Shinhan Bank Vietnam has introduced a new loan product for business households, private enterprises, and micro businesses to finance their short-term working capital demand and mid to long-term expansion.
Kang GewWon, Shinhan Bank Vietnam CEO, called the SOHO loan "a remarkable milestone for Shinhan Bank Vietnam in 2022".
The package provides customers with attractive interest rates, loan limits, and flexible repayment terms. It includes “SOHO Operation Loan” for working capital supplement and “SOHO Facility Loan” for business investment capital, the Korean bank said in a release.
With the first, customers could get an interest rate of 5.8%/year. Other advantages include loan limits of up to 100% of working capital demands, a repayment period of nine months for each drawdown, and flexible disbursement-repayment plans. Early repayment fee is waived for this type.
As for the second, which aims to provide medium and long-term lending solutions for business expansion, interest rates could be 6.85% per year, fixed in 12 months. The loan limit is up to 80% of capital demands, loan period up to 15 years, and early repayment fees are waived from the third year.
“It delights our movement to become a "Friendly Bank" and a shift our localization strategy. By extensive research on customer demands and product design, SOHO loan would help upgrade our lending product portfolio,” the CEO said.