In the context of economic difficulties, high living costs, and low minimum wage increases, many workers no longer have enough cash flow to handle financial problems. Understanding this difficulty, VPBank has launched the Salary Advance Overdraft product - a "rescue" solution to help workers quickly access cash flow to handle problems without having to borrow capital through credit institutions or "black" credit channels.

Need money immediately overdraft salary advance

The salary overdraft product is designed specifically for employees of companies and businesses that have linked the Salary Overdraft service with VPBank, to quickly meet customers' capital needs with simple and flexible procedures.

After the application is approved by VPBank, customers will receive an advance and can freely spend beyond the current balance in their payment account at VPBank with a maximum of 80% of the average income of the last 3 months (minimum 5 million VND, maximum 80 million VND). This overdraft limit will be granted based on the payroll provided by the business and maintained for up to 12 months.

According to VPBank representative, Salary Advance Overdraft is a step forward in the strategy of diversifying smart financial solutions: "We hope that Salary Advance Overdraft will become a flexible and superior financial tool, helping customers' cash flow to remain stable. In addition, customers can use capital for necessary purposes such as personal expenses, business investment or handling unexpected financial problems."

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Attractive interest rates, free service

With the motto of taking customers as the center, all of VPBank's credit products aim to increase the value of financial benefits for customers. Therefore, VPBank has carefully researched and tailored the salary overdraft interest rate with flexible application rates, only calculated when customers actually use the overdraft amount. This helps to significantly reduce costs compared to conventional loan forms. Specifically, customers with an income of less than 10 million VND/month will be applied an interest rate of 2.4%/month, while customers with an income of 10 million VND to less than 20 million VND/month will be subject to an interest rate of 2.0%/month. Customers with an income of 20 million VND or more will enjoy a preferential interest rate of 1.6%/month. In addition, customers will be completely exempted from overdraft account setup fees, account maintenance and management fees, helping to minimize costs incurred during the use of the service.

Customers who want to register for salary overdraft must have a payment account at VPBank that has not been granted an overdraft limit, have a minimum after-tax income of VND 5 million/month, have an official labor contract of 12 months or more or an indefinite term, and have been working at the current enterprise for at least 3 months (for employees) or 6 months (for workers and taxi drivers).

The overdraft process is digitized, helping customers quickly access cash flow and promptly meet urgent spending needs. Customers can participate in the salary overdraft service on the VPBank NEO application with simple operations such as: selecting to register for salary overdraft at the loan invitation popup or loan list screen, entering loan registration information, personal information and contact person confirming loan registration information, signing an electronic contract, and finally receiving the overdraft registration result.

Ms. Do Hanh, a worker at Thinh Phat Business Development Joint Stock Company, shared: "Salary advance overdraft helps me handle unexpected expenses without having to borrow from friends or relatives, which is often very inconvenient. Registration is very quick, taking only a few minutes on the VPBank NEO app with very reasonable interest rates."

The launch of Salary Overdraft not only helps employees easily access capital but also demonstrates VPBank's strong commitment to diversifying financial solutions as well as consolidating its position as a leading multi-functional bank with the most understanding and optimal products for employees.

Contact details:

Hotline 1900 54 54 15 (Standard customers) or 1800 54 54 15 (Priority customers).

Phuong Dung