MoneyTap Instalment Loan Conditions
| Interest Rate | 22% to 35% pa |
| Loan Limit | VND 5 Million to VND 50 Million |
| Duration | 3 – 48 months |
Benefits of Instalment Loan
High loan amount
Quick loan approval
Quick access to money
Low-interest rate
Flexible instalment period
No need to pledge collateral
Simple and fast application process
MoneyTap Instalment Loan Features
Access to money, 24/7
No usage, no interest
Best for financial emergencies
Lifetime credit line
Quick and easy online loan application
Online loan of up to VND 50 Million
Borrow money as low as VND 3,000,000
Flexible monthly instalment period from 3 to 48 months
Types of Instalment Loans
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Simple Complete Loans Models
Many financial institutions offer different types of instalment loans. The following are the types of instalment loans with the simplest procedures:
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Online instalment loan
This form of instalment loan is relatively new but has managed to attract the attention of many consumers in a short time. It’s because this type of loan can meet your urgent need for money in an instant. The advantage of online instalment loans is that the application process is extremely simple, and the documents required are minimal. You can apply for this form of loan online from the comfort of your home.
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Bank monthly instalment loan
This form of instalment loan is offered at the lowest interest rate and highest loan limit. It is usually given to people with good credit history.
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Private instalment loans
Unlike traditional banks, the process of borrowing from private financial companies is much simpler, but the interest rate of private instalment loans may be high. If you are in the group of attention debt or group 1 bad debt, or no income proof, you may still have a chance of getting an instalment loan through private companies.
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Instalment loans for consumer loans
This type of loan is taken to buy consumer products such as electronics, gadgets, mobiles, laptops, etc.
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Instalment loans for students
This type of loan can be taken to meet the education and daily expenses of students.
Instalment Loan Eligibility
The loan eligibility varies from lender to lender. But generally, include the following:
- Vietnamese citizen
- Age Limit: 20 to 60 years
- Minimum Income: VND 3 Million per month
Documents Required
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National ID
(photos of the front and back mandatory)
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Motorcycle Registration Certificate
(in case of MRC application)
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Address Proof
(Permanent Resident Book)
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Original photograph required
(selfie from the app)
How to Get MoneyTap’s Instalment Loan
Getting an instalment loan from MoneyTap is a simple online procedure. Follow these steps:
Step 1 - Download the MoneyTap app
Fill up your basic details such as your name, date of birth, age, gender, address, National ID number, income to determine whether you are eligible for a MoneyTap instalment loan.
Step 2 - Complete your KYC & e-Sign for final approval
Once you are pre-approved for the loan, you need to upload the front & back photos of your National ID and complete your digital application by e-Signing on the app.
Step 3 - Start using your MoneyTap instalment loan
For the final approval, just visit the nearest VN Post’s branch and present the security code received on your phone along with your national ID card to get the money.
Step 4 - Repay and re-use
Repay the loan in easy instalments through FE Credit, Bank transfer or Vietnam Post. On every instalment payment, your credit limit gets replenished and amount is available for reuse.
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Instalment Loan FAQs
Interest on instalment loans is calculated based on the outstanding balance. This means that interest is charged the principal remaining every month until the loan is paid off.
According to the current regulations of the State of Vietnam, only citizens over the age of 20 can borrow from banks and other financial institutions. Therefore, the instalment loan models do not support people under 18 years.
The loan amount you receive depends on your needs, your income, credit history, and your other lending liability. MoneyTap approves an instalment loan of up to VND 50 million.
Yes, you can submit a request for loan prepayment. Some banks and financial institutions may allow full prepayment and not partial prepayment. Some may even charge a prepayment fee.
If you have bad credit, you may not get an instalment loan from most financial institutions. But private instalment loans or online instalments loan may provide you a loan in spite of bad credit, but with relatively high-interest rates.
Some financial companies offer instalment loans without income proof to meet the financial needs of people who cannot borrow from banks. Instead of using salary, you can take a loan in many other forms such as life insurance, the electric bill, etc.