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Website hosts consumer loan talks
A lack of information has led to hesitation among customers wishing to take loans out for consumer goods, leaving commercial banks missing out on new customers. To clarify issues surrounding the issue, senior officials from the banking sector held an online question-and-answer session with vneconomy website readers on October 22.
Office secretary Khanh Huyen said she found it hard accessing loans at several banks, and the State had failed to issue any policies to promote the use of consumer loans.
Deputy Director of the Ha Noi Housing Development Commercial Joint stock Bank (Habubank)'s private banking department Vu Thu Hang replied that banks usually devised different interest rates and conditions for various customers based on the reason for the loans.
It was not easy for individual clients to access loans because the information on income and personal finances provided to banks by individuals remained unclear, and consumers remained loath to provide such personal information, Hang explained.
"These issues make it difficult for banks to determine debt repayment capacities of individual customers," she added.
Nguyen Le Diem Hang, Director of the Military Bank (MB)'s individual client development department, said that there was no great difference in interest rates among banks, the strongest competition between them was primarily service quality, customer care and diversification of services.
Ha Thi Lien, an office worker, wondered why interest rates for consumer loans were usually much higher than loans for enterprises, and what conditions needed to be met before individuals could access lower interest loans.
Managing Director of the Standard Chartered Bank (SCB)'s Ha Noi branch Chatchawan Permsukjarusap responded that in reality, individuals could apply for consumer loans by simply providing the required documents.
SCB had diversified its services by offering individuals lower interest loans. For instance, customers with deposits at the bank could access consumer loans at preferential rates, he said.
Do Thanh Tung, Director of Habubank's credit policy department, mentioned some of the most important conditions to foster the development of consumer loans in Viet Nam were economic stability, a stable inflation rate and transparency regarding individual incomes.
At present, the Government is encouraging companies to pay salaries via banks and promote non-cash payments, which is one of the basic conditions for the development of consumer loans in the future.
Chatchawan attributed the high interest rates to the inflation rate and poor capital management by the banking sector. To cool rates, the State Bank of Viet Nam should adjust exchange rates and currency policies appropriately to rein in inflation.
He also suggested customers select rates and the duration of the loans appropriately, paying the debts as soon as possible in order to avoid overdue debts.
He recommended banks and financial institutes raise their liquidity, as higher liquidity would mean the banks could boost lending.
Bank liquidity is one of the most significant elements to enhance credit growth in Viet Nam, with the country averaging a 25-per-cent growth in credit per annum.
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