This is a new feature deployed by VPBank in collaboration with online car trading platform Carmudi, helping to shorten time and simplify procedures, bringing a more convenient car loan experience to customers.
In the last months of the year, the Vietnamese automobile market witnessed strong growth. Data from the Vietnam Automobile Manufacturers Association (VAMA) and Hyundai Thanh Cong showed that in September 2024, the Vietnamese automobile market unexpectedly accelerated with sales reaching 43,103 vehicles, marking an increase of 44.3% compared to the previous month.
Understanding the increasing demand for car ownership among Vietnamese people, recently, Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has cooperated with online car trading platform Carmudi to deploy the loan registration feature and return loan approval results right on the partner's platform, helping to bring modern and fast shopping experiences.
This is the first partner that VPBank has applied this form to, demonstrating the effort to bring digital financial services, aiming towards a faster and more convenient consumer loan market trend for VPBank's customers.
With this loan form, Carmudi customers will be supported by VPBank to borrow up to 85% of the car value, loan term up to 96 months, loan limit up to 3 billion VND. In particular, VPBank also reduces the current loan interest rate by 0.5% exclusively for customers who make loans on Carmudi's website.
In addition, VPBank also simplifies the loan process so that customers' documents are as minimal as possible with an automatic and instant approval system. VPBank commits to disbursing within 2 hours from the time customers complete all documents.
VPBank representative said: “Taking advantage of the outstanding advantages of the VPBank Race automatic loan approval application, we have applied API (Application Programming Interface) technology to connect and transmit customer loan registration information from the Carmudi website to the VPBank Race application. The system will evaluate, return approval results and send notifications immediately to the customer's email within a maximum of 5 minutes”.
Accordingly, customers only need to log in to the website carmudi.vn, choose a car, enter the required information fields, the system will calculate and give the total interest and the amount the customer must pay monthly. If the loan is suitable, the customer will enter personal information to verify the loan.
After entering the OTP authentication code sent to the customer's phone number, within 5 minutes, VPBank will send the loan approval result to the email that the customer registered earlier. VPBank's consulting staff will contact the customer within 30 minutes after the loan approval result to confirm the information and guide the completion of the loan application quickly and conveniently.
For many years, VPBank has been a pioneer in leading the market in auto loan products, especially used cars, with many smart and flexible financial solutions to increase prosperity for customers. In addition, auto loan products are always part of the long-term strategic orientation to strengthen VPBank's position and reputation.
Carmudi Vietnam is a reputable, professional and quality-assured online car trading floor. With the aim of connecting buyers and sellers, Carmudi provides users with a simple and convenient car search solution, with full information about the car model. In addition, the number of cars on Carmudi's trading floor is also very rich and updated every day to best meet the needs of buying and selling cars.
