What is People's Credit Fund?? How does this credit fund lend to customers? With many users still wondering about this question, join us to find out about today's article.
For people using personal credit funds in rural or remote areas. Then this type of fund is no longer strange to users. Because this is a type of fund that has been provided to many people. For use in production and business, thereby improving the quality of life.
But for people's banks in big cities, or those who have not been exposed to this type of fund. Information on people's credit regulation is still unknown. Please join us to find out in today's article.
What is a people's credit fund?
The PeoPles Credit Funds of Vietnam in English. This is one of those institutions that deal with money like a bank. People's credit funds are established by the voluntariness of individuals, organizations and households. For this fund, people will be able to join unlimitedly according to the wishes of each object. This is like a private sector cooperative financing scale.
For a private credit fund, it will be controlled by its members who borrow and save money. Personal credit funds have the goal of supporting each other in production and business activities. To ensure the interests and quality of life of the people.
As far as we find out, as of 2017. Our country has more than 1,100 human-led credit funds created, has more than 1.8 million members and mobilized capital is about 88,000 billion VND. And by 2022, the parameters of this type of fund have been increased many times. People often use it with peace of mind because this is a type of fund operated in the form of a cooperative, so it will not be illegal.
What are the characteristics of people's credit funds?
If people still do not know a lot of information about people's credit funds. Here we will provide everyone with information about the characteristics of this type of fund. Please refer below.
Objectives of the people's credit fund
- The goal is to meet people's needs for fast financial services. With low and stable expenses, this aims to improve the value of the fund and the efficiency of business production.
- Human credit funds contribute to economic and social development, job creation and poverty alleviation. When participating in this fund, it will minimize the need for usury loans. People's credit fund with expenses that everyone can accumulate into a large model fund.
Functions of people's credit funds
The function of this fund will help anyone who wants to join the group. To provide the best financial services to users. It is possible that this fund can cover the costs of an organization's member's education.
What is the role of the people's credit fund?
What is the role of the people's credit fund for the members of the organization? Surely this is a question many people want the answer to. Below are some of the roles that people's credit funds bring to members and the local community for your reference.
Promote development for the local community
- This type of fund operates in the form of support and development. So there are many important meanings to the development of collective property. Along with that, it will promote the economic development movement in the localities. Therefore, people's credit funds have the role of providing finance to meet the financial and business needs of each participating individual or organization.
- All activities of this fund will contribute to the development of the community. Help create a source of income for the people and the people who want to be referred to by people's credit are those who do not have a stable income, the disadvantaged, the people who cannot find a job, etc.
- The next role of this capital is to mobilize capital and financial resources. Helping users to deposit savings, insurance, credit, .... for target groups.
Financing for micro and small businesses
- Poor people or people like women often have a low ability to save money. When people deposit money into this fund, it helps people keep that money safe and works to reconcile the amount you have deposited.
- With the safe rounding of capital with the operation of community organizations. This will bring people a much fuller and happier life at the present time
Products and services of people's credit funds
People's credit funds also provide a wide range of products and services. Depending on the needs and purposes of use, people can choose the following types of products and services.
Credit products for individuals
Credit
- Mortgage loan.
- Car loan.
- Agricultural development loan.
- Borrowing for daily living.
- Borrowing credit to buy a house.
- Business loan support
- Loan to support labor export.
- Student loan support.
- Unsecured loans for officials and employees.
- Support mortgage loans of valuable papers.
- Overdraft loans for individuals and organizations.
- Borrowing for construction and home repair of individuals or organizations.
- Support unsecured loans for members of people's credit funds.
Send money, save money
- Deposit payment.
- Unlimited savings.
- Flexible deposit and withdrawal savings.
- Savings in recurring installments.
- Non-recurring installment savings.
- Term savings, receive periodic interest.
- Term savings, get prepaid interest.
- Term savings, receive interest at the end of the period.
- Floating interest term savings.
- Term savings, progressive interest based on deposit balance
- Term savings, progressive interest rate according to deposit time.
Products and services for businesses
Credit
- Borrowing additional business capital.
- Support for import financing loans.
- Loan products for export financing.
- Borrowing working capital for domestic production and business.
- Borrowing working capital in the form of an account overdraft.
- Borrow capital to buy fixed assets to support production.
- Loan to finance the purchase of a car mortgaged by the car purchased.
Send money, save money
- Support deposit savings.
- Create a payment account.
Why should people use people's credit funds?
As you can see, the products and services of a personal credit fund are very diverse. Therefore, many people trust and use the products of this fund. Therefore, when participating in a people's credit fund, people will receive the following benefits:
- With a low loan interest rate suitable to the needs of use and this interest rate is very competitive in the locality.
- When you save money, you will enjoy the highest interest rate in your area. To generate huge profits.
- Supporting the development of the community towards a developed and civilized life.
- Professional and attentive service brings peace of mind to users.
- Simple loan terms and procedures help customers get loans quickly.
Epilogue
Today's article provides people with information about What is People's Credit Fund?. Introduce the products and services of this type of fund. Hope the above information will really help everyone. If you have any questions, please leave feedback for free advice and support from nganhangmobile.com.
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