Personal bank loans at the lowest interest rates. What is personal loan?

WHAT IS INDIVIDUAL CONSUMER LOANS?

 

Personal loan is a loan product in the form of mortgage or unsecured loans to support the financial needs for household shopping, car purchase, wedding abroad, and wedding travel. schedules, furniture purchases, home repairs and other daily life needs.

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Characteristics:

The number of loans is large but the value of each loan is often small.
High risk, easy to lose capital.
Interest rates are high and the procedure is quite rigid.
Sensitive according to each loan cycle.
The cost of borrowing is quite large.
The profit generated is negligible.
SPECIAL CONSUMPTION TYPES OF INDIVIDUALS
This loan product is diverse in form. Here are the most common forms today:

MORTGAGE LOAN

 

This means that if you have a car or another valuable asset, you use the same property that you intend to buy to secure your loan. In case you cannot repay the debt, the financial institution will have the right to recover your assets.

CASH PAYMENT WITH CASH

 

This is a form of unsecured loan for people who are paid and receive a monthly salary in cash to meet the purpose of consumption in life.

At present, many types of loans are used by cash salaries and institutions.

LOANS THROUGH LIFE INSURANCE CONTRACTS

 

This is a form of unsecured loan without collaterals, only need a life insurance policy valid for 1 year or more (at the time of loan) at any insurance company. So, what is the interest rate of this loan? Which banks can I borrow?

LOANS WITH VEHICLE REGISTRATION PAPER

 

Borrowing from a motorbike registration is a form of unsecured loan for customers who own the motorbike. Customers only need to prove ownership of the vehicle to be able to get loan support easily and quickly.

LOANS WITH BUSINESS PERMITS

 

Borrowing from a business license is a form of unsecured loan without mortgaging any assets that only need a customer with a legal business license to be considered for loans up to hundreds of millions of dong.

Moreover, the lending period will be up to 36 months with low interest rates, giving small businesses the opportunity to access larger projects.

LOANS PAY WITH A CREDIT CARD

 

With a credit card loan, you can pay in advance to buy the item you want, then pay monthly by credit card to the bank.

The special thing is that you can completely buy and sell online without having to go to bank branches or stores. To be able to do this, you must own a credit card from one of the banks that accept installments.

CONSUMER LOANS INTEREST RATE

 

Currently, interest rates range from 6% - 28% depending on the form that customers choose to borrow. In particular, interest rates are calculated based on the principal outstanding and gradually reducing outstanding loans.

GUIDE TO CONSUMER LOANS

 

CONDITION
You need to meet specific personal and income requirements. Eg:

Age over 18 years old
Have a stable monthly income (minimum income depends on the policy of each lender)

PROCEDURE
Loan procedures include the following basic documents:

Loan request form
Identity card such as ID card / passport ...
Proof of income: Labor contract, salary statement ...
Documents related to collaterals: Vehicle papers, red books ... (with the form of mortgage loan)

NOTES WHEN CONSUMER LOANS

 

Whether you borrow from a financial company or a bank loan, you need to pay attention to the following:

Understand loans in the form of mortgage and mortgage to avoid confusion.
Read the loan contract carefully because there are terms and terms that can cause confusion between the two parties, causing disputes and complaints later. Especially, you need to know the following 6 points in the contract:

+ Loan amount and disbursement method

+ Monthly installment amount

+ Loan interest

+ Method of calculating loan interest

+ Late payment penalties or late payment fees.

+ Know the obligations and rights of each party when signing a contract.

Know the interest rate of the loan, know how to distinguish interest rates on the outstanding principal and descending balance
Estimate your ability to repay your debt: Before signing a loan contract, you have to pay careful attention to your family's financial ability, your ability to repay.

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