There are many foreigners currently living and studying in Vietnam; and financial problems cannot be ignored; especially in difficult times. So; can foreigners get a bank loan in Vietnam? Regarding this issue, Lsx Lawfirm would like to give you the article: “Can foreigners get a bank loan in Vietnam?” as follows:
Legal grounds
Circular No. 39/2016/TT-NHNN dated December 30, 2016
Can foreigners get a bank loan in Vietnam?
According to Article 7 of Circular 39/2016/TT-NHNN; credit institutions consider and decide to lend when customers fully meet the following conditions:
– Customer is a legal entity with civil legal capacity as prescribed by law. In addition; customers being individuals aged full 18 years or older with full civil act capacity as prescribed by law; or from full 15 years old to under 18 years old without loss; or limitation of civil act capacity as prescribed by law.
– Demand for loans; which also used for lawful purposes.
– Have a feasible plan to use capital.
– Have the financial ability to repay the debt.
– In case a customer; who borrows a loan from a credit institution at the lending interest rate specified in Clause 2; Article 13 of this Circular; the customer is assessed by the credit institution as having a transparent and healthy financial situation.
In addition, Clause 3, Article 2 of Circular 39/2016/TT-NHNN stipulates that customers; who borrow money at credit institutions are legal entities and individuals, including:
– A legal person established and operating in Vietnam; a legal person established in a foreign country and lawfully operating in Vietnam.
– Individuals with Vietnamese nationality; individuals with foreign nationality.
Thus, foreigners are one of the subjects that can borrow money at a bank; when they fully meet the conditions specified above.
However, in practice, each bank will have different requirements for loans with foreign customers.
Personal documents that foreigners need to prepare when applying for bank loan in Vietnam
- If you borrow for personal purposes; the application must include the following documents:
– Firstly; the Copy of:
- ID card/passport of the borrower.
- Valid alid work permit/visa and temporary residence card for non-residents and foreigners in Vietnam.
- Marriage certificate (if any).
- Bank account statement for the previous 3 months of one or more Payment/ Savings/ Term Deposit/ Loan accounts (if any).
- Most recent tax payment details.
- Car Purchase Invoice (if you borrow to buy a new car).
– The original of the most recent salary notice.
– In addition; you need prepare confirmation letter or letter of recommendation from the place of work.
– You need also prepare information sheet about Guarantor (if any).
2. If you borrow for business purposes; the application will include the following documents:
– Firstly; the copy of:
- ID card/passport of business director.
- Bank account statement for the previous 3 months of one or more Payment/ Savings/ Term Deposit/ Loan accounts (if any).
- Moreover, you need prepare most recent tax payment details.
- License to practice/business activities (if any).
- Especially; legal documents of the company.
- Financial statements of the previous 2 years (if any).
- The car purchase invoice (if you have a loan to buy a new car).
– Moreover; you need prepare information sheet about Guarantor (if any).
– Finally; legal documents about the business.
Related Question
The maximum short-term lending interest rate in Vietnam dong as prescribed in Clause 2; Article 13 of Circular No. 39/2016/TT-NHNN dated December 30; 2016 is; as follows:
Firstly; credit institutions; foreign bank branches (except People’s Credit Funds and Microfinance Institutions) shall apply the maximum short-term lending interest rate in VND of 5.5%/year.
Secondly; people’s credit funds and microfinance institutions shall apply the maximum short-term lending interest rate in VND of 6.5%/year.
Thus; depending on each lending institution; the maximum short-term lending interest rate in VND is 5.5%/year or 6.5%/year.
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