STO - With the desire to provide financial solutions for customers in paying expenses arising in production, business, service activities, serving life needs... along with the whole system, currently the Bank for Agriculture and Rural Development ( Agribank ) Soc Trang Branch is implementing a number of overdraft loan products with competitive interest rates, simple documents and procedures for individual and corporate customers. To better understand the overdraft loan product, Soc Trang Newspaper reporter had an interview with Mr. Vu Dinh Ty - Director of Agribank Soc Trang Branch.
Mr. Vu Dinh Ty - Director of Agribank Soc Trang Province Branch. Photo: QUANG BINH
Reporter: Sir, could you please tell me what an overdraft is? What is the purpose of using the overdraft limit?
Mr. Vu Dinh Ty: Lending according to the overdraft limit on the payment account is when Agribank, the lending place, approves the customer to spend more than the amount in the customer's payment account by a maximum overdraft level to perform payment services. When the customer's account has money, Agribank will automatically refund the overdraft level on the customer's account. Regarding the purpose of using the overdraft limit, customers are allowed to use the overdraft limit for the purpose of paying for legal expenses arising in production, business, service activities, and serving the needs of life. Note that customers are not allowed to withdraw cash when using the overdraft limit.
Reporter: With the above meaning and purpose, what are the conditions for lending according to the overdraft limit of the unit, sir?
Mr. Vu Dinh Ty: Conditions for lending according to the overdraft limit of the unit include: customers do not have debt group 2 or higher at the time of appraisal and decision to grant overdraft limit. Customers granted overdraft limit are individuals not over 70 years old. Have a payment account opened at Agribank where the loan is granted. Customers voluntarily register and use one or more payment products and services of Agribank. Other conditions are suitable for each customer group.
Reporter: How is overdraft interest calculated?
Mr. Vu Dinh Ty: Overdraft interest is the amount of money that customers must pay to the bank when they use more than the amount of money allowed to spend in their account. If you do not use the overdraft loan, you will not have to pay interest. You can contact Agribank directly to get support from staff to answer more detailed questions about interest rates and overdraft loan policies.
Reporter: Could you please tell us more about the overdraft limit maintenance period and the forms of overdraft limit lending?
Mr. Vu Dinh Ty: Regarding the period of maintaining the overdraft limit, Agribank, the lending place, will negotiate and determine the appropriate overdraft limit based on the customer's needs, but not exceeding 12 months. As for the forms of lending according to the overdraft limit, including:
Loans based on overdraft limits for customers whose repayment source is salary income. Target customers: individuals borrowing capital without collateral, whose repayment source is salary income. Overdraft limit: up to 500 million VND. For retired cadres, the maximum overdraft loan amount is not more than 30 million VND.
Lending according to the overdraft limit for customers borrowing capital according to the limit. Target customers: households and individuals who can borrow capital according to the limit method at Agribank (including customers borrowing capital on a small scale, customers borrowing capital without collateral according to the Government 's credit policy). Overdraft limit: maximum 100 million VND.
Loans based on overdraft limits for registered business households and farm owners. Target customers: registered business households and farm owners who are borrowing capital for production and business at Agribank. Overdraft limit: maximum 1 billion VND.
Lending according to the overdraft limit for customers with collateral being bonds issued by Agribank/term deposit balance at Agribank. Target customers: legal entities and individuals (including individuals who need to use the overdraft limit for business purposes of private enterprises) with collateral being bonds issued by Agribank/term deposit balance at Agribank. Overdraft limit: based on capital needs and collateral value to decide the maximum overdraft limit of 5 billion VND (for individuals and private enterprises) and 20 billion VND (for legal entities).
Lending according to the overdraft limit for customers with collateral such as land use rights and urban housing. Target customers: legal entities and individuals (including private business owners who need to use the overdraft limit for business purposes of private enterprises), overdraft limit: maximum 2 billion VND (for individuals and private business owners) and maximum 5 billion VND (for legal entities) and not exceeding 50% of the value of the collateral.
Lending according to overdraft limit for legal customers. Customer target: legal entities according to Agribank's lending regulations, overdraft limit: maximum 5 billion VND.
Thus, Agribank is providing many overdraft loan products to meet the needs of many customers who are flexible in using capital with high overdraft limits, diverse forms of collateral, even without collateral.
For detailed information on overdraft loans and other preferential credit programs of Agribank, customers please contact the customer care and support hotline: 1900558818/024.32053205 or at Agribank transaction points in the whole Soc Trang province.
Reporter: Thank you for this interview!
QUANG BINH (Implementation )
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