An instalment loan is a type of loan where you borrow a set amount of money and repay it with interest in instalments over a period of time. Each instalment amount is the same throughout the loan tenure. Instalment loans are unsecured loans; it means you do not need to pledge collateral or mortgage assets.
Flexible monthly instalment period from 3 to 48 months
Types of Instalment Loans
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:
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.
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.
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.
Instalment loans for consumer loans
This type of loan is taken to buy consumer products such as electronics, gadgets, mobiles, laptops, etc.
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:
Age Limit: 20 to 60 years
Minimum Income: VND 3 Million per month
(photos of the front and back mandatory)
Motorcycle Registration Certificate
(in case of MRC application)
(Permanent Resident Book)
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.
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.
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.