Banks help low-income earners

Industry insiders said the month before  Tet  (Lunar New Year) holiday, which will fall on February 14 this year, was always the most popular period for personal loans, as Vietnamese people needed money for home repairs, shopping and car purchases. With the aim of meeting the rising demand, many banks are offering preferential loan packages with a focus on home-purchase loans and consumer lending. Orient Commercial Bank (OCB), for example, has currently launched its own programme COM-B, which provides financial solutions for low-income customers. Accordingly, customers who earn above VND2 million (US$88) monthly can easily borrow COM-B of up to VND70 million. Truong Dinh Long, OCB’s vice-chairman, told Tin nhanh chứng khoán (Securities Express) that although the consumer finance market had developed considerably in recent years, the niche market for low-income individuals was still overlooked. Targeting on this market, COM-B continuously provides consumer finance products for low-income people with simple procedures and fast processing time. Meanwhile, Asia Commercial Bank (ACB) has also introduced a home-purchase package worth VND5 trillion (US$220 million), meeting the demands of more than 27,000 customers. ACB is also offering a total loan of VND10 billion (US$440,000) for small- and medium-sized enterprises at an interest rate of 6.8% per annum. Tu Tien Phat, vice-chairman of ACB, said this programme aimed to give manufacturing enterprises a source of preferential loan, helping them cut down costs of production and to stabilise market prices for the upcoming Tet. VPBank is also applying a programme on home purchases at an interest rate of 6.9%… [Read full story]

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