LOAN OF OVER 100 MILLION, HOW ARE THE CONDITIONS?

To receive a loan of over 100 million, the borrower must meet certain conditions to ensure repayment ability and legal purpose of capital use. Common requirements include stable financial capacity, collateral, transparency in the use of loan capital… Understanding and complying with these conditions helps to access capital easily and ensure legally safety.

Conditions for loan of over 100 million

Customers’ loan demand of over 100 million are considered and decided by credit institutions based on the following basic requirements:

Conditions on legal personality and legal capacity

– For customers who are legal entities: must have legal personality according to the provisions of law.

– For individual customers: must be from 18 years old, have full legal capacity; or from full 15 years old to under 18 years old without losing or limiting legal capacity as prescribed by law.

Conditions on purpose of loan of over 100 million

Loan must be used for legal purposes.

The purpose of the loan should be carefully considered to ensure that this money is not used for illegal activities such as gambling, money laundering, smuggling…, to prevent legal and financial risks for people the borrowers as well as lenders.

Note, during the loan process, the use of loan can be inspected, monitored, requested to provide information and reported if necessary.

Conditions on plans of loan use

People with demand to borrow need to have a feasible plan for using the loan.

However, depending on the specific case, for loan under 100 million, the loan use plan here may not be required.

Conditions on ability of loan repayment

People with demand of loan must have the financial ability to repay

Financial ability on loan repayment is the ability to repay the loan in full and on time. This can be determined based on a stable source of income, other loans or a good credit history assessment…

Term for loan of over 100 million

In accordance with customer demand and compliance with legal regulations, financial institutions will consider and decide to approve on the loans with the following terms:

– Short-term loan: loan with the maximum term of 01 (one) year.

– Medium-term loan: loan term between above 01 (one) year and 05 (five) years at the maximum.

– Long-term loan: loan with the maximum term of more than 05 (five) years.

Application dossiers for loan of over 100 million

In case of loan request, the person with demand of loan must provide the following documents:

– Information, documents, and data proving eligibility for loans according to regulations and other information, documents, and data guided by financial institutions;

– Information about related persons of the customer in case required by laws. In there:

+ Information about related individuals, including: full name; personal identification number; Nationality, passport number, date of issuance, place of issuance for foreigners; relationship with customers.

+ Information about the related person as organization, including: name, enterprise code, head office address, number of Enterprise Registration Certificate or equivalent legal documents, legal representative, relationships with customers.

>> BLOCKADE OF PAYMENT ACCOUNT DUE TO WRONG MONEY TRANSFER? https://linconlaw.vn/blockade-of-payment-account-due-to-wrong-money-transfer/

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