DongA Bank offers overdraft to students, market vendors

DongA Bank is offering overdrafts to workers, market vendors and even students, it announced at a press briefing in Ho Chi Minh City.

Clients who receive their salary through an ATM account at the HCMC-based bank will be able to get an overdraft of up to three times their monthly salary.

The lender said the maximum overdraft would be VND50 million (US$2,860).

The interest rate on the unsecured loan would be 12.84 percent a year, one of the lowest among city banks, CEO Tran Phuong Binh said at the meeting.

Students and market vendors without regular monthly incomes will be allowed an overdraft of up to VND1 million ($57) for one year.

DongA Bank would send sales staff to identify borrowers at schools and markets, Binh said, adding the overdrafts would be approved within 24 minutes.

Hoang Uy

Thanh nien

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