5 SIMPLE Steps to complete bank loan procedures

Step 1: Check bank loan conditions 

Before applying for a loan, you need to determine whether you meet the conditions required by the bank or not. Here are some common conditions you need to check for:

Checking these conditions helps you determine whether you are eligible for a bank loan or not. At the same time, determining the conditions for an unsecured loan or mortgage is also very important, helping you choose the appropriate loan package and form, avoiding wasting time during the procedure. 

Step 2: Choose the appropriate loan type and package

You need to choose a loan type and loan package that suits your financial needs as well as your ability to meet the conditions. Have 3 Common forms of bank loans include unsecured loans, mortgages, overdraft loans and installment loans. Among them, mortgage and unsecured loans are the two top priority options. 

You can review the comparison table below before choosing a loan type:

Thus, depending on your purpose and financial ability, you can consider:

• Unsecured loan: Suitable for individuals or families who need to borrow small amounts of money for short-term consumption or living needs.
• Mortgage loan: Suitable for large loans such as buying a house, land, car or business investment, requiring a longer repayment period.

Therefore, before deciding, evaluate your ability to pay and carefully consider the pros and cons of each type of loan. 

Regarding loan packages, depending on each bank, there will be different loan packages. SeABank is the most popular bank in Vietnam. Unit provides many flexible loan packages for individual and business customers, specifically:

Step 3: Prepare bank loan documents

What do you need for a bank loan? After fully meeting the bank loan conditions, you need to prepare a set of documents suitable for the loan type you choose. Below is a detailed table of required documents for each type of loan:

Detailed mortgage loan documents according to loan purpose:

Note: Depending on the bank and loan purpose, you may be required to add other documents to complete the application. 

Step 4: Register for a loan from the bank 

To apply for a loan from a bank, you can do it in one of the following two ways:

Method 1: How to borrow money directly at the transaction counter

• Step 1 - Prepare loan documents: Business households and individuals need to prepare all valid documents according to bank regulations. Providing complete and accurate documents will help the approval process go quickly. Depending on the bank and loan type, document requirements may vary. Detailed information will be consulted by experts provided by the bank. 
• Step 2 - Wait for the bank to appraise the documents: The bank will conduct an assessment of the customer's financial capacity, credit history, credit score and collateral. This is an important step for the bank to evaluate the business household's ability to repay debt. 
• Step 3 - Wait for approval and disbursement results: After completing the appraisal and the documents meet the bank's requirements, the bank staff will prepare a credit proposal report and send it to the competent authority for approval. Once approved, the loan will be disbursed and transferred directly to your account. 

Method 2: How to borrow money from online banks 

• Step 1 - Apply for loan online: Customers access the link that the bank provides and fill in the required information. 
• Step 2 - Get advice from the bank: Within 48 working hours, you will receive advice from a bank specialist. After receiving detailed instructions on the application and bank loan procedures, you need to go to the nearest transaction point to submit the application. 
• Step 3 - Wait for disbursement and payment: After completing the procedure and the application is approved, you will receive disbursement. 

Step 5: Fulfill your monthly interest payment obligation

After the loan is disbursed, you need to fulfill your monthly interest payment obligation according to the term and interest rate agreed in the loan contract. Paying interest on time is an important factor to help you maintain a good credit history and avoid late payment penalties. 

Customers can make payments through many different methods:

• Bank transfer: Pay directly through the banking system, via internet banking or at the transaction counter. 
• Pay cash at the bank: Go to the bank's transaction counter to make payment. 
• Automatic transfer: Set an automatic transfer every month from your account to ensure on-time payments. 

If you have difficulty making payments, you should proactively contact your bank for support and find a reasonable solution. 

Answer 3+ frequently asked questions when applying for bank loans

This is 4+ cThe most common questions when customers carry out bank loan procedures:

Question 1: What is the most accurate way to calculate bank interest rates? 

Method 1: Calculate bank loan interest rate according to the formula

There are two interest rate calculation formulas that you can apply. 

• Formula 1 - Calculate interest rate based on decreasing balance: 
  • First month: Initial loan amount x loan interest rate / 12 months,
  • 2nd month: (Initial loan amount - principal amount paid each month) x loan interest rate / 12 months.
  • 3rd month: (Remaining loan amount - principal amount paid each month) x loan interest rate / 12 months.
  • The following months: Calculate similarly to the 3rd month.
• Formula 2 - Calculate interest rate based on initial outstanding balance: 

To calculate the interest rate based on the initial outstanding balance, apply the following formula:

Method 2: Calculate bank loan interest rates using an application on your phone

Currently, there are many mobile applications that help you calculate bank loan interest rates quickly. These applications will help you make the correct decision when choosing to borrow money. 

Method 3: Calculate bank loan interest rates using bank tools

At the bank's application, you can use calculation tools to refer to the interest rate you need to pay when borrowing. You just need to enter information such as loan amount, loan term, interest rate and loan type. The system will automatically calculate the amount of interest payable. This tool helps you compare interest rates between banks and choose the appropriate loan option. 

Question 2: During the process of the bank appraising collateral, do customers have to pay a fee?

When the bank conducts an appraisal of the collateral, customers often have to pay an appraisal fee. This fee will vary depending on the bank and type of asset to be appraised. To understand information about fees as well as related details, you should directly contact the bank you are working with for specific advice.

Question 3: During the application appraisal process, does the bank call the borrower's relatives or colleagues?

During the application appraisal process, the bank usually does not call the borrower's relatives or colleagues. The bank only directly contacts the company where the borrower is working to verify the necessary information. 

Question 4: Which bank should I choose to borrow capital?

When choosing a bank to borrow money from, you should consider factors such as interest rates, simple loan procedures and customer care services. One of the banks loved and highly appreciated by users is SeABank - which provides flexible loan packages, attractive interest rates and a quick and easy loan process. You can contact SeABank directly for specific advice and find a loan solution that suits your financial needs. 

Understanding and following the correct steps in bank loan procedures will help you save time and increase your chances of being approved for a loan. With the 5 simple steps that SeABank guides above, we hope to help you confidently complete the procedure and quickly receive the desired loan. If you need more support information or need a loan at SeABank, please contact us at Hotline 1900 555 587 or visit the SeABank website.