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Banking & Finance

VIB offers fast-track loans for SMEs

Released at: 09:21, 21/07/2016

VIB offers fast-track loans for SMEs

Photo: VIB

Promotion the latest in a series aimed at assisting corporate customers.

by Hung Nguyen

Vietnam International Bank (VIB) has launched a new promotion with fast-track loans for small and medium-sized enterprises (SMEs), which may be approved within 48 hours of an application being made.

The program is part of the bank’s strategy to prioritize corporate loans and offer SMEs easy and flexible banking products to help them gain more business opportunities.

SMEs that need short-term loans for production and business activities can access VIB credit packages with preferential interest rates. Loans can be as high as 80 per cent of the value of collateralized assets.

VIB has also launched other outstanding banking services to assist corporate customers, such as payment accounts, property insurance, online banking services, and SMS banking. Corporate customers who use one of these services can enjoy preferential interest rates and receive consultancy on business solutions in addition to other attractive benefits and incentives.

“SMEs are our core customers, so we have focused on developing products and services to best serve them,” according to Ms. Vuong Thi Huyen, Head of Wholesale Banking at VIB.

“We believe that the bank’s fast-track loans will help SMEs expand their production and business activities and sharpen their capacity in the current competitive business environment.”

Besides the fast-track loans VIB is also offering a preferential interest rate of 7.15 per cent for the first six months on motor vehicle loans for businesses.

From now until the end of September enterprises can take out a loan for a maximum term of 60 months and borrow up to 80 per cent of the vehicle’s value.

Meanwhile, soft loans and a 20 per cent reduction on trade financing costs are also available to enterprises in the textiles and garment sector, until December 31.

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