An unsecured loan is a form of loan where customers do not need to mortgage any type of collateral. You are taking a loan from a bank and wonder if you can? Can I get an unsecured loan from 2 banks at the same time?? This is also a question many people ask. Follow the following article to find the answer.
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Can I get an unsecured loan from 2 banks at the same time?
There is no specific regulation as to how many banks a person can borrow. Therefore, customers can completely borrow unsecured loans at the same time from 2 banks, even multiple banks or financial institutions if you meet the loan conditions of those banks and can afford to repay them. in debt.
Advantages and disadvantages of borrowing from 2 banks at the same time
When borrowing from 2 banks at the same time, it means that customers will have more capital. Borrowing from two banks at the same time, besides the advantages, still has certain disadvantages.
- Customers will have a higher capital source than just borrowing at a bank.
- Long repayment period, can be up to 25 years depending on the amount as well as the period that the customer borrows the loan.
- Gain more loan experience, so you can choose the right loan with the best interest rate.
- The loan process is open, transparent and clear.
- Borrowing from two banks at the same time will be a huge burden when repaying, making it easy for customers to fall into a late payment situation. From there, you will have to pay more interest and penalty fees, affect your credit score, and risk falling into bad debt.
- The application process will take longer and will be more detailed.
- More difficult to deal with capital sources at the same time.
What are the conditions for unsecured loans at the same time with 2 banks?
Unsecured loans from two banks at the same time will bring more risks to the bank and borrowers. Therefore, the conditions for borrowing from two banks at the same time will be somewhat stricter, specifically as follows:
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Customers can afford to pay the debt
The first important thing to consider for a loan from two banks at the same time is the customer’s financial ability, it is necessary to ensure that the monthly debt is less than 40% of the total income.
For example: If your income is 30,000,000 VND, customers can borrow from 2 or more banks. However, it is necessary to ensure that the amount payable at those banks does not exceed 30,000,000*40%= 12,000,000 VND.
Customers have no bad debt
Customer’s credit history must be good, not subject to bad debt or notable debt recorded on CIC. Most people who have bad debts that have not had enough time to clear their debts will be refused loans from banks.
In addition, customers need to meet the following conditions:
- Being a Vietnamese citizen, living and working in Vietnam.
- In the working age from 20-60 years old.
- Have a valid ID/CCCD/Passport.
- Currently living and working in the supported area.
- In addition, each bank will require other conditions. Therefore, to know the exact conditions of the bank, customers should contact the hotline of the bank you want to borrow to get the most detailed information.
Dossier for unsecured loans with 2 banks at the same time
When applying for an unsecured loan at 2 or 1 banks, the borrower needs to prepare all of the following documents:
- Valid ID/CCCD/Passport.
- Household registration book/temporary residence certificate at the lending bank’s area.
- Marriage certificate.
- Labor contract, proof of seniority, salary.
- Salary statement or salary certificate.
Should I get an unsecured loan from 2 banks at the same time?
Looking at the advantages and disadvantages that we have stated above, you must have the answer to the question “Should I get an unsecured loan at the same time?”. If you are in need of capital and you determine in the future that your income can completely repay, it is very good to borrow from two banks at the same time.
But if you can’t afford the debt, it’s best to just borrow from a bank and balance the loan so that you can pay the debt. Because if you borrow money but can’t pay the debt, then the interest, the debt, and the debt will also greatly affect your credit score and the loan process later.
Instructions for unsecured loans from 2-3 banks at the same time
Here is the process of unsecured loans from 2-3 banks at the same time that you can refer to:
Step 1: Receive unsecured loan application
Customers proceed to send unsecured loan documents to the second bank. The bank will receive documents, advise on loans and loan transactions.
Step 2: Appraise loan documents
The bank will verify and verify the accuracy of the profile after preparing all the documents required by the bank.
Step 3: Loan approval
If all the information provided by the customer is satisfactory, the application will be submitted to the superior for approval of the loan decision. If the profile has errors or omissions, it will be returned to the customer for completion and correction. It will take about 1-3 working days to process your application.
Step 4: Sign the contract and disburse
Once the application is approved, the customer will be scheduled to meet to sign the contract and the money will be disbursed immediately after the contract is signed.
Experience with unsecured loans from 2 banks are approved
To be approved by 2 banks at the same time, you need to know a few things:
- Apply for a loan at 2 banks in accordance with your financial ability, ensure that the total amount payable at both banks does not exceed 40% of your total income.
- Ensure clean credit history, no bad debt or outstanding debt on CIC.
- Stable income to ensure repayment ability.
- Make a clear repayment plan to avoid late payments incurring additional fees.
- Try to increase your income to feel “easier” with debt.
Some questions when taking unsecured loans from 2 banks at the same time
In any case, you can’t get an unsecured loan from 2 banks at the same time
Cases in which unsecured loans from two banks are not allowed at the same time are:
- Low income level, borrowed from the first bank, the second bank saw that the total liabilities exceeded 40% of the customer’s income, so they refused to lend.
- Customers who are subject to bad debt are recorded on CIC.
- Insufficient documents and necessary documents as required by the bank.
What is the interest rate on unsecured loans with 2 banks at the same time?
Interest rates on unsecured loans will be specified by each bank. Even if you borrow from 2 or more banks at the same time, you will only pay the interest rate set by the bank. However, paying interest from 2 banks at the same time will be another big burden for customers.
Where to get unsecured loans at the same time from 2 banks?
Currently, there are many banks that offer unsecured loans to 2 banks at the same time such as: VPbank, TPBank, BIDV, Sacombank.. or you can also apply for loans at large financial companies such as Home Credit, Fe Credit, MCredit …
For more detailed information, you can contact the above banks or financial companies via hotline numbers or go directly to the bank.
So through the above article, you can answer the question “Can I get an unsecured loan from 2 banks at the same time?“. Absolutely, but please borrow from 2 banks at the same time if you really can afford to repay on time and consider carefully before borrowing.
The article was edited by: Banktop.vn