Ms. Thanh Tam is currently a sales employee at a media company in Hanoi, earning an average monthly income of 50 million VND, including a fixed salary of 15 million VND from her current company. The remaining amount comes from her personal investments and online business ventures.
At present, Ms. Tam does not own any assets like real estate or a car that can be mortgaged for a bank loan. However, with her current income, is it possible for her to obtain a bank loan?
In reality, banks offer loan packages specifically for customers who do not own any assets such as real estate or vehicles. Instead, customers will need to prepare some basic personal documents, such as their ID card, household registration book, and income verification, to be eligible for loan approval. The bank will assess your ability to repay the loan based on your income, credit history, current job, and other factors.
This type of loan can be used by customers to meet various needs, including wedding expenses, travel, shopping, and booking flight tickets. Banks will also require customers to have no bad debts with other banks or financial companies.
Regarding income requirements, some banks mandate that borrowers have a post-tax income of at least 8,000,000 VND per month. The loan amount one is eligible for depends on the policies of each bank at different times and the borrower’s credit score. For instance, TPBank requires a minimum income of 8,000,000 VND per month for at least three months.
Each bank has its own policies regarding unsecured loan limits, with amounts ranging from a few tens of millions to 1 billion VND.
Some banks require a minimum post-tax income of 8,000,000 VND per month.
In the case of Ms. Tam, a credit officer shared: “With Ms. Tam’s income of up to 50 million VND per month, she can apply for a ‘consumer loan without collateral’ from a bank. Nowadays, some banks approve unsecured loans directly through their mobile banking apps, based on the applicant’s consistent monthly income from their employer. For example, if Ms. Tam’s fixed monthly salary is 15 million VND, the loan amount will be based on this figure. The bank may offer a loan equivalent to approximately 3-6 months’ worth of her salary. For income outside of her salary, some banks will require proof of this income as reflected in her bank account. Based on this, the bank will grant an additional suitable loan amount. The average loan tenure offered by banks ranges from 6-60 months. However, the interest rate for this type of loan, which does not require collateral, is typically higher, usually around 18-20%/year.”
A survey of the current market reveals that consumer loan interest rates range from 12-21%/year. For instance, Techcombank currently offers loans with interest rates ranging from 13.9 – 19%/year, while VPBank offers unsecured loans with interest rates as high as 20%/year. The required documents for this type of loan include a loan application form (as per the format of the respective bank), documents as per the lender’s requirements, a valid ID card/citizen identification card, household registration book, proof of monthly income for at least the last three months, and other documents as requested by the lender.
