VietinBank has launched a new loan product allowing customers to borrow against their existing online savings accounts via the iPay Mobile application.
Borrowing Terms and Interest Calculation
The loan limit is determined by the value of the online deposit used as collateral, with a maximum tenure of 12 months. The credit limit cannot exceed the total balance held in the customer’s online savings account.
Interest is calculated only on the amount actually used and the duration of the loan, rather than the total approved limit. According to bank documentation, the interest rate is set by adding a 3.5% annual margin to the customer’s existing savings interest rate. This mechanism is designed to allow customers to track capital costs based on their actual usage.
Meet Requirements for Online Deposit Loans
The product is available to Vietnamese citizens aged 18 and older who possess full civil act capacity. To qualify, applicants must not have any Group 2 debts or bad debts recorded with VietinBank or any other credit institution at the time of approval.
The service is restricted to online deposits with a maturity of one month or longer. It does not apply to savings accounts with regular additions or those that allow for flexible principal withdrawals. Customers can apply directly through the VietinBank iPay Mobile app by selecting the "Loan secured by deposit" feature, signing the contract digitally, and authenticating the transaction via a one-time password (OTP) or FacePay.
Frequently Asked Questions
Which types of savings accounts are excluded from this loan product?
The loan program does not support savings accounts that allow for regular deposits or those structured for flexible principal withdrawals. It is specifically designed for standard online deposit contracts opened via the VietinBank iPay platform.
How is the interest rate determined for the loan?
The interest rate is not a fixed figure but is instead calculated by adding a 3.5% annual margin to the interest rate of the specific online deposit used as collateral. You only pay interest on the portion of the credit limit you actually utilize.
What should I do if I have further questions?
Customers can visit any VietinBank branch or transaction office for consultation. Alternatively, inquiries regarding terms and conditions can be directed to the customer support center at 1900 558 868 or via email at contact@vietinbank.vn.
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