As a responsible lender, we make our business much stronger and have the power to benefit our customers for a long time. And more on that, we have also embarked upon an ambitious journey to promote financial literacy for customer’s own good Therefore, we would like to walk you through the useful information that helps you understand more about finance. This friendly guidance is to make sure that you feel relieved and enjoy having our products under your control
THERE ARE 4 LOAN PRODUCTSAS BELOW
The loan used for consumer purposes to purchase goods or services, provided to customers in cash or transferred to an existing account
This loan is designed for you to buy any types of brand-new motorbike or used motorbike from legal suppliers
This loan is designed for purchase of electronic devices, smartphones or household items like Washing Machines, Refrigerators, TV, LCD, Microwaves etc
This card allowing the holder to purchase goods or services on credit
1Choose the correct provider that has:Has a market history Has a good customer care (call center) Uses clear and understandable language in loan documents Offers multiple and convenient repayment channels Has transparent information about its loans, interests and fees
2Think carefully:DO have an overview of what is your current financial situation, and constantly monitor your income and expenses DO carefully consider the meaning and purpose of the loan that you are going to make Don’t take out a loan for gambling. The lender is legally obliged to prevent you from doing so Don’t take out a loan bigger than what our representatives advise you Don’t take a loan on somebody else’s behalf. When you take a loan, you are personally liable for full repayment Never take out a loan just to repay your previous loan.
3Making sure your loan is affordable
This is a simple guideline for you to assess if you can afford to repay a Loan:
|TOTAL INCOME||6,000,000 VNĐ|
|TOTAL EXPENSES||4,000,000 VNĐ|
|DISPOSABLE INCOME||2,000,000 VNĐ|
- The monthly instalment of your financing should not more than 80% of your DISPOSABLE INCOME, that is: 1,600,000VND - The remaining 20% of your disposable income is the amount of money you should keep for unexpected events, is: 400,000 VND - If you decide to take out financing, be sure that the monthly instalment does not exceed the maximum limit which is: 1,600,000 VND
1Understand financial terms
2Necessary information to be aware of
This helps you to set up your payment on the due date and get positive record on payment history
Payment history: The whole point of a payment history is to inform a lender of whether you’re a reliable borrower. To be a reliable borrower, you need to make on-time payments. It means if you pay late, this will harm your payment history and will affect your future loans. Therefore, to build a good credit history, be responsible for your loan by making on-time payment with the consultation from the credit institute.
Candidate for a loan: An individual who wishes to sign a contract to receive a loan from the credit institution.
Customers: An individual (citizen) who signs a contract with the credit institution.
Loan installment: The amount of money that a credit institution gives to a client for a certain period of time, and the client must then repay the full amount of the loan plus an initial negotiable interest rate. Both principal and interest will be equally distributed within the agreed period.
Interest rate: It’s the value of the loan amount that the borrowers have to pay for the credit institution. Specifically, the interest rate is usually in percentages by year. The specific amount of this value (rate) depends on the loan period and the amount of the loan.
Cash Loan: The loan used for consumer purposes to purchase goods or services, provided to customers in cash or transferred to an existing account.
Consumer credit: A loan from credit institution that is used by individuals to purchase consumer products and / or to purchase a service (travel, etc.) and calculated by Vietnamdong.
Credit contract: A legally valid agreement in which a credit institution commits to a borrower a certain amount of money over a specified period of time. The contract shall specify all rights and obligations of the borrower and the lender in a particular manner, including the interest rate that the borrower shall pay to the credit institution within the agreed period.
Pay in advance: Part of the initial payment made by the borrower before receiving a loan. The initial payment amount is defined as a percentage of the total value of the purchased goods.
Monthly installment payment: The amount that the borrower is required to pay monthly for the loan contract. Monthly installment payments are determined at the time of signing the contract and remain unchanged throughout the loan period. Credit institutions do not allow delays in paying monthly installments, so payments must be made in accordance with the terms of the contract. If you cannot pay your loan on a monthly basis, you can ask your family or friends to do it. Any individual can help you with a monthly installment payment.
Meta-data: A software which may collect meta-data from your cellphone was embedded into Home Credit mobile app, all the meta-data being collected are anonymous, meta-data collected from your cellphone shall be stored, processed and used by Home Credit, and may also be shared by Home Credit with certain third parties in order to serve the risk assessment of your loans and/or your use of other services provided by Home Credit. Please rest assured that no message contents, call recordings or any identifiable personal data would be stored / downloaded from your phone, and your privacy is fully secured. You may find more details on the type of meta-data being collected by click to this link