Chief Bank Provides Simple Process For Instant Mobile Loans
Yesterday, Chief Commercial Bank (Cambodia) Plc encouraged Cambodians who need fast and secure credit to consider applying through the Chief Micro Loan (Chief Easy) app instead of looking for a high risk informal loan. .
According to Dr. Soeung Morarith, CEO of the Chief Commercial Bank, instant credit refers to loans borrowed by customers from the Chief Commercial Bank which was established and registered under the laws of the Kingdom of Cambodia. This means that, the borrower acknowledges and accepts the terms and conditions of this instant loan.
Nowadays, most Cambodians have limited financial knowledge. Illegal and informal borrowing will end up putting consumers at risk.
Speaking to reporters at a press conference on November 15 at the Chief Bank, Chbar Ampov branch in Chbar Ampov district, Dr Soeung Morath, CEO of Chief Bank, explained that the microfinance program âChief Easy âwill help people apply for loans from Chief Commercial Bank in just 15 minutes via mobile phone. He added that it would help clients apply for loans anywhere and anytime, whether at work or at home. All you need is to have the Chief Easy app on your mobile phone.
Mr. Morarith said, âWith this loan you can borrow anywhere from $ 100 to $ 1,000 and pay the bank back within 12 months. Customers can choose the number of months to pay according to their needs when applying through the mobile app. He added that with the Chief Easy operating system, customers can borrow for 12 months at an interest rate of 18% per year without collateral.
The interest rate of 18% (fixed interest rate) is calculated daily on a basis of 360 days per year and on the basis of the actual number of days.
From the date of the first loan application, interest must be paid monthly from the date of the loan.
The Chief Easy operating system operates 24 hours a day, 7 days a week. In the event that the repayment date has fallen on weekends and / or holidays, the borrower is required to make a down payment on the account for the payment of interest. In case of violation by the customer of the banking conditions, the bank has the right to claim a partial or full repayment of the loan if the borrower does not meet the purpose of the loan as indicated in the operating system of Chief Easy .
Mr Morarith explained that clients and their families can apply for loans based on their personal income by simply attaching a family record book, work ID or personal ID and the last 3 months of monthly tax return in order to apply for this quick loan application. This quick loan is available to the general public, including business people, students, and staff. This digital loan application is quick and easy.