Consumer lending: more transparency, less complexity
On June 3, 2014, Home Credit Vietnam organized a friendly and warmly press meeting to share its remarkable business results in 2013 as well as the factors for outstanding achievements. On this occasion, Mr. Igor Prerovsky – Chief Executive Officer of Home Credit Vietnam had shared the successful business results in 2013 and relevant key factors leading Home Credit into the best financial company in Vietnam.
On June 3, 2014, Home Credit Vietnam organized a friendly and warmly press meeting to share its remarkable business results in 2013 as well as the factors for outstanding achievements. On this occasion, Mr. Igor Prerovsky – Chief Executive Officer of Home Credit Vietnam had shared the successful business results in 2013 and relevant key factors leading Home Credit into the best financial company in Vietnam
In 2013, Home Credit won all initial business targets with impressive figures: contributing more than VND180 billion to the State budget, increasing more than 1.3 million customers and more than 5,000 outlets in 63 cities and provinces nationwide (data until by Apr 2014).
Mr. Igor said: “Home Credit has great advantages in the consumer lending sector with a broader network, diverse products, quick approval processing and extremely professional training for sales agents. Regarding business model, Home Credit handles on 5,000 application loans every day, approves within 10-15 minutes for each one and ensures the criteria of risk identify.”
“We will continue to maximize the transparency to minimize all complaints from customers. Home Credit also simplifies documents sent to customers and uses less specific words that might confuse customers,” Igor emphasized.
One of significant elements measures up the great success of Home Credit is precise understanding the demands and offering diverse products to customers. Moreover, through products with preferential interest rates, Home Credit aims to encourage customers more being knowledge and being responsible for their loans, bringing to customers excellent experience on services and increasing opportunities to retain customers to using Home Credit’s service.
Currently, in addition to basic products, Home Credit also offers many products with preferential interest rates for customers who demand to buy mobile phones, tablets, computers, laptops, cameras and other electronics commodities. There are 3 best choice products of customers:
“Grace period 1” and “Grace period 3” are the products providing great incentive interest rates. If customers pay off their loan during 1 month from the signing date, they will get 0% premium interest rate for their loan and do not pay any penalty fee. If customers pay off their loan during 3 months from the signing date they can totally get premium interest rate at 50% discount price.
Meanwhile, the “Gift payment 1” and “Gift payment 2” products focus on encouraging customers paying on-time their loans and not ending the loan before the last payment. By choosing this package, customers will be free for one or two payment period (including both principal and interest), which means by adapting the product requirement, customers will be discounted 20% of the interest compared to the original.
And one of best choice products of customers is “Optimum” product for those who prepay 50% of loan. The customers will get special interest rates, much lower than common rates, depending on kinds of products and payment term.
From the understanding of customer needs and aiming them to tackle their problems about expense and improve standard of living, Home Credit constantly invests to innovative products with preferential interest rates. Products with preferential interest rates hopefully bring best benefits to customers, delivering to them favourable products in the most comfortable condition that is suitable with their daily expense.
To having the stable steps on Vietnamese market, the golden keys of Home Credit Vietnam belong to service quality, especially in consulting quality. Igor said: “Ability of consulting staff, partly thanks to training, is the core element to ensure payment. The core element here is that during the progress, our staff must notice customers in detail terms and conditions of the contract so that customers can know clearly about payment duties. Every staff knows that if the consulting is not good, the company will suffer from risks – customers who cannot pay debts. In addition, we have actively organized programs to supply financial knowledge for Vietnamese people through distributing thousands of consumer lending consulting booklets so that customers have prepared necessary information before signing in the contracts.”