Vietnam - Guidance To Apply Student Loan

ProcedureEdit

Student/Education Loan - Banks:

The student or the student's parent/guardian may apply for the loan. Gather all documents you may need to present or submit to the bank.
Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
Submitting an application:
1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
Once your application is approved, the bank will ask you or your parent/guardian to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

Required DocumentsEdit

Some of the documents that a bank might ask for borrowers to submit or present:

Identification documents:

Photocopy of applicant's (and spouse if applicable) Identity Card / Passport & resident book
Photocopy of Marriage Certificate (if applicable)
Evidence of the relationship between the Borrower & the student
Photocopy of Charter, Certificate of Business Registration/Investment (for Entrepreneurs or Professionals)

For Parents or guardian - guarantee:

Individuals:
- Photocopy of bank statements for the previous three (3) months of one or more of applicants deposits and loan accounts with the bank where the loan is being obtained from or any other bank
- Recent and original salary slip
- Certificate from employer or an employment reference
- Photocopy of a recent taxation return
- Guarantor information form (if applicable)
Entrepreneurs and professionals:
- Photocopy of Practicing Licence (if applicable)
- Photocopy of Financial Statements (for tax purpose) for the previous two (2) years, Tax report & receipt for the most recent year
- Guarantor information form (if applicable)

Proof of Education Plans:

Acceptance letter from the school/university
Payment schedule of tuition fees & living costs

Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.

Office Locations & ContactsEdit

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

EligibilityEdit

Some banks offers student/education loans to borrowers who:

Are Vietnamese residents
Have good credit record
Have no impending lawsuits, are not bankrupt nor insolvent
Can satisfy relevant regulatory guidelines in relation to Anti-Money Laundering (AML) or cash transactions
Is eligible under the bank's internal credit criteria

Eligibility criteria may vary per bank.

FeesEdit

Explain the fees structure which is required for obtaining the certificate/document.

ValidityEdit

Education/student loans can be granted to deserving students with a term of up to 60 months.

Documents to UseEdit

Please attach documents that can be used by people. e.g. links

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

Please explain processing time taken in obtaining the document/certificate.

InstructionsEdit

Before applying for a student loan:

Make sure that you can present and submit all the required documents that the bank is asking for.
Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process.
It may also be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required InformationEdit

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the DocumentEdit

Some banks in Vietnam offers education loans that can finance both local and overseas education. Eligible students can get a loan for up to 60 months.

Educational loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Vietnam.

Information which might helpEdit

Enter other informations which might help

External LinksEdit

Place some external links which might help

OthersEdit

More information which might help people.