. To do that, you need to provide salary confirmation documents, payroll, salary account statement.
For Vietnam Joint Stock Commercial Bank for Foreign Trade, unsecured loan products are offered with preferential policies and have the best interest rates. It is for that reason that many people apply to borrow money from Vietcombank by salary here.
Borrowing by salary, you can participate in borrowing into 3 products as follows:
- Unsecured loans for employees
- Borrowing executive managers
- Overdraft personal property loan
Advantages of unsecured loans according to Vietcombank's salary
When you sign up installment loan in the form of unsecured salary at Vietcombank. You will receive the following offers.
Borrow money without collateral or guarantor.
– You can borrow 12 times your salary, up to a maximum of 200 million for officials and employees and 300 million for managers.
Flexible loan term from 6 to 60 months.
– The applied interest rate is 15%/year based on the decreasing principal balance.
- Quick and simple loan process.
- Receive money after 2-3 days of registration.
Should I borrow unsecured loans according to Vietcombank salary?
If you are in need of capital for personal use but do not have collateral. So How to borrow money from Vietcombank according to salary? is the best and most reasonable option at the moment. You SHOULD borrow money in the form of unsecured for the following reasons.
– When borrowing money, customers will be applied the method of calculating the interest rate of the reducing principal balance. Therefore, people will be relieved of financial pressure when paying debts.
– Simple loan conditions, easy to get capital to solve work immediately.
- Have the right to pay off the loan at any time if you want.
- How to calculate interest rate according to the decreasing principal balance.
- Large loan limit depends on each person's personal income.
Vietcombank loan interest rate according to salary
Currently, Vietcombank is offering the most reasonable interest rate. The applicable interest rate for Vietcombank salary unsecured loan package is 1.5%/month. When we compare the interest rates of other banks, it will be much lower. You also need to pay attention to compare the bank's loan products to bring the best choice.
How to calculate unsecured loan interest rate according to Vietcombank payroll?
When you take out a loan, you must know how to calculate interest when borrowing money according to your salary. As well as having specific formulas to calculate. Currently, Vietcombank applies interest calculation in the form of reducing principal balance, calculating interest based on the actual remaining principal amount.
Formula to apply:
Monthly principal = Loan amount/Loan number of months.
First month interest = Loan amount * Monthly loan interest rate.
Interest in the following months = Remaining principal amount * Loan interest rate.
Example: You borrow 10 million dong for 12 months at an interest rate of 12%/year.
Monthly interest percentage is 12%/12 = 0.01%
The first month will have to pay:
- Monthly principal = 10,000,000/12 months = 833,000 VND.
- First month's profit = 10,000,000 * 0.01 = 100,000 VND.
- Total interest + principal payable = 833,000 + 100,000 = 933,000 VND.
2nd month to pay:
- February profit = (10,000,000 – 933,000) * 0.01 = 90,670
- Monthly principal = 10,000,000/12 months = 833,000 VND
- Total interest + principal payable in the 2nd month = 90,670 + 833,000 = 923,670 VND (decreased by nearly 10,000 VND compared to the first month).
In the following months, we also apply the same formula as above and the amount to be paid is less and less.
What is the limit of Vietcombank loan package according to salary?
As I mentioned above, we can borrow the maximum amount of money 12 times salary mine. The higher the income, the larger the loan amount. And a maximum loan of 200 million for employees and 300 million for executives and managers.
Conditions to be met when borrowing money from Vietcombank according to salary
When joining unsecured loans according to Vietcombank's salary the following conditions must be met.
– Customers are workers, officials, officials, employees on the state payroll or have a labor contract of 12 months or more.
– The age of participating in loans is from 21 to 55 years old for women, 58 years old for men.
- Minimum salary required to reach 5 million or more within the past 3 months.
– No bad debt or loans from credit institutions.
– Are residing or temporarily residing long-term at the office area Vietcombank provides the loan package.
Procedure to borrow Vietcombank according to salary
Preparing the following documents in advance at home when going to the bank to register will help reduce disbursement time.
– An application for unsecured loan according to salary provided by Vietcombank at the counter.
– Copy of national identity card or citizen identity card.
– Copy of household registration book with 16 pages including blank pages.
– Copy of labor contract/working decision/payroll or other equivalent documents.
- Statement of account received salary in the last 3 months.
The process of unsecured loans by Vietcombank payroll
Step 1: After going to the bank and submitting the application, Vietcombank will find out the accuracy of the information provided. From there, it is possible to know if the customer meets the conditions of the loan package or not.
Step 2: The staff will advise and ask for some other necessary documents.
Step 3: The appraisal department will review your application and make an assessment of how much you can borrow, the loan period and the interest rate.
Step 4: Submit the application to the bank's board of directors for decision, this time will take about 2-3 days.
Step 5: The bank will notify the customer whether the application is approved or not. If approved, you go to the bank to sign the contract and disburse.
Some notes to know when applying for a loan according to Vietcombank's payroll
How to borrow money from Vietcombank according to salary not difficult at all. However, you must also research carefully before taking out a loan. Here are a few suggestions for you to have knowledge about this loan product.
– Look carefully at the contract and terms
In the contract we will see a lot of different terms. It is related to interest rate, calculation method, time, penalty fee... These are the things that bind you to comply with the requirements in the future. So please consider carefully before putting pen to sign.
- Need to know the rules
In the contract, there will be provisions on interest calculation, contract settlement time, late payment fee. These are the things that we cannot ignore. Especially, the late payment fee will be charged an interest rate equal to 150% of the original interest if you pay overdue debt.
- Payment date, monthly payment amount.
With the method of calculating the interest rate on the reducing principal balance, the monthly payment amount will be different. Therefore, you need to keep in mind the repayment date and the amount that needs to be paid to avoid trouble.
Epilogue
Here is the experience How to borrow money from Vietcombank according to salary? For those of you who are not familiar with this product. If you have anything else you want to ask, please send a question to us to be answered in the most detail.
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