Phone in hand - receive immediate support of up to 10 million Vietnamese dong through the Cashberry app

Cashberry - quick, convinient 24/7 online loans solution

CashBerry is a financial company, providing an online loan consultation service that is fully automated, disbursed within the day.

Loan term, days

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Payment date: 1
To return: 1 ₫

The conditions for applying for a loan at Cashberry

4 easy steps to register for a loan

Filling in the registration form
Provide a phone number and fill in personal information. Register and send request for a loan.
Getting approval and Signing an Agreement
The approval results will be anounce via phone call. Only need to log in to Personal account and sign an Agreement.
Receive money
After the application is approved, our partner will transfer the money to your account.
Make repayment to our partner according to the instructions.
with flexible terms at CashBerry
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum
Get loan
  • Term:
    Term: min 92 days, max 183 days
  • Loan limit:
    Loan limit: 100 000 - 5 000 000 VND
  • Interest rate:
    Interest rate: 10,95 - 14,6 %/per annum

What is loan insurance and what are the benefits? Is it mandatory to buy loan package insurance when taking out an unsecured loan? Check out the article to find out now!

When taking out a loan, customers will be advised on loan insurance . However, some credit institutions do not provide specific advice, making customers think this is a mandatory cost and do not fully understand the benefits of loan insurance. So what is loan insurance and is it mandatory?

What is loan insurance ?

What is loan insurance ? Loan insurance is the amount that customers pay to buy insurance for their loan product package at a credit institution.

For the form of unsecured loans (without collateral) with a high risk nature, credit institutions need a basis to ensure the safety of this loan amount. That's why loan insurance was born.

In fact, loan insurance will benefit the customer. When customers buy insurance, in case the customer unfortunately encounters unforeseen risks after taking out an unsecured loan, the insurance company will pay the debt on behalf of the customer. And this is also an important criterion for credit institutions to easily approve loans from customers.

What does loan insurance do?

When you buy loan insurance , you get two benefits:

- If there is a risk such as death, permanent disability, ... leading to inability to pay, then all loans signed in the insurance contract will be guaranteed to be paid by the package provider. insurance for you. Therefore, you no longer have to worry about bank debt that will leave a burden on your family and loved ones.

Loan insurance is also considered as a collateral to limit the risks of credit institutions. Therefore, this is a basis for credit institutions to easily approve your loan application if you have no guarantee.

Loan insurance can make it easier for you to process your application, but you have to pay a certain fee

Loan insurance can make it easier for you to process your application, but you have to pay a certain fee

Is loan insurance mandatory?

Regulations on lending of credit institutions to customers, promulgated together with Decision No. 1627/2001/QD-NHNN dated December 31, 2001 by the Governor of the State Bank, do not stipulate that customers must purchase insurance related to loans when customers borrow capital at credit institutions.

Thus, the customer's purchase of credit borrower insurance for the loan is an agreement between the credit institution and the borrower on the voluntary basis of the parties.

The purchase of insurance related to the loan is agreed upon by the credit institution and the customer in accordance with the provisions of the law on insurance. Thereby, this form of insurance will ensure that the customer is compensated for part or all of the loss in case the risk occurs within the insurance coverage. At the same time, the purchase of loan insurance also contributes to supporting credit institutions to control credit quality.

Accordingly, the premium is one of the agreements between the insurance business enterprise and the customer in the insurance contract. In case the bank acts as an insurance agent for an insurance business, the bank only collects insurance premiums as authorized by the insurance business as prescribed in Clause 4, Article 3 of the Joint Circular. No. 86/2014/TTLT-BTC-NHNNVN.

Borrowers can not buy loan insurance if they feel it is not necessary

Borrowers can not buy loan insurance if they feel it is not necessary

Fee for buying unsecured loan insurance package

Normally, when buying loan insurance, customers will have to pay 5% - 6% of the principal amount that customers register for unsecured loans at the bank .

For example : A customer applies for a loan of 20 million VND at a bank, the loan insurance amount is: 5.5% x 20,000,000 = 1,100,000 VND

Depending on the credit institution, customers when applying for unsecured loans may not receive the full amount of loan registration but must deduct 5.5% to pay the insurance premium or the customer will receive the full loan registration amount. plus insurance premium.

Loan insurance always has two sides because they both benefit an unsecured loan but also cost you an extra part of the cost of that loan. And when you want to buy insurance for a loan, you should pay close attention to the insurance premiums as well as the terms of the loan insurance are paid back?

In short, loan insurance is an optional expense when customers take out unsecured loans. Credit institutions need to give specific, clear and transparent advice to customers, and customers need to actively ask the counselor about issues they do not understand to avoid unnecessary misunderstandings after borrowing.

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