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OCB OMNI
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OCB TTC Hospitality credit card
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OCB Debit Card – BHD Star
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Get a loan
Mortgage loan
Consumer loans
Unsecured loan according to salary
Look up loan documents
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Effective investment
Financial planning
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With the advantages of loan duration or simple loan conditions, consumer loans are a promising form of borrowing that will thrive in Vietnam in the coming years. In this article, OCB will learn with you what a consumer loan is and what to keep in mind when borrowing with this form.
What is a consumer loan?
Consumer loan is a loan product in the form of a mortgage or mortgage to support financial resources for shopping needs and other essential needs in daily life.
What purpose is considered a personal loan?
With fairly simple loan conditions, depending on the individual, the purpose of using this loan is different such as:
Borrow money to buy furniture, household appliances Borrow money to buy cars, phones, electronics, electronics Borrow money for home repairs, home decoration Borrow money to travel, study Borrow money to meet spending, beauty care, medical, wedding,…
Most loans for non-business purchases are referred to as consumer loans.
Necessary conditions for consumer unsecured loans
Many consumer unsecured loans always require specific conditions. In order to meet the current consumer lending conditions in Vietnam, the following basic conditions need to be satisfied:
From 20 to 55 years old for women, 58 years old for men (some banks only require borrowers to be 18 years old). Having a stable monthly income (Minimum income depends on each bank’s permission). Be a Vietnamese citizen or a resident with household registration/KT3/temporary residence at the place of residence
With a fairly convenient and simple loan form, many customers are often subjective when borrowing money, so unexpected unfortunate things often happen. So, before deciding to take a consumer loan, please read the notes below carefully.
Study the contract carefully
Loan conditions are currently quite open with many attractive incentives, but that does not mean that there are no certain binding terms.
There are 6 important points in the contract that the borrower must read carefully: loan amount, disbursement method, interest calculation method, monthly interest rate, late payment penalty or payment cost upon completion. loan agreement ahead of time. Must know the rights and obligations of each party before signing a contract.
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Discrimination of interest rates
There are two ways to calculate interest rates on personal loans. The first is based on the principal balance calculated on the original loan amount during the loan term. The second way is to calculate the interest rate on the reducing balance, calculated only on the actual amount owed, after deducting the principal paid in previous periods. Borrowers will be more profitable when negotiating with banks because they only have to pay interest on the actual amount used.
Financial companies and credit institutions must balance mobilized capital, interest rates and terms, so they will have some penalty fees in some cases.
Types of interest rate pressure on consumer loans also include fixed and floating. That is, during the loan period, the interest rate will not change or change from time to time depending on market movements.
Most financial institutions charge a fee for early repayment, however, each institution has a different calculation. In addition to collecting fees for early contract liquidation, financial institutions also apply many other penalties such as overdue debt payment, late payment interest, recovery of outstanding loans, etc. Preferential interest rate due to early repayment…
Currently, there are many banks that offer personal credit loans. One of the banks with the best personal loan service is Orient Bank (OCB).
When taking a consumer loan at OCB, you will have the following advantages:
Competitive loan interest rate, from only 6.99%/year High loan limit, up to VND 2 billion Flexible repayment period, up to 84 months Quick application review, instant disbursement Estimate ability to repay within a short period of time. long time
When borrowing money with a prolonged period, the interest rate will be adjusted up or down depending on the market situation and the policy of each bank. Without careful preparation, borrowers will be put in a passive position because it is likely that interest rates will increase over time.
Therefore, you need to evaluate your ability to pay before deciding to borrow. Borrowers should assess interest rate conditions and monitor changes in market interest rates to anticipate whether large sums of money or principal can be repaid over a long period of time.
Document retention
When you have signed a contract, you must carefully keep your consumer loan records including invoices, receipts, customer cards, contracts, documents, … to regularly monitor the statement. personal credit; Know your credit status and prevent any risks if there are any problems.
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If any related errors are detected, borrowers should directly contact and immediately notify financial companies through email channels, hotlines, and websites for assistance in solving and preventing similar situations from happening again. keep happening.
