Is it mandatory to purchase loan insurance when borrowing money?

View Post in Vietnamese: >> Có bắt buộc mua bảo hiểm khoản vay khi vay tiền không?

Is it mandatory to purchase loan insurance when taking a loan? The loan is from a bank. Thank you.

Currently, the regulations on lending activities of credit institutions and foreign bank branches to customers are conducted in accordance with Circular 39/2016/TT-NHNN.

However, there is no mandatory regulation requiring customers to purchase loan insurance; this is merely an agreement between the customer and the bank.

Sincerely!

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

Decree 26/2025/ND-CP stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam

From April 1, 2025, what documents are required for a bank guarantee application in Vietnam?

Do banks in Vietnam have to notify the Public Security when discovering at least 5 counterfeit banknotes in a transaction?

Circular 50/2024/TT-NHNN stipulating the safety and security for providing online services in the banking sector in Vietnam

Is it correct that the maximum interest rate for USD deposits held by organizations and individuals at credit institutions and foreign bank branches in Vietnam is 0% from November 20, 2024?

What is the maximum interest rate for deposits in Vietnamese Dong from November 20, 2024?

What are conditions for issuance of a License for a foreign bank branch in Vietnam?

Decision No. 18/2024/QD-TTg stipulating the functions and duties of the Banking Inspection and Supervision Agency in Vietnam

Form and Template of Banking Accounting Documents

Regulations on the Reproduction of Bank Accounting Documents

- This translation is generated by OpenAI's GPT-4o model;

- Lawnet's response to our user's question is provided above. If you need further information, please send an email to [email protected];

- This article is for reference only;

- The regulations referred to in this article might have been annulled by the time you read it;

- For inquiries about the copyright of this article, please send an email to [email protected];

Địa chỉ:	19 Nguyễn Gia Thiều, P. Võ Thị Sáu, Q.3, TP. Hồ Chí Minh
Điện thoại:	(028) 3930 3279 (06 lines)
E-mail:	[email protected]