LOAN UNDER 100 MILLION FROM BANK, HOW ARE THE CONDITIONS?

Loan is a common need for individuals and organizations. To access a loan under 100 million, borrowers need to meet some basic conditions required by credit institutions. These conditions are usually not too complicated and are mainly intended to ensure the ability to repay the loan promptly.

Loans under 100 million are small value loans

Pursuant to the provisions of current laws, loans with the value under 100,000,000 (one hundred million) Vietnam Dong are determined to be small value loans.

Correspondingly, the conditions applied to small value loans are different and somehow simpler.

To be approved for a loan under 100 million, certain conditions must be met

Customers’ loan under 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 laws.

– 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 laws.

Conditions on purpose of loan under 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…

Loan under 100 million is considered and decided by the credit institutions

In accordance with customer demand and compliance with legal regulations, credit 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.

>> CO-OWNER MAY REQUEST ON BLOCKADE OF JOINT PAYMENT ACCOUNT https://linconlaw.vn/co-owner-may-request-on-blockade-of-joint-payment-account/

>> VIOLATION ON LABEL OF ALCOHOL, FINE UP TO VND200 MILLION https://linconlaw.vn/violation-on-label-of-alcohol-fine-up-to-vnd200-million/