Tips and tricks when borrowing money from the bank

Balance of loan and repayment capacity

“The first thing when deciding to borrow from a bank is that you need to have a firm grasp of all the sources of money you have and your ability to repay the debt. No matter what the purpose of borrowing money is, you need to determine a reasonable loan amount, without putting too much pressure on your personal finances. The amount of principal and interest to be paid each month should only account for a maximum of 30% of your income. Regular and full repayment of debt will help your credit quality to be highly appreciated and you can only do this when the debt repayment amount is always within your ability to pay” - Ms. Vu Thanh Thuy, Deputy Director of Retail Banking, Bac A Commercial Joint Stock Bank (BAC A BANK), shared.

Currently, BAC A BANK is implementing a credit program with preferential interest rates starting from only 6.39%. Photo: PV

Also related to maintaining the ability to pay off debt regularly and on time, you need to choose the form of mortgage or unsecured loan, carefully refer to the interest rate policy, choose the repayment period and determine the appropriate repayment method. For example: if you need to supplement business capital, you should take out a mortgage to borrow a large amount of money, while unsecured loans should be used for needs that require less money such as consumption... In particular, you need to carefully read the interest rate policy and compare between loan packages to balance your financial capacity.

You should go to reputable banks and credit institutions to learn and borrow capital. In addition to ensuring customer rights, banks are always transparent about interest rates and calculate reasonable repayment plans for customers.

Preferential loans - full of joy

“Currently, BAC A BANK is implementing the program “Preferential loans - complete joy”, applying preferential interest rates - from only 6.69%/year for loans serving life. In particular, to encourage individual customers to optimize resources, promptly grasp opportunities to “get rich”, the lowest interest rate applied to loans serving production and business is 6.39%/year.”, Ms. Vu Thanh Thuy said.

BAC A BANK's preferential loan program brings joy. Photo: PV

The most important thing in deciding whether to borrow or not is that you need to clearly understand the regulations on interest rates. To choose a loan package with a suitable interest rate, the best way is to proactively find out information, consider how long the preferential period of the loan package is, how the interest rate after the preferential period is calculated. When borrowing, you need to ask the bank staff clearly how to calculate or update the interest rate after each adjustment period of the bank... A good tip is to choose the time when banks have a personal credit incentive program to easily access "cheap" capital.

Customer service is also a factor worth considering when choosing a credit granting bank, not only helping you update the fastest and most accurate information about the loan such as interest rates, limits... but also advising on loan methods and flexible repayment methods suitable for the individual needs of each customer. Certainly, BAC A BANK's team of professional credit officers will support you wholeheartedly and comprehensively, helping you complete the procedure quickly, conveniently and optimize all resources.

BAC A BANK also builds a rich portfolio of personal credit products, meeting the maximum needs of customers from home loans, real estate loans, home repair loans, consumer loans, loans to support study abroad costs to additional capital loans, loans to invest in assets for production and business... With a total limit of up to 2,500 billion VND, the program "Preferential loans, complete joy" lasts until December 31, 2020 at the BAC A BANK system nationwide, can completely solve the "cash flow problem" of customers satisfactorily.

For more information, please contact BAC A BANK branches/transaction offices nationwide, visit the websitewww.baca-bank.vnor Customer Service Center 1800 588 828.