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Mcredit (MB SHINSEI Financial Company Limited) operates in the consumer finance sector with 100% ownership belonging to Military Commercial Joint Stock Bank MB. Although often mistaken for a bank, Mcredit possesses unique characteristics in its products, lending methods, and target customer base.
Curious about Mcredit? Is it worthwhile? Learn about the conditions, procedures, and lending process at Mcredit.
1. What is Mcredit?
2. Mcredit's Products.
3. Mcredit's Loan Interest Rates.
4. Is Mcredit a Scam?
5. Guide to Borrowing from Mcredit.
5.1. Mcredit's Borrowing Conditions.
5.2. Loan Procedures at Mcredit.
5.3. Frequently Asked Questions about Borrowing from Mcredit.
5.4. Tips to Avoid Fraudulent Traps when Borrowing from Mcredit.
For ease of comparison regarding borrowing methods, loan packages, and interest rates between Mcredit and other lending brands in your market, Mytour has compiled the article 'What is Mcredit? Should you borrow from Mcredit?' Below is the detailed content for your reference and to make the best, most suitable borrowing decision.
1. What is Mcredit?
As mentioned above, Mcredit is not a bank but a consumer finance company with 100% capital ownership from MB Bank. Mcredit's main products are designed diversely and flexibly to serve the borrowing needs of low-income groups in urban and rural areas.
Aiming to become the most convenient financial company, Mcredit has continuously improved and introduced a streamlined lending process, best serving consumers' needs for quick access to loans with competitive interest rates.
Not only focusing on developing IT systems for the registration and approval process, recently, Mcredit has signed a transfer contract with Shinsei Bank (a receiving financial company) to increase financial resources, providing loan services tailored to most customers' borrowing needs and partners in Vietnam.
2. Mcredit's Products
Currently, Mcredit offers 2 main lending products: cash loans and installment loans. Specifically:
* Cash Loan Package:
Cash installment loans (minimum of 10 million VND and maximum of 70 million VND per product) without collateral, simple loan procedures with just ID card, household registration book, free document processing, and full support for all customer requests.
* Installment Loan Package:
- Installment Loans for Motorcycles, Electric Vehicles;
- Loan on Credit Card: Credit loans with a maximum limit of 10 times income, cash withdrawals from the card with low interest rates (Only 1.5%), interest-free loans for 45 days for card users.
Details of installment consumer loan packages at Mcredit
3. Mcredit Loan Interest Rates
Loan interest rates at Mcredit range from an average of 1.76% - 3.22% per month or 21% - 38% per annum. Compared to consumer loan interest rates from other lending institutions in the market such as F88, Home Credit, FE Credit, etc., the lending rates at Mcredit are considered quite competitive, suitable for the target customer group the company is aiming for (low-income individuals in both urban and rural areas).
In addition to loan interest rates, when borrowing from Mcredit, you may need to pay additional fees such as:
- Collection service fee (if using collection service)
- Loan insurance fee
All the fees mentioned above are fully specified in the customer's loan contract. Mcredit does not charge any additional fees.
4. Is Mcredit a Scam?
Mcredit is a stable consumer finance company operating for 5 years under the close supervision of 2 major shareholders: Military Commercial Joint Stock Bank (MB) and Shinsei Bank (Japan), so there is absolutely no deception of users.
However, like other financial companies, Mcredit also faces many accusations of fraud from customers. However, after the intervention of relevant authorities, the information about Mcredit's fraud is inaccurate. The cause of the fraud is determined by the fraudulent schemes of individuals impersonating Mcredit/MB bank, attempting to approach consumers to embezzle money (charging loan approval fees, proving income) or signing loan contracts with high interest rates.
With the arguments above, it can be seen that Mcredit is a reputable financial company and shows no signs of deceiving users.
Concerns about Mcredit, should you borrow from Mcredit?
5. Guide to Borrowing from Mcredit
5.1. Mcredit's Borrowing Conditions
To access cash loans, consumer installment loans at Mcredit, you need to meet the following conditions:
Conditions for cash loans, loans for buying motorcycles, phones, etc., at Mcredit
5.2. Borrowing Procedures at Mcredit
If you meet the borrowing conditions at Mcredit, you need to proceed with accessing the loan according to the following instructions.
Step 1: Apply for a loan directly on the Mcredit website (link https://mcredit.com.vn/vi/lead/), visit Mcredit's sales consulting points in person, or call directly to Mcredit's Hotline number 1900 63 67 69.
Step 2: Based on your loan needs, Mcredit staff will advise and guide you in detail on the loan conditions and procedures.
Step 3: Prepare the necessary loan documents as requested by Mcredit loan advisors. After receiving your complete loan documents, Mcredit will evaluate your application and notify you of the result via phone and text message.
Step 4: Sign the loan contract at Mcredit and receive the disbursed funds through your account or in cash at Mcredit's authorized payment outlets.
After completing all the loan application steps as instructed above, you can borrow money from Mcredit to address your work and personal needs. The monthly installment amount will be based on the loan amount, loan term, and you need to pay this amount at the collection points partnered with Mcredit. (Quickly check Mcredit's collection points Here)
5.3. Frequently Asked Questions about Borrowing from Mcredit
* Mcredit Contract Inquiry
To inquire about loan contract information, you can contact Mcredit's customer support hotline at 1900 63 67 69 or check your loan contract, online loan information on the website https://mcredit.com.vn using the account information and password provided.
Furthermore, for any inquiries regarding payment history at Mcredit or understanding personal loan information at Mcredit (loan amount, outstanding balance, amount paid), you can also follow the 2 methods instructed above.
Guide to checking loan contracts, loan information at Mcredit
* Mcredit Loan Default
The monthly installment payment regulations have been clearly stipulated by Mcredit in the loan contract. If you fail to make payment by the due date (late payment), you will incur a late payment interest based on the late payment interest rate and the number of days late as stipulated.
* Mcredit Contract Termination
For any needs to terminate the Mcredit contract, settle the loan at Mcredit before the due date, you need to contact Mcredit hotline 1900 63 67 69 to have staff assist in checking the conditions for early termination, early repayment penalty fees, and necessary procedures for settling the loan.
* Does Mcredit Support Bad Debts?
Previously, if you had bad debts at Mcredit or other banks, financial companies (overdue debts for more than 10 days), your loan application at Mcredit would not be approved.
5.4. Tips to Avoid Impersonation Scams when Borrowing from Mcredit
As shared above, currently, there are many fraudulent entities impersonating Mcredit employees, MB employees to advise consumers on loans through social media channels like Facebook/Zalo/Viber. Therefore, to avoid being deceived by these entities, you need to contact Mcredit through official channels. Specifically:
- Website: https://www.mcredit.com.vn
- Official Facebook page: https://www.facebook.com/McreditVietNam
- Mcredit Hotline: 1900 63 67 69
- Email: [email protected]
- Office address: Floors 9, 10, 11, 12, MB Bank Building, No. 21 Cat Linh Street, Cat Linh Ward, Dong Da District, Hanoi
Furthermore, to safely access consumer loans at Mcredit, you need to consider your financial capability to choose the appropriate loan amount and term.
Thus, Mytour has just helped you answer the question of which bank is Mcredit? Is it worth borrowing from Mcredit? along with related information. With fast loan procedures, competitive interest rates, Mcredit is a reputable consumer lending brand that you can access for cash loans or installment loans to buy motorcycles, phones, electronics, and more.
Currently, Mcredit only offers loans ranging from a minimum of 3 million to a maximum of 100 million VND for customers. If you want to borrow a larger amount for building a house, buying a car, purchasing real estate, or investing in business, you can access personal loans at MB Bank (the owner of Mcredit financial company). Details on how to apply for online personal loans at MBBank have been compiled and summarized by Mytour, inviting readers to refer to.
- Learn more: Applying for online personal loans at MBBank
