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

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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

Thời gian gần đây, với sự phát triển mạnh mẽ của công nghệ, vay vốn ngân hàng trở nên dễ dàng hơn so với những năm trước. Khách hàng chỉ cần cung cấp giấy tờ, hồ sơ vay vốn cần thiết, đáp ứng đủ các nhu cầu theo quy định của ngân hàng. Sau đó cán bộ ngân hàng thẩm định hồ sơ và cho vay. Song, không phải ai cũng có thể vay vốn ngân hàng được?

Recently, with the strong development of technology, bank loans have become easier than in previous years. Customers only need to provide necessary papers and loan documents to meet the needs of the bank. Then bank staff appraise the application and give loans. However, not everyone can get a loan from a bank?

If you are thinking of a bank loan, but do not know the conditions, procedures, and methods, this article is really for you. CashBerry - online financial advisor will provide all the information you need.

Basic forms of bank loans

Unsecured loan

Borrow money without collateral, unsecured loans are a form of lending is very developed in many banks with the loan amount is not too large and does not require collateral. Banks will assess the borrower's creditworthiness and ability to repay loans to make loan decisions.

The purpose of this form of loan is usually to borrow consumer loans, purchase household equipment, vehicles, ... Main borrowers are students, who have fixed income. month.

Mortgage loan

What is a mortgage? This is a form of loan that is secured with property, such as houses, apartments, bank savings books of borrowers. The bank will keep proof of ownership. In the event that the borrower fails to pay the debt, the bank will sell the property to recover the debt.

Mortgage loans usually apply to large, value loans. Lower interest rates than unsecured loans. Loans can be mortgaged with new real estate purchased.

Currently, to meet the needs of buying a house, buying a car, doing business, buying consumer goods, many people have a need for bank loans. So is this procedure difficult and how to proceed?

Conditions for bank loans

Pursuant to Article 7 of Circular 39/2016 / TT-NHNN, credit institutions shall consider and decide to provide loans when customers fully meet the following conditions:

- Customer is a legal entity with civil legal capacity in accordance with the law. Clients who are individuals aged full 18 years or over with full civil act capacity as prescribed by law or from full 15 years old to under 18 years old do not lose or have limited civil act capacity as prescribed. legal regulations;

- The need for a loan to use for legal purposes;

- There is a feasible plan for using capital;

- Having financial ability to repay debts;

- In case a customer borrows a loan from a credit institution at the loan interest rate specified in Clause 2, Article 13 of this Circular (short-term loan for agriculture and rural areas; export business; business of small and medium enterprises ...), the customer is assessed by the credit institution as having a transparent and healthy financial situation.

6 capital needs are not loaned

Credit institutions may not provide loans for their capital needs:

1. To carry out investment and business activities in industries or trades where investment and business is prohibited by law.

2. To pay expenses and meet financial needs of transactions or acts prohibited by law.

3. In order to purchase and use goods or services in industries or trades where investment and business is prohibited by law.

4. To buy gold bars.

5. To repay a credit loan at the lending credit institution, except for the case of lending to pay loan interests arising in the course of work construction, for which the interest expense is included in the total. Construction investment levels are approved by competent authorities in accordance with law.

6. To repay loans for credit extension at other credit institutions and to repay foreign loans, except for loans for early repayment of loans that fully satisfy the following conditions:

- Is a loan for business activities;

- The loan term must not exceed the remaining loan term of the old loan;

- Is a loan that has not restructured the repayment term.

(Pursuant to: Article 8 of Circular 39, as amended by Decision 312 / QD-NHNN 2017).

Bank loan interest rate

Currently, the State allows banks and customers to agree on lending interest rates according to market capital supply and demand, borrowing needs and creditworthiness of customers, unless the State Bank of Vietnam has regulations. the maximum loan interest rate in the field of agricultural and rural development; business service of small and medium enterprises.

Loan interest rate is the rate at which the amount of interest a borrower must pay for the use of the money they borrowed.

Example: 1 customer borrows 1 billion in 100 months, interest rate 12% / year -> 1% / month. So each month they have to pay:

Interest 1,000 million x 1% = 10 million per month.

Principal: 1000/100 = 10 million dong

Total principal interest: 20 million dong

Depending on your income level, you calculate the loan amount so that it is reasonable. Do not borrow too much and make yourself in a state of inability to repay.

Currently, there are two commonly used ways to calculate the bank loan interest rate, that is, the decreasing balance and the interest rate on the principal balance.

● Interest rate on reducing balance:     

The amount of interest will be based on the actual outstanding balance you owe. For example, if you borrowed 100 million, you paid 40 million, you still owe 60 million dong. Interest will be charged on the 60 million you still owe.

● Interest rate on principal balance:     

Interest will be charged on the amount you initially borrowed for the life of the loan. For example: borrow 100 million for 10 months, interest rate 12%. Every month, you will pay the same interest on the original 100 million loan balance during the loan period.

Bank loan limit

Bank loan limit is the period of time to determine the borrower will pay all principal and interest to the bank. Depending on the needs and methods of borrowing, there are different loan terms. Usually short-term business loans, the loan term is usually less than 12 months . As for loans to buy houses and land, the maximum time can be from 5 to 25 years depending on the policy of each bank.

Fees for early repayment of debt

This is the amount of penalty that the customer must pay when the loan is prepaid. Many customers ask the question, why do I have early payment, but the bank penalizes it, that's ridiculous. However, banks operate under the mechanism of mobilizing customers' term savings deposits, when you prepay the bank to find another customer to borrow your money. During that time, they still pay interest to customers, so they set a penalty fee ahead of time to limit prepayment. And each different bank will have different regulations on this fee.

Borrowers often ignore this problem, their goal is to get money to solve the tasks they need in the short term. Therefore, they do not care about the fee for early repayment or concessional interest recovery.

Until one day, when he had a large amount of money to pay in advance to the bank, he was surprised because the fine was quite high. So to prevent this from happening, before signing a bank loan agreement, ask your consultant carefully about these issues. 

Bank loan procedures

Bank loans are the choice of many people when they have capital needs with many different purposes. For first-time bank borrowers, bank loan procedures are a matter of great concern after questions about interest rates, loan amounts and loan terms. What to prepare when borrowing from the bank? Bank appraisal like? All will be answered by CashBerry now.

In fact, it is not too difficult to prepare the procedures to get a loan at a bank. The complexity of the application also depends partly on the form of loan, the amount borrowed and the conditions of each individual.

Different banks often will also have certain differences in the application preparation requirements or loan standards. However, the bank will always require a certain amount of paperwork for each borrower.

1. Procedures for borrowing money from a "red book" mortgage bank

● Personal legal record: provide full personal identification papers     

- ID card, household registration book / temporary residence book / temporary residence certification

- Marriage registration, certificate of marital status.

● Profile of collateral: proof of ownership, documents to help valuate property (if any)     

- Certificate of land use rights, ownership of houses and assets attached to land (red book, pink book), construction permit, ...

- In the case of mortgaging by means of transport such as a car that requires vehicle registration (tie), insurance (if any), ...

● Proof of income records     

In addition to the above legal documents, in order to get a loan, the borrower needs to add a record of his income sources to prove his / her ability to fulfill the debt repayment obligation.

Sources of income from salary, papers to provide are labor contracts, salary statements at the bank, payroll, salary confirmation.

Income from leasing activities, the borrower needs to provide the ownership papers of the rental property, the lease contract (with detailed information on the rental price, form of lease, ...).

For income from business activities, the problem of collecting proofs will be more complicated. Borrowers need to prepare a series of papers such as:

- Business License: individual household, enterprise

- Input and output invoices, economic contracts, tax payment dossiers

- Record books of revenue and expenditure activities of the business establishment

At many banks today, the income profile for business individuals has been much simpler, can only need to record sales, inventory, daily imported goods.

Even in some cases simple business operations such as restaurants, groceries, etc., appraisal staff can perform direct checks at the business establishment to record revenue.

● Capital use purpose profile     

This is an indispensable important part for each loan application. Banks only lend when you have a reasonable and clearly proven purpose of using capital, not illegal.

Depending on the purpose, borrowers need to prepare bank loan documents, different types of documents:

- Consumption purpose: sale invoice, goods sale and purchase contract, ...

- Purpose of building and repairing house: Construction permit - home repair, list of materials, house construction contract.

- Purpose of buying a house: sale contract, house sale certificate, red book, ownership papers of the house.

2. Bank loan procedures without mortgage (unsecured loan)

In addition to the legal record of identity, what is assessed by the bank as the income-generating work of the borrower.

The first is the workplace, if your company is a large and well-known company, getting your application approved is a lot easier.

Followed by the monthly income, you can provide a bank transfer statement, payroll, depending on the form of your paycheck. Many banks prefer the form of salary transfer with the proof of payroll statements (at least 3 months).

From the borrower's income, the bank determines how much the loan is. Currently, unsecured salary based loans are usually from 8 to 15 average monthly salary of borrowers.

Of course, this is only the initial requirement, how much of a specific loan depends on the borrower's ability to repay.

3. How long will the bank respond to the results?

After the borrower provides all the documents, the bank will take the first step of evaluating each profile to evaluate the customer.

The appraisal staff will conduct the asset valuation (if any), verify the work, determine the rental price of the property, the purchase price of the property, the business activities of the borrower's business, ... by a variety of methods, from direct to indirect.

If the loan plan is verified, the value of the collateral (if any), the source of income, the appraisal staff will set up a loan plan, repayment in accordance with the borrower's ability.

Therefore, after submitting your loan application, you need to know that the bank will be able to go directly to your workplace or business to assess it and ask you to share more information about the loan application.

Currently in the era of technology development, in many cases, customers can also apply online to the bank.

Depending on each profile and product, how long will a bank's loan decision take time. Some banks have fast money loan programs , which decide to lend in just 4 hours or 8 working hours .

Meanwhile, in some cases, a longer evaluation time is required. For unsecured loan applications, the time to make a loan decision will be faster than the application for a mortgage loan. A typical mortgage loan application for results can take anywhere from 4 - 7 business days.

Although the conditions have been fully met and the procedures have been completed, borrowing from a bank is still extremely difficult for many individuals and organizations. So is there any way to successfully bank loans?

The secret to successful bank loans

1. Determine the purpose of the loan

The first and no less important thing when registering for a loan, is that individuals and businesses must have a clear understanding of the purpose for the desired loan. Depending on the needs of individuals and businesses, all loan purposes should be listed clearly and in detail. For example, capital is needed to purchase fixed assets, or to expand a business, or simply to deal with a legitimate, legal consumer need. Accordingly, individuals, businesses need to prepare a detailed spending plan with related papers. For businesses, a specific growth strategy or business development plan will help demonstrate to the bank a clear understanding of the business's purpose of borrowing money.

2. Build a good credit history

One of the first things that banks consider is the credibility of the borrower and guarantor or keep track of the history of debt payments. In Vietnam, banks will refer to credit reports from the national credit information center to check this information. Only a Credit Information Center (CIC) approved by the State Bank of Vietnam is allowed to collect credit information about individuals and businesses. A credit information report usually includes the following:

● All credit transactions of individuals and businesses      

● Debt repayment situation within the last 12 months      

● Default information or can check when information is uploaded to the CIC      

3. Sufficient proof of financial capacity

When reviewing loan application, the bank will also consider existing assets to determine whether the individual or business can afford to repay the requested loan or not. They also consider asking for more information about cash flow to support expenses and debt repayment commitments of individuals and businesses. The stronger the cash inflow, the more proving that individuals and businesses can afford to pay on time and manage unexpected expenses. This will help build trust of the loan approver for individuals and businesses.

Banks also need to determine the financial situation of individuals and businesses. Always prepare your financial statements in a timely manner, avoid rushing, and incomplete preparation of papers at the last minute.

4. Make use of valuable collateral

The source of collateral will help prove to the bank that individuals and businesses can guarantee the repayment of loans when there is any incident. Common sources of collateral include real property or property, and equipment.

However, it should be noted that collateral requirements will vary depending on the type of loan product that the individual or business registers.

Using bank loans is an effective option to help individuals and SMEs overcome resource constraints and promote business growth. In order to successfully borrow, individuals and businesses should research and carefully prepare bank loans; ensure compliance with the process and criteria required by the bank.

Besides the tips for easy bank loans, you should also note the following to avoid risks.

Note for small traders when borrowing from banks

● Choose the right bank     

Depending on target customers, each bank has different strong services. Procedures, interest calculation methods, and fees and penalties are also different. If the borrower has needs for production and business, agricultural development, borrowing from Agribank is a suitable choice.

● Choose a reasonable loan term     

Loan tenor plays an important role when small businesses need to borrow capital to expand their business. If the loan term is too long, the borrower will have to "bear" an unnecessary amount of interest. If the loan period is too short, the pressure to repay the debt may affect the selling price and business performance.

According to financial experts of CashBerry, if you need to borrow money to do business, the debt repayment should only make up 30-40% of the total monthly profit. The rest is for personal spending and reinvestment. If you exceed this ratio, the borrower may fall into the situation of taking new loans to repay the old debt.

● Search for preferential interest rate loan package     

Interest rate is what borrowers need most concern when borrowing money. A small difference in the interest rate can cause the total interest to change drastically. To find a loan package with preferential interest rates, borrowers need to pay attention to two issues:

First, there are two methods of calculating interest based on the reducing balance and calculated based on the original outstanding balance. Many banks take advantage of this to announce low interest rates but then apply interest on principal, causing customers to suffer because of interest.

Second, if you borrow in the form of business production support, you will be relieved of the interest burden. Currently, interest rates for medium and long-term dong loans in the market are fluctuating at 9-11%. Meanwhile, the preferential loan package for production and business individuals and households of some banks has interest rates from 7.3% a year for medium and long term loans (with a term of 36 months) and from 6% per year for short-term production and business loans up to 12 months. This interest rate is calculated on the decreasing balance, helping the borrower to reduce the loan interest not small.

Once supported by the bank in terms of interest rates and loan conditions, the expansion of production and business will be easier.

The above are all the basic information about conditions, procedures, and ways to get a bank loan for those who are interested. Although each bank, loan product is different, it has its own rules, requirements and preferences. You should contact the lending bank directly for details.

It can be said that the secret to successful bank loans is to equip yourself with the necessary knowledge to have an overview. From there, you will understand the problems of getting a loan so that you can offer an effective financial solution.

In the end, if the purpose of getting a loan is a business, buying a house or a car, you should look to the bank. And if you borrow money for daily consumption, to avoid wasting time, effort, and quickly, CashBerry recommends using online money loan service . This is a form of fast loan , modern financial trend 2021.

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