Nowadays, to own a favorite item you do not need to pay the entire value of the product in one go. Instead, you can pay in installments. You are interested in a phone but don't have enough money, let Banktop tell you how buy a phone on installments without a bank safety reputation in the following article.
What is a non-bank installment phone purchase?
Buying a phone in installments without a bank is a form of customers borrowing money from financial companies to buy phones. With this way of buying phones, customers will not have to prove their finances or mortgage assets such as vehicles and real estate.
Instead, financial companies will review loans based on personal creditworthiness. However, the loan conditions are quite simple and do not require many documents, so the interest rate will be higher than the bank interest rate.
Advantages of buying a mobile phone on installments without going through a bank
The form of buying phones on installments without a bank is loved by a large number of customers, especially young people because of the advantages it brings:
- Simple loan procedures, quick disbursement without many strict conditions like bank loans.
- At first, customers only need to pay a small amount, then they will pay gradually depending on their personal situation.
- Diverse loan product packages with competitive interest rates, preferential installments from 0%.
- Customers can make payment by cash or bank transfer.
- Applies to most new technology products.
- Application processing time is fast, only 15-40 minutes.
Conditions and procedures for buying non-bank installment phones
In order to buy a phone without a bank installment, customers need to meet the following conditions and procedures:
- Be a Vietnamese citizen living and working in Vietnam.
- In the working age from 20 to 60 years old.
- Have a stable income.
- Valid ID/CCCD.
- Have a driver's license, household registration book or some other personal papers attached.
- Proof of income (if any) to be able to borrow a high package.
Which financial company supports buying installment phones?
Currently, most financial companies are associated with phone shops to support customers to buy non-bank installment payments. Some of the leading financial companies that support this service include:
- Home Credit Vietnam Mtv Finance Company (Home Credit).
- Vietnam Prosperity Bank Finance Company Limited (FE Credit).
- HD SAISON Finance Company Limited (HD Saison).
- ACS Vietnam Trading Company Limited (ACS).
The advantage of buying installment phones through these financial companies is that it's quick and convenient. Customers will be able to sign installment contracts with financial companies and pay contracts for phone shops when the installment contract has been successfully signed.
The process of buying a phone on installments without going through a bank
The process of buying phone installments without a bank is very simple and fast, after meeting all the above conditions and procedures, customers only need to follow the following steps:
- Step 1: Bring all the necessary documents outlined in the procedure to the mobile phone shop you want to pay installments to.
- Step 2: Here, store staff will introduce customers to financial companies currently associated with the store that customers can borrow to buy phone installments. After choosing the finance company you want to borrow, the staff of the financial company will advise you on choosing the right loan product.
- Step 3: The staff of the financial company will verify the documents and sign the contract right at the phone shop.
- Step 4: After the contract is signed successfully, the store staff will deliver the phone to the customer.
Notes when buying a phone without a bank installment
In order to avoid unnecessary risks that may occur, when buying a non-bank installment phone, customers should note a few things as follows:
- Calculate debt repayment capacity before borrowing, ensure that the loan cannot exceed 50% of income and be able to repay on time, avoiding bad debt.
- Do not pay installments to anyone if you do not want to be responsible for the item you do not own.
- Search for 0% installment purchase offers to save more.
Above, Banktop has shared with you important information about How to buy a phone without a bank installment? reputable safety. Hopefully, the above information will help you quickly own the favorite phone that you have longed for.
The article was edited by: Banktop.vn