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04/04/2025
Are you in need of financial resources to realize big plans? Installment bank loans are the optimal solution for you with flexible loans, attractive interest rates and suitable repayment time. Let's explore the experience of installment bank loans to help you easily achieve your financial goals quickly and safely in the following article!
Installment bank loans are a form of loan that allows borrowers to repay both principal and interest in installments throughout the loan term. The installment payment period and interest rate will be agreed in advance based on the borrower's needs as well as the bank's policy, helping the borrower to be more flexible in financial management. This form of installment payment is often chosen when the borrower has a stable income and has a specific loan purpose such as buying a house, car, business investment or paying off existing debts.
Installment bank loans are increasingly popular in personal financial management thanks to the practical benefits that this form of loan brings, such as quick access to large capital sources at preferential interest rates and reducing financial pressure for borrowers. Not only that, this form of loan also helps borrowers more easily plan and manage spending.
Installment bank loans are an effective financial support solution, bringing many practical benefits to borrowers, meeting both urgent and long-term needs. This form is considered a smart, flexible and safe financial management tool. Specifically about the benefits of installment bank loans:
Currently, banks offer two popular types of installment loans: installment mortgage loans and installment unsecured loans. Customers need to consider their assets and financial capacity to choose the appropriate loan form.
An unsecured installment loan is a form of loan that does not require collateral. The bank will evaluate the customer's credit reputation, income capacity and credit history to determine the loan limit. The unsecured loan limit is usually 5 to 15 times the monthly income depending on bank policy, up to a maximum of several hundred million VND.
Unsecured installment loans are usually for people with stable income and consumer loan needs such as shopping, travel, tuition or small businesses but do not have collateral.
Unsecured installment loans have the advantage of quick procedures, no collateral required, so disbursement time is very fast, meeting customers' urgent financial needs.
Installment mortgage loans require customers to use assets they own as collateral for the loan. Collateral can be real estate, cars or other valuable assets. When the borrower is unable to repay the debt or does not fulfill the repayment obligation, the collateral will be recovered by the customer to make up for the remaining loan. The loan limit will be based on the appraised property and can be up to 70 - 100% of the property value depending on the bank's regulations.
This form of installment loan is suitable for individuals or households that own assets legally, with transparent origin and no disputes, and need large capital for house, car or business investment activities.
Installment mortgage loans have the advantage of high loan limits, flexible installment terms, can last up to 20 years and have significantly lower interest rates than unsecured loans.
When borrowing from a bank in installments, customers need to clearly understand the necessary conditions and prepare complete documents to ensure the process is processed quickly and smoothly. Detailed information about conditions and documents for installment bank loans:
Most banks today apply some general conditions to customers when borrowing from banks in installments as follows:
When applying for an installment bank loan, the borrower needs to prepare all the following required documents:
Legal records
Financial profile:
Collateral documents (if any)
Other papers and documents:
Today's installment bank loan procedures have become simpler and more flexible with the development of digital technology. Borrowers can easily access capital through online loan registration in addition to registering directly at the bank as before.
Register for an installment loan online
Register for an installment loan directly at the bank
Understanding how interest rates are calculated is an important factor so borrowers can make appropriate loan decisions and manage the loan effectively. Currently, banks often apply two main interest rate calculation methods: fixed interest rate and floating interest rate.
Fixed interest rate is an interest rate that does not change during the loan period as agreed in the contract, and is not affected by fluctuations in the financial market. When borrowing at a fixed interest rate, the borrower knows the exact amount of interest to pay monthly, so he can build a long-term spending plan. However, this form of fixed interest rate calculation also has a disadvantage: if the market interest rate decreases, the borrower still has to pay interest at the committed fixed rate, leading to higher interest costs than the market.
Formula to calculate fixed interest rate when borrowing in installments:
Interest amount per month = Principal loan amount x Fixed interest rate (%/year)/12
Illustrative example: If you borrow 100 million VND with a fixed interest rate of 10%/year for 12 months, your monthly interest amount will be 100,000,000x10%/12 = 833,333 VND.
Floating interest rate is a type of interest rate that is adjusted periodically and regularly based on financial market fluctuations during the loan period. This interest rate is calculated by adding the base interest rate (usually prescribed by the State Bank) with the interest rate margin of each bank. The interest rate adjustment period is usually every 3, 6 or 12 months.
When borrowing capital using floating interest rates, borrowers can save costs when market interest rates decrease. However, the disadvantage of this form of interest rate calculation is that the borrower cannot clearly determine the total amount of interest during the loan term and the amount of interest may increase if the market has high interest rate fluctuations, making it difficult to estimate spending.
Formula to calculate floating interest rate when borrowing in installments:
Interest amount per month = Loan balance x floating interest rate (%/month)
In there: Floating interest rate per month = Base interest rate + Interest rate margin
Illustrative example: If you borrow 100 million VND with a base interest rate of 8%/year, an interest rate margin of 2% in the first year, the floating interest rate for the first 3 months you have to pay is 833,333 VND/month. During these three months, you pay 3 million VND in installments each month.
However, in the second quarter, the bank adjusted the interest rate with a margin of 1.8%. At this time, the floating interest rate you have to pay each month from the fourth month is: (100,000,000 - 3,000,000x3)*9.8%/12 = 743,167 VND
Paying your loan on time not only helps maintain a good credit history but also avoids unwanted penalty fees. Borrowers can pay directly at the transaction counter or repay debt online via digital platforms.
Pay directly at the bank
This is a traditional payment method, suitable for people who are not familiar with technology or want to communicate directly with bank staff.
Online payment
Online payment methods are increasingly popular thanks to their convenience and speed. Customers can pay via banking applications, e-wallets or online payment gateways.
Borrowers should note that when making online installment payments, they need to ensure they have a full internet connection, carefully check loan information and store receipts for comparison when necessary.
Installment bank loans are a useful financial solution, but to achieve optimal results and avoid risks, borrowers need to clearly understand financial management experiences and strategies when borrowing:
Choose a safe and reputable installment loan address: Choose a bank with a long history, a wide branch system and reasonable interest rates. Reputable banks often provide clear, transparent services and dedicated customer support, helping customers feel more secure when borrowing capital.
Currently, nrows SeABank has been affirming its strong position in the banking industry with diverse, flexible financial services and dedicated customer service. SeABank always focuses on improving and enhancing service quality, creating financial solutions suitable to each customer's needs, including convenient installment loan packages.
Installment loans at SeABank are one of the products chosen by many customers thanks to quick disbursement, attractive preferential policies and flexible support for customers:
With these outstanding benefits, installment loans at SeABank are a worthy choice for those looking for a flexible, transparent and easy-to-manage financial solution.
Installment loan products being applied at SeABank:
Mortgage consumer loans:
Loans to individuals and businesses: SeAPRO
Unsecured consumer loans:
Below are answers to some frequently asked questions from customers during the consulting and installment loan implementation process:
People with bad credit history (such as bad debt, past due loan payments) are often limited from installment loans. However, some banks can still accept loan applications from customers with bad credit history with accompanying conditions such as higher interest rates, collateral requirements or documents proving stable income and ability to repay debt.
Borrowers can completely repay debt before maturity (or pay early) when borrowing from banks in installments. However, this early payment may be subject to an early repayment fee, usually calculated as a percentage of the remaining loan amount or by the number of remaining terms. The purpose of this fee is for the bank to compensate for lost costs due to the customer not completing the loan contract within the agreed time.
Installment bank loans are a flexible financial solution, helping borrowers realize their dreams and support life stability. With preferential interest rates, simple procedures and quick disbursement time, SeABank is committed to bringing you the best service experience. Contact now for a free consultation!
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