Instructions for borrowing installment loans from Vietcombank for immediate approval

Installment loan vietcombank

Are you in urgent financial need? Do you need a capital to start a business? But you don't want to disturb your family and friends, then a bank installment loan is a safe and optimal solution. However, in many banks that provide installment loans, you do not know which is the right choice? An address that many customers trust and choose is Vietcombank's installment loan service.

To help you better understand and understand the Vietcombank installment loan process, the article will provide you with the necessary information and things to keep in mind when making a choice for yourself!

What you need to know about installment loans.

1. What is installment loan?

Installment loan is a form of giving Quick loan just need ID card which the borrower will have to pay each month or in installments (if the amount is to be paid in installments) is the same.

To understand better, let's see an example:

Mr. A borrows an installment of 10,000,000 VND with an interest rate of 1%/month for a period of 10 months. Thus, the total amount of both principal and interest that Mr. A must pay will be:

10 million + 10 million*1%/month*10 months = 11 million.

If the agreement is on monthly installments, the amount Mr. A has to pay each month is:

11 million : 10 months = 1.1 million.

If the agreement is to pay in 5 installments of 2 months each, the amount Mr. A has to pay each installment will be:

11 million : 5 installments = 2.2 million.

2. What are the benefits of installment loans?

The current form of installment loan is chosen by many customers because it brings many practical benefits.

Reducing financial pressure: This is the outstanding advantage of installment loan service. By dividing the amount to be paid into small amounts, you will not have to stress instead of paying the amount in one go.

Make a reasonable spending plan: Because the amount to be paid periodically is the same, you can plan your spending and debt repayment in accordance with your financial ability.

Reduce the possibility of bad debt: because the amount is divided by month, if you have a repayment plan in advance, you will not fall into a situation where you are not able to pay the debt and have bad debt. However, it cannot be so subjective.

Own the desired item early: If you take out an installment loan in the form of consumer purchases, you will not need to pay off the entire amount in one go, so instead of having to wait for enough time to accumulate enough money, you can pay a part in advance to own the item immediately, the rest is paid in installments according to the agreement.

Flexible loan period: You can borrow in installments according to your financial ability. Of course, installment loans also have certain risks that you need to be aware of.

3. Possible risks.

High interest rate: the longer the installment period, the more interest you will have to pay, especially if you take out an unsecured loan, you will have to accept a higher amount of interest.

Scam: can be encountered if you take out an online installment loan without carefully researching the lender.

Loss of personal information: Happens if you encounter an unscrupulous lender.

Late Payment Penalty: If you do not pay on time, you will be charged a late fee.

Why should you choose Vietcombank installment loan?

Installment loan vietcombank

As a large bank, there are many reasons to convince customers to trust and choose Vietcombank installment loans.

Having a proud history: Vietcombank operated since 1963, separated from the Foreign Exchange Department under the State Bank of Vietnam, taking on the historical role of being the only foreign commercial bank in Vietnam, contributing to great success during the resistance war against the US.

Developed branch system: Vietcombank with 1 head office and 116 branches and subsidiaries throughout the country and abroad, helping customers more convenient in transactions.

Wide affiliate network: Vietcombank is a member of many domestic, regional and international organizations.

Reputation and transparency: Having achieved many achievements and awards, customers can be completely assured of the credibility and transparency when taking out Vietcombank installment loans.

Attractive interest rates: Vietcombank has long-term cooperation with many partners, so you can easily find Vietcombank installment loan opportunities with preferential interest rates.

The loan procedure is simple, the approval time is usually only 2-3 days.

Flexible installment term: is a bank that provides installment loans with a fairly long time.

Flexible loan form: You can borrow Vietcombank's installment loans directly at transaction counters or borrow online.

What are the forms of vietcombank installment loans?

Similar to the reputable online loan app From other banks, an advantage of Vietcombank installment loans is the flexible loan form. You can choose the type of loan that suits your personal purpose.

1. Installment loans through consumer purchases.

In this form, if you have a need for consumer purchases at establishments affiliated with Vietcombank, you only need to pay part of the product value, the remaining amount will be paid in installments for a period of time depending on the regulations. determined by each unit.

Through the form of installment payment, you can often enjoy preferential programs with 0% interest installment purchase.

2. Direct installment loans at banks.

If you have a Vietcombank installment loan at a bank, you can borrow in the form of unsecured loans or mortgage loans.

Unsecured installment loan: In this form, you do not need collateral as well as a guarantee from a third party, but you need to meet the bank's requirements for unsecured loans and the loan amount is not too large.

Mortgage installment loan: if you have collateral, you can get a loan with a larger amount and a longer installment period than an unsecured loan.

What is Vietcombank installment loan interest rate?

Installment loan vietcombank

This is the concern of most customers who need Vietcombank installment loans. As mentioned above, the longer you borrow, the more interest you will have to pay. Therefore, there is no specific number for vietcombank's installment loan interest rate.

On the other hand, interest rates also vary depending on the type of mortgage or unsecured loan you take.

Moreover, at different times, interest rates also change according to the bank's announcement. Therefore, before taking out an installment loan from Vietcombank, you should seek advice from a bank staff to know the most accurate interest rate.

Conditions and procedures for Vietcombank installment loans.

1. Vietcombank installment loan conditions.

Be a Vietnamese citizen, age 18.

Living in the area where Vietcombank is located.

Have a stable source of income.

Have a clear and transparent loan purpose.

No bad debt.

Have collateral if the loan is in the form of a mortgage.

2. Procedures to be prepared.

With each form of Vietcombank installment loan, there will be different requirements for loan procedures, below are the necessary documents you need to prepare.

Personal papers: CCCD/ID card, household registration book.

Proof of income: bank account statement, employment contract, payroll.

Documents proving the purpose of using capital: Purchase and sale contract,…

Proof of collateral, if any.

The process of making installment loans Vietcombank.

Step 1: Call or visit Vietcombank's transaction counters for detailed advice on loan packages, interest rates and related fees as well as documents to prepare.

Step 2: Preparation and submission of documents have been instructed.

Step 3: Waiting for approval and notification of approval results.

Step 4: Prepare documents before disbursing as instructed.

Step 5: Get money.

It is very simple to make Vietcombank installment loans, but you should also note some important issues before borrowing.

Things to note when borrowing Vietcombank installment loans.

Clearly define the purpose of the loan: Not only Vietcombank installment loans, but when you want to borrow any form, you should clearly define your own borrowing goals, do not borrow if you don't really need it or borrow with illegitimate purposes.

Determine your financial ability before taking out a loan: Assess your income and choose an installment loan that is suitable for your ability to repay.

Find out the interest rates and costs in the loan process. Add up all your costs, interest, and principal over the life of the loan to figure out how much you'll have to pay.

Make a monthly repayment plan: Because of the installment loan, you can easily have a monthly spending and savings plan to repay the loan on time, make a specific plan for yourself.

Make sure you understand the contract well before you sign it: ask your consultant if there are any specialized terms you don't understand or a term is unclear before you sign the contract.

Epilogue

We hope that the information about Vietcombank installment loan service that this article has provided is useful to you. Hope this article has helped you better understand and have more confidence in choosing to borrow cash at the bank. this reputation