Chief (Cambodia) Commercial Bank Plc. has encouraged Cambodians who need a fast and secure credit, to consider applying for it through the Chief Micro Loan App (Chief Easy) instead of looking for an informal loan that has high risks.
According to Dr. Soeung Morarith, CEO of Chief Bank, Instant Credit refers to loans borrowed by customers from Chief Bank that was established and registered under the laws of the Kingdom of Cambodia. This means that, the borrower acknowledges and agrees to the terms and conditions to this instant loan.
Nowadays, most Cambodians have limited financial knowledge. Illegal and Informal borrowing will eventually put consumers at risk.
Speaking to reporters during a press conference on November 15 at Chief Bank, Chbar Ampov Branch in Chbar Ampov District, Dr. Soeung Morath, CEO of Chief Bank, explained that the “Chief Easy” microfinance program will aid people in apply for loans from Chief Bank in just 15 minutes via mobile phone. He added that it will help customers to apply for loans anywhere at any time, whether at work, or at home. All you need is to have Chief Easy App on your mobile phone.
Dr. Morarith said, “With this loan, you can borrow from $ 100 to $ 1,000 and repay the bank within 12 months. Customers can choose the number of months to pay according to your needs when apply through the mobile app.” He added that with the Chief Easy operating system, customers can borrow for12-month with interest rate of 18% per annum without collateral.
The interest rate of 18% (fixed interest rate) is calculated daily on a basis of 360 days per year and based on the actual number of days. From the date of first applying for loan, interest is to be paid each month from the date of lending. The Chief Easy operating system works 24 hours a day, 7 days a week. In case the repayment date is fallen on weekends and / or holidays, the borrower is responsible for making an advance deposit in the account for interest payment. In case the customer violates the bank conditions, the bank has the right to claim a partial or complete repayment of the loan if the borrower does not meet the purpose of the loan as stated in the Chief Easy operating system. Dr. Morarith explained that customers and their families can apply for the loans based on personal income by simply attaching family book, working ID or personal ID, and the last 3 months of monthly income statement in order to request for this quick loan application. This quick loan is available to the general public, including business people, students and staffs. This digital loan application is easy and fast.
Dr Soeung Morarith, CEO of Chief Bank. Supplied
This quick loan is available to the general public, including business people, students and staffs. Supplied
Chief (Cambodia) Commercial Bank Plc. said the programme is good for Cambodians who need
a fast and secure credit. Supplied
.This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.