Business households can borrow flexibly within 24 hours from the bank.

After a period of steady increase, interest rates have recently reversed and gone down. Specifically, in March 2023 alone, the State Bank of Vietnam (SBV) has adjusted the operating interest rates down twice. The message from the management agency clearly stated that adjusting the operating interest rates down is a flexible solution, suitable for current market conditions to achieve the economic growth recovery goal of the National Assembly and the Government, thereby orienting to reduce the market interest rate level, contributing to removing difficulties for businesses and the economy. At the same time, adjusting the interest rate ceiling also creates conditions for businesses and people to access loans at lower costs in priority areas according to the Government's policy.

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The State Bank of Vietnam emphasized that reducing the operating interest rate is an important step, orienting the market's interest rate reduction trend in the coming time, thereby guiding credit institutions to reduce lending interest rates, accompanying businesses and people to contribute to promoting economic growth.

Following the strong move from the State Bank, banks have also joined in reducing interest rates. A survey shows that since mid-March, all banks have reduced deposit interest rates at least once, with some banks reducing interest rates up to three times to have room to reduce lending rates. The base interest rate (to determine lending rates, plus a margin of about 3%/year) has also been significantly reduced by banks. In addition to reducing interest rates, banks have also launched preferential credit packages to support people and businesses.

One of the pioneers in implementing interest rate reductions and preferential credit packages is the Viet Capital Bank. Since the beginning of the year, Viet Capital Bank has reduced its savings interest rates four times, by a total of 1-2% per year, including two reductions in March alone. This bank has also actively reduced loan interest rates to stimulate production and business activities, typically the VND2,000 billion credit package implemented in the first four months of the year, with an interest rate of only 10.5% per year.

In order to continue supporting customers to access loans not only with preferential interest rates, but Ban Viet also provides loans with flexible procedures and quick disbursement time, with the product "Flexible Loan 24h" for business households, small traders, ... who need loans for production, business, processing, manufacturing, and trade with real estate as collateral, maximum loan term of 60 months, loan amount up to 2 billion VND.

The strength of the product is that in addition to the preferential interest rate on the market, the approval of customer documents is also very fast, taking only 24 hours, so the disbursement to customers will also be much faster than before. This is achieved through the effort to streamline procedures and apply technology so that Ban Viet's customers can receive capital as quickly as possible.

As a small trader in need of a loan to import goods before the April 30 holiday, Ms. Kieu Viet Huong, residing in District 5, Ho Chi Minh City, said that recently she heard information on the news about banks reducing interest rates, and with the need to import more goods, she and her husband boldly went to ask a few places to borrow capital. However, after consulting several banks, the interest rate for 1-2 year loans was still 13-14%/year, and bank staff said they were not sure if they could disburse the loan to her in April. A business partner knew that she was in need of a loan, so they introduced her to Ban Viet Bank, which has a flexible loan program, quick procedures and disbursement within 24 hours, and she was very excited.

“My husband and I went straight to the District 5 branch to ask and it was true that there was this program, the interest rate was preferential, the limit was also suitable for our needs, the disbursement time was quick, so my husband and I immediately registered for a loan with the bank. I heard the staff talk about the “24-hour flexible loan” package but I didn’t expect it to be so fast, the afternoon before we submitted all the documents and less than 2 days later the money was transferred to the account by the bank” – Ms. Viet Huong boasted.

According to the leader of Ban Viet Bank, the implementation of the product "Flexible Loan 24h" is to support people, especially business households, to access capital quickly to promptly meet production/business needs in the second quarter. Interest rates on the market between banks can compete strongly with each other, but not all banks can approve documents, disburse quickly, flexibly and promptly.

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In the current market, the ability to quickly disburse within 24 hours is still very few banks. Therefore, with the launch of the product "Flexible Loan 24h", Ban Viet can completely compete in the market not only in terms of interest rates but also in terms of methods and loan duration.

Source