Is it possible to get a bank loan without collateral?
According to Article 7 of Circular 39/2016/TT-NHNN, it is stipulated:
Credit institutions shall consider and decide to grant loans when customers meet the following conditions:
The customer is a legal entity with civil legal capacity as prescribed by law. The customer is an individual who is 18 years of age or older with full civil act capacity as prescribed by law, or from 15 years of age to under 18 years of age without being deprived of or restricted in civil act capacity as prescribed by law.
The loan demand is for lawful purposes.
There is a feasible capital use plan.
There is financial capability to repay the loan.
In case the customer borrows from the credit institution at the loan interest rate stipulated in Clause 2, Article 13 of this Circular, the customer must be evaluated by the credit institution as having transparent and sound financial status.
=> Thus, according to the above regulations, the law does not require collateral to obtain a loan. Whether a loan is granted depends on the approval and working regulations of each bank.
Sincerely.
