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Borrowing with a credit card limit is one of the most convenient borrowing options for individuals who cannot complete the procedures for salary-based loans, bank transfers, or loans against life insurance policies due to lack of insurance coverage and unstable employment.
If you have a credit card issued by reputable banks, you can easily apply for a personal unsecured loan based on the credit card limit at major banks such as ANZ, HSBC, Vietcombank,…
So what are the specific requirements for obtaining personal unsecured loans based on credit card limits and what are the procedures for obtaining personal unsecured loans using a credit card?... Let Mytour help you find the most accurate answers.
Borrowing with a Credit Card Limit
Eligibility criteria for personal unsecured loans based on credit card limits
In order to secure financing from banks through the credit card limit they possess, borrowers need to meet the following essential requirements:
– Being a Vietnamese citizen aged 21 or older, with permanent or temporary KT3 residence.
– Having a valid credit card issued based on the cardholder's income
– The credit card must have been used for at least 12 months
In addition to the basic conditions mentioned above, each lending institution may impose additional requirements.
For example, the conditions for obtaining personal unsecured loans based on credit card limits at ANZ bank require the credit card used by the borrower to be from Vietcombank, HSCB, Citibank, Sacombank, Standard Chartered Bank, ACB, Techombank.
Meanwhile, the conditions for obtaining unsecured loans using Prudential credit cards require a minimum credit limit of 15 million dong and the requirement of having a landline phone.
Procedure for obtaining unsecured loans based on credit card limits
Before going to bank branches to carry out the procedure for obtaining unsecured loans based on credit card limits, borrowers need to prepare the following documents:
– Loan request form provided by the bank
– Photocopy of valid ID card or passport
– Photocopy of household registration/ temporary residence permit/ temporary residence registration
– 01 photocopy of the front side of the Credit Card owned by the primary cardholder applying for the loan.
Furthermore, for some financial institutions or other banks such as Prudential, borrowers may also need to prepare additional financial documents such as photocopies of the latest 3 credit card transaction statements, photocopy of employment contract or original copy of the latest 3-month salary statement, or landline telephone bill or utility bills such as electricity, water, cable TV or internet bills…
In general, depending on each bank, you need to carefully prepare according to the regulations for obtaining personal unsecured loans based on the credit card limit of that bank.
Specifically, see more about obtaining personal unsecured loans based on credit card limits at all current banks.
What is the maximum personal unsecured loan amount based on credit cards?
The credit limit for obtaining unsecured loans through credit cards varies depending on the borrower's profile and the lending bank.
Typically, the maximum loan amount for credit cards from banks is usually 2-3 times the existing credit card limit, and it's often proportional to the borrower's credit card limit. The larger the credit card limit, the higher the loan amount, and vice versa. However, the maximum unsecured loan amount based on credit card limits at banks is also limited to below 200 million dong.
For example, the maximum unsecured loan amount based on credit cards at ANZ bank is 160 million dong, whereas for Prudential, it's only 50 million dong…
Additionally, the interest rates for unsecured loans based on credit card limits are quite high, equivalent to the interest rates for unsecured loans based on life insurance contracts, which are over 2% per month. Therefore, you should consider carefully before borrowing.
We hope that with the information provided above, you can grasp the main details about obtaining personal unsecured loans through credit cards and devise the best financial plan for yourself.
See more about Procedures for obtaining unsecured loans based on credit card limits from various banks
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