Consumer loans grew by 36 percent per year on average in 2016-18 and continued to rise sharply in the first three quarters of this year (Photo: bvsc.com.vn) Hanoi (VNS/VNA) - The competition to gain a larger share in theconsumer finance market is heating up as rising capital demand before Tet(Lunar New Year) is an opportunity for both banks and finance companies.
To lure borrowers, NamABank is reducing lending interest rates by 0.5-1.5percentage points per year for individual customers and by 0.2-0.5 percentagepoints for institutional customers.
Not only boosting consumer loans with secured assets, NamABank is alsopromoting unsecured consumer loans. Accordingly, individual may access consumercredit, home purchase and repair loans at the bank at preferential interestrates at 7-8 percent per year.
ABBank is also offering consumer loans at 7 percent per year, with simple andflexible procedures to meet diverse needs such as real estate loans, car loans,installment business loans, and secured consumer loans.
The bank is also offering other loan packages to meet different capital needswith interest rates from 8.2-9 percent per year and free early repayment fees.
Other banks and consumer finance companies are also introducing programmes toattract customers who need capital at year-end.
According to Kalidas Ghose, Vice Chair of the Board of Members cum generaldirectors of consumer finance company FE Credit, 2019 was a good year for theconsumer credit segment.
The technology for consumer finance platforms is changing rapidly, helpinglenders more easily approach customers, he explained.
Vietnamese consumers now accept products of consumer finance companies fasterthan before, and this helps profits grow, Ghose told online newspapertinnhanhchungkhoan.vn. He believed the trend would continue in the near future.
Statistics of the SBVshowed credit growth in the entire banking system in the first 11 months of2019 exceeded 10 percent, equal to the rate of the first nine months of 2018.
As the credit growth target was set at 14 percent this year, banks and consumerfinance companies still have significant room for growth in the last month ofthe year.
In 2016-18, consumer loans grew by 36 percent per year on average, andcontinued to rise sharply in the first three quarters of this year.
Financial and banking expert Can Van Luc said the consumer credit system isquite diverse and has met the increasing demands of people.
According to Luc, if customers have a reasonable spending plan and a balancedbudget, consumer loans are an effective option to meet their essential needs.
However, Luc suggested borrowers need to understand the lender’s legalinformation, interest rate conditions and their solvency before applying for aloan./.
To lure borrowers, NamABank is reducing lending interest rates by 0.5-1.5percentage points per year for individual customers and by 0.2-0.5 percentagepoints for institutional customers.
Not only boosting consumer loans with secured assets, NamABank is alsopromoting unsecured consumer loans. Accordingly, individual may access consumercredit, home purchase and repair loans at the bank at preferential interestrates at 7-8 percent per year.
ABBank is also offering consumer loans at 7 percent per year, with simple andflexible procedures to meet diverse needs such as real estate loans, car loans,installment business loans, and secured consumer loans.
The bank is also offering other loan packages to meet different capital needswith interest rates from 8.2-9 percent per year and free early repayment fees.
Other banks and consumer finance companies are also introducing programmes toattract customers who need capital at year-end.
According to Kalidas Ghose, Vice Chair of the Board of Members cum generaldirectors of consumer finance company FE Credit, 2019 was a good year for theconsumer credit segment.
The technology for consumer finance platforms is changing rapidly, helpinglenders more easily approach customers, he explained.
Vietnamese consumers now accept products of consumer finance companies fasterthan before, and this helps profits grow, Ghose told online newspapertinnhanhchungkhoan.vn. He believed the trend would continue in the near future.
Statistics of the SBVshowed credit growth in the entire banking system in the first 11 months of2019 exceeded 10 percent, equal to the rate of the first nine months of 2018.
As the credit growth target was set at 14 percent this year, banks and consumerfinance companies still have significant room for growth in the last month ofthe year.
In 2016-18, consumer loans grew by 36 percent per year on average, andcontinued to rise sharply in the first three quarters of this year.
Financial and banking expert Can Van Luc said the consumer credit system isquite diverse and has met the increasing demands of people.
According to Luc, if customers have a reasonable spending plan and a balancedbudget, consumer loans are an effective option to meet their essential needs.
However, Luc suggested borrowers need to understand the lender’s legalinformation, interest rate conditions and their solvency before applying for aloan./.
VNA
