Can You Obtain Unsecured Loans from Two Banks Simultaneously?

Loans

25/12/2020

Clients often ask whether they can obtain unsecured loans from two different banks. Here's a comprehensive answer to that question.

1. Is It Possible to Get Unsecured Loans from Two Banks?

Yes, it is possible for a client to obtain unsecured loans from two different banks. The decision will primarily be based on the client's Credit Information Center (CIC) report. For the most accurate assessment, we recommend that clients visit a VPBank branch for a direct consultation with our loan officers or call our hotline at 1900.54.54.15. Our team of consultants will promptly address all your inquiries.

Consult carefully with the banks to ensure whether you are eligible to borrow from two banks or not.

2. Conditions for Obtaining Unsecured Loans from Two Banks

If you currently have an unsecured loan with Bank A, you may be eligible to apply for another loan with Bank B if you meet the following conditions:

2.1. Sufficient Debt Repayment Capacity

This is a fundamental prerequisite for all clients. You must ensure that your total monthly debt obligations across all credit institutions do not exceed 40% of your total verifiable income.

Example: If your proven monthly income is VND 10 million, you can borrow an additional amount only if your total monthly repayments to all credit institutions remain below VND 4 million (10,000,000 * 40%). This means if your current monthly repayment to Bank A is VND 2 million, you can only borrow from Bank B if the new monthly repayment does not exceed VND 2 million.

2.2. No Bad Debt

Most banks will not provide loans if a client has bad debt (non-performing loans) recorded on their CIC report. Therefore, ensure that you have fully settled all previous credit obligations and have no bad debt at the time of application.

2.3. Other Conditions

Each bank will have specific additional conditions to safeguard the interests of both parties. Please review the detailed requirements on the bank's website.

For example, at VPBank, clients typically need to meet certain conditions, such as:

Being a Vietnamese citizen aged between 21 and 60.
Having a minimum monthly net income of VND 3 million received via bank transfer.
Having completed a probationary period of at least 3 months in their current employment.

VPBank is a bank that offers relatively simple unsecured loan conditions for all types of customers.

3. Guide to Obtaining Unsecured Loans from Two Banks

3.1. Required Documentation

Generally, the documentation required for obtaining unsecured loans from two banks is similar to that for one bank. The process is designed to be straightforward for clients. The necessary documents typically include:

Personal Documents:

Household registration book
ID card, Citizen ID card, or Passport
Marriage status certificate

Income Verification Documents:

Labor contract
Bank statement showing salary credits, or a salary confirmation letter from your employer

If your initial unsecured loan application was approved by the first bank, your documents are usually suitable for a second bank. However, specific requirements may vary between different banks.

3.2. Unsecured Loan Application Process

The typical process at banks involves the following steps:

Step 1: Application Submission. The client submits the unsecured loan application to the second bank. The bank receives the application, advises on the most suitable service package, and clarifies bank requirements.
Step 2: Application Appraisal. Once all necessary documents are confirmed, the bank will proceed with appraising the application to verify the accuracy of the declarations.
Step 3: Application Approval. If the verified information meets the requirements, the client's application will be submitted to the Board of Directors for loan approval within 1 to 3 days. In case of errors or omissions, the application will be returned for revision and completion.
Step 4: Contract Signing and Disbursement. If the application is approved, the client will be scheduled to sign the contract, and the funds will be disbursed.

Clients can receive funds directly at the bank counter or via bank transfer.

In addition to the traditional in-person application, clients can also apply for unsecured loans online through these steps:

Step 1: Fill in Borrower Information. The client completes all required information on the online application form.
Step 2: Online Application Receipt and Verification. Bank staff receive the client's online application and proceed with verifying the information.
Step 3: Application Processing and Disbursement. Once your application is verified and meets the requirements, you only need to wait for the bank to disburse the funds. The money will be transferred to your bank account as quickly as possible.

4. Should You Obtain Unsecured Loans from Two Banks?

Obtaining unsecured loans from two banks comes with both advantages and disadvantages, requiring careful consideration.

Advantages:

Provides timely additional capital for urgent consumption needs.
Safe and transparent borrowing from reputable banking institutions.
An effective borrowing solution when there is no collateral available.

Disadvantages:

Multiple loans can lead to difficulties in repayment, placing significant pressure on your income.
Requires meticulous and detailed financial management to avoid late payments.

To minimize risks, clients should only consider borrowing from two banks in urgent, unavoidable situations. Simultaneously, it is crucial to have a clear and prompt repayment plan to alleviate personal financial burdens.

Conversely, if a client already has multiple debts and an unstable income, borrowing from two banks is strongly discouraged. Instead, clients should consider borrowing from one bank and exploring options to increase their existing unsecured loan limit.

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5. Addressing Common Loan Inquiries

Can I get another unsecured loan if I already have one with VPBank? If you currently have an unsecured loan with VPBank, you cannot obtain another unsecured loan from VPBank. Regulations generally allow clients to have unsecured loans with more than one bank, but not multiple unsecured loans from the same bank.

Can I get a secured loan if I already have an unsecured loan? Yes, clients can simultaneously have both unsecured and secured loans. However, clients must meet all conditions for the secured loan, such as:

Having a legitimate purpose for the capital.
Possessing collateral as per regulations, sufficient to secure the loan.
Having sufficient income to service both the existing unsecured loan and the upcoming secured loan.

Who is not eligible for bank loans? Banks may decline to provide services to certain individuals, such as clients with bad debt or those attempting to borrow on behalf of others.

This article has addressed whether you can obtain unsecured loans from two banks. For further assistance with this type of loan, please contact our hotline at 1900 545 415.