[UPDATE] ATTRACTIVE consumer loan interest rates at banks today

1. Consumer loan interest rates on the market today 

Unsecured consumer loans, mortgage consumer loans, and overdraft consumer loans are popular forms of loans today with different interest rates and loan terms: 

In particular, unsecured consumer loans are a popular form of loan today thanks to their flexibility, no need for collateral, and suitability for many subjects. The bank will approve the loan based on income, credit history, and work,... with a simple, fast process. 

Bank SeABank is currently applying attractive unsecured consumer loan interest rates with the SeABuy loan product. SeABuy consumer loan package helps you access loans up to 500 million VND with a maximum loan term of 60 months and a 10% interest rate. The loan amount will be disbursed many times to help customers use capital effectively. 

In addition, loan limits and interest rates will be flexibly adjusted to suit each borrower. Accordingly, if you have a good job, a high income, an important position in business and society, are a loyal customer of SeABank, and do not have a history of bad debt at any credit institution, you will be able to borrow with a large limit and more preferential interest rates.

2. How to calculate consumer loan interest 

2.1. Calculated according to the decreasing balance formula

This method is more beneficial for customers because the monthly interest is calculated based on the remaining debt balance of each period, so the later the payment, the lower the interest payable. The calculation formula is as follows: 

Monthly payment amount = Principal divided equally by month + Interest calculated on the remaining loan balance

In there:

• First month's interest = Loan amount x Fixed monthly interest rate/12
• Interest in the following months = Remaining principal x Fixed monthly interest rate/12

For example: Customer A takes out an unsecured loan of 300 million VND for 12 months with an interest rate of 12%/year. Accordingly, the monthly interest payment will be calculated as follows 

• The principal amount to be paid monthly is = 300 million / 12 months = 25,000,000 VND
• First month's interest amount = (300 million x 12%)/12 months = 3,000,000 VND. Total amount payable in the first month is 25,000,000 + 3,000,000 = 28,000,000 VND
• Second month's interest amount = (300 million - 25 million) x 12%/12 = 2,750,000 VND. The total amount payable in the second month is 25,000,000 + 2,500,000 = 27,750,000 VND
• Third month's interest amount = (275 million - 25 million) x 12%/12 = 2,500,000 VND. The total amount payable in the third month is 25,000,000 + 2,500,000 = 27,500,000 VND

The following months are calculated similarly until the debt is gone.

2.2. Calculated according to the initial outstanding balance formula 

Customers will determine the monthly interest based on the total initial loan amount, so the monthly interest will not change throughout the loan term. The calculation formula is as follows: 

Monthly payment amount = Principal divided equally by month + Fixed monthly interest

For example: Customer B borrows 300 million VND for 12 months with an interest rate of 12%/year. The monthly interest payment will be calculated as follows: 

• Principal amount to be paid monthly: 300 million/12 months = 25,000,000 VND
• Interest amount to be paid monthly: (300 million x 12%)/12 months = 3,000,000 VND
• The monthly payment amount is 25,000,000 + 3,000,000 = 28,000,000 VND

To calculate consumer loan interest rates more quickly, you can refer to automatic loan interest calculation tools on banks' websites. You just need to enter the amount, interest rate, term, and calculation method, the system will quickly return the results. 

Two ways to calculate interest based on reducing balance and principal balance will yield two different interest rate numbers. However, the total value of interest customers must pay during the loan term is completely equal. In general, each interest rate calculation method will suit different needs and loan types. You should contact the bank to receive support from experts.

3. Consumer loans at SeABank with many attractive incentives

To meet the needs of many customers for diverse consumer loans, SeaBANK is launching a consumer loan product - SeABuy, with many attractive incentives:

• No collateral required, no complicated financial proof required. Customers with income from a cash salary will also be considered by SeABank.  
• Large loan amount up to 500 million VND (maximum 25 times the customer's actual income).
• Loan period is up to 60 months.
• Attractive, competitive, flexible interest rates, adjusted for each customer.
• Simple documents and procedures, quick disbursement within 3 working days.
• Support customers to disburse multiple times to help them use the loan capital effectively.

4. Unsecured consumer loan packages with competitive interest rates at SeABank

SeABank is providing many flexible unsecured consumer loan products, meeting a variety of customers' needs and financial capabilities:

5. Instructions for consumer loans at SeABank

5.1. SeABuy consumer loan conditions

Customers only need to meet some basic conditions to apply for approval of SeABank's SeABuy consumer loan package:

• Vietnamese citizens must be 18 years old at the time of the loan and not over 60 (for men) and under 55 (for women) at the time of loan settlement.
• Have a stable income, receive salary via bank account or cash.
• Have worked at the current unit for at least 6 months.
• Some other conditions, according to SeABank's regulations, depend on each specific loan package for each subject.

5.2. Procedures for SeABuy consumer loans

In general, consumer loan applications at SeABank are very simple, customers need to prepare the following documents: 

• Loan application form according to SeABank's form.
• Citizen identification card/passport.
• Permanent residence/long-term temporary residence (KT3).
• Documents proving income: Bank statement/income certificate from company/payroll, labor contract/appointment/recruitment decision.
• Other documents, according to SeABank's regulations, according to each loan package and in each period.

Above is general information about consumer loan interest rates on the market today. In particular, the SeABank consumer loan package with simple documents and procedures is a good suggestion for customers who need loans without collateral.

Customers are invited to contact SeABank for guidance on choosing a suitable consumer loan package and more information about related costs for each loan package.