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Client success stories

Updated: 2016-01-04 11:10:47

Change life thanks to small credit

(VBSP News) 10 years ago, the family of Nguyen Van Quang in Phu Xuan B hamlet, Xuan Phuoc commune, Dong Xuan district (Phu Yen province) was very poor. Thanks to the communal farmer union staff introduced on the poor household credit facility of VBSP, he enrolled in the savings and credit group and was entitled to borrow loans and used loans effectively to overcome difficulties and escaped from poverty.

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Coming back 2006, Quang’s family was in the list of poor households lacking capitals and cultivated land. Over many nights of thinking about how to overcome difficulties, he decided to borrow money from relatives and friends to raise cattles. However, he failed in the first time due to shortage of capitals, experience and knowledge about production and business. Since participating in savings and credit group, he has learnt experience and guiandace from group members and bank staff. He borowed boldly VND 15 million from the poor household credit program in VBSP to buy two breeding cows. Learning cows raising skills and conducting cow vaccination to prevent from diseases, only after three years, his cow herds have increased from two to eight. Thereby, he sold two cows to pay off debt for the bank and continued to raise six other cows for earning profits. Up to 2009, Quang’s household escaped from poverty. Recognizing the advantage of small credit from VBSP, in 2012, he carried on borrowing VND 30 million from the credit program of business, production households in disadvantaged areas in order to buy 5 ha of planting sugarcane and cassava. Thanks to earning more profits, he not only paid off debt for VBSP but also invested to buy more 20 ha of planting sugarcane and cassava and procured such production supplies as fertilizers, breeding livestock, farm vehicle, repaired his house and bought more furniture for his family. Every year, his family earns the income of VND 100 million from production and business. Talking about his experience on overcoming poverty, Quang shared: “My family started production from little money, thus I had to think and work carefully. If not use the loan effectively, I could not paid off debt for VBSP and earn income for my family. I expect in the next time VBSP will increase the loan size for the credit program of business and production households in disadvantaged areas, helping us more fund to invest production and get out of poverty”.

Tran Van Sau – head of farmer union, Phu Xuan B hamlet, Xuan Phuoc commune said that thanks to the policy credit of VBSP, Quang’ household has released poverty. Moreover, he shared successful experience with other poor households and helped to create more jobs for the village. “Over the recent years, People committee of Dong Xuan district recognized Quang as an excellent farmer at using policy credit effectively. He is a good example for other poor households to learn”, Sau told.

 

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LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...