HCMC - Liberty Insurance and Orient Commercial Joint Stock Bank (OCB) signed an agreement last week to launch a loan program to provide financial support for those who want to buy cars.
Under the collaboration program named “Car Within Reach,” Liberty will offer insurance service to auto buyers while the bank will offer loans in Vietnam dong for customers to buy cars. The loan requires collateral including fixed assets, the car itself, or third-party guarantees.
OCB says the approved loan may be up to 100% of the car value for a maximum term of five years. The borrowing procedure is simple as the bank will confirm their approval within 24 hours.
The bank says repayment can be made by automatic account deduction or directly at any of its offices. Besides, the loan program also offers a discount rate of 0.5% per year off the standard interest rate charged by OCB.
OCB says it is cooperating with most authorized auto dealers in the country to extend more loans for car buyers.
Trinh Van Tuan, general director of the bank, says the “Car Within Reach” program is designed to offer consultancy not only on the bank’s loan programs, but also on the selection of cars and car insurance products. This will help save time for customers.
“We have studied and found that Liberty is appreciated for the auto insurance product thanks to its service quality, and simple, fair and fast claim procedures,” Tuan said in a statement.
Carlos Vanegas, general director of Liberty Insurance, pins hopes on the partnership, saying that it will create a premise for further cooperation programs between the bank and the insurance company.
