Safe access to capital
Consumer finance is a small-scale channel for capital flow, but it has increasingly demonstrated its role and made significant contributions in filling gaps in the market, diversifying financial services, and widely meeting people's needs.
VietinBank Tuyen Quang offers a variety of consumer loan products to help individual customers access safe capital.
According to economic experts, when commercial banks boost consumer lending, it will stimulate production and is an important driving force for current economic growth. Especially in the context of the recovery of domestic production in general and in the province in particular, disbursing consumer loans will not only help banks increase credit growth but also stimulate production development, contributing to economic growth. Furthermore, expanding consumer lending will limit and push back against illegal lending.
On the other hand, low interest rates help people access credit safely. According to a report by the State Bank of Vietnam in Tuyen Quang province, by the end of the first quarter of 2024, short-term lending interest rates for priority groups were 4.0%/year. Short-term lending interest rates for production and business purposes ranged from 6.3% to 11%/year. Medium and long-term lending interest rates for production and business purposes ranged from 9.0% to 12%/year. Compared to the beginning of 2024, lending interest rates decreased by 0.5% to 0.7%/year.
Diverse products and services
With a flexible and responsive business strategy, always putting customers first, BIDV Tuyen Quang branch is currently promoting the development of products and services such as loans for land, houses, cars, house construction and renovation, furniture purchases, business, and consumer loans... Personal loan programs offer competitive interest rates compared to other banks, ranging from 0.5% to 1% per year.
Individual customers conducting transactions at the BIDV Tuyen Quang counter.
As a small, newly established bank branch in the province, HDBank Tuyen Quang focuses on developing a retail banking model in both urban and rural markets. Currently, HDBank is promoting loan products for agricultural and rural development, loans for production and business, loans for purchasing real estate, and consumer loans with interest rates starting from only 5% per year, loan-to-value ratios for real estate purchases up to 70% of the property value, and loan terms up to 35 years...
Agribank in the province focuses on providing consumer credit products and services to the people. In Agribank's credit structure, consumer loans account for over 30% of the outstanding loans to individual customers. The target customers of the branch are officials, civil servants, employees, those receiving salaries from the state budget, and individual customers borrowing for consumption to meet their living needs in urban and rural areas.
Instead of chasing after businesses with loan packages worth tens of billions of dong, many banks are now targeting individual customers with preferential interest rates, even offering consumer loans without collateral or guarantees, based solely on monthly income. Furthermore, commercial banks are becoming more open to overdraft products via credit cards. Many commercial banks are offering loans up to 100 million dong for unsecured overdrafts and 300 million dong for secured overdrafts, and even up to 500 million dong or more for VIP customers.
At the end of the first quarter, the total outstanding loans in the province reached VND 29,844 billion, an increase of VND 3,148 billion compared to the same period in 2023. Of this, commercial credit outstanding amounted to VND 25,552 billion, with the remainder being policy credit outstanding. To promote production, business, and consumption development in the province, the State Bank of Vietnam's provincial branch has directed credit institutions to expand and diversify banking products and services, provide loans at reasonable interest rates, and simplify lending procedures to facilitate people's access to credit through official channels, contributing to combating illegal lending in the area.
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