Technology

How to Lookup Social Policy Bank Loans? Detailed Guide on 4 Methods

Regularly looking up information about social policy bank loans is necessary to stay up to date with important details, especially the amount and timeframe for repayment. In this article, FPT Shop will guide you through 4 methods to check social policy bank loans.

Administrator

21 February, 2024

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The Social Policy Bank is where many people choose to borrow money because of its reputation and lower interest rates compared to some other financial organizations today. So after signing a loan contract, how can you look up your loan at the Social Policy Bank? To answer this question, please follow the instructions below.

About the Social Policy Bank

Before exploring how to look up your loan at the Social Policy Bank (SPB), let’s take a look at some information about this bank as well as SPB loans.

In August 1995, the Prime Minister issued a decision to establish the Bank to Serve the Poor. In October 2002, the Social Policy Bank was established to separate policy credit from commercial credit based on the restructuring of the Bank to Serve the Poor. The operation of the SPB is not for profit, but it plays a role as a bridge to bring the preferential credit policy of the Government to poor households and other policy beneficiaries.

Therefore, borrowing money from the Social Policy Bank is chosen by many people due to its credibility, reliability, and low interest rates. Loans from SPB are a form of financial support for individuals and households with a need for capital to develop production, business, or improve their living conditions.

Understanding Social Policy Bank Loans

What are the characteristics of Social Policy Bank loans?

Compared to loans from other credit institutions, loans from the Social Policy Bank have the following outstanding advantages:

Preference for interest rates: Since the bank’s activities are aimed at supporting the poor and the needy, the interest rates for loans at the Social Policy Bank are usually very preferential. This is to reduce the financial burden on borrowers, especially households and small businesses.
Prioritizing difficult areas: SPB often focuses on supporting areas with difficult economic conditions such as rural areas, mountainous areas, remote areas, and border areas. This helps people improve their living standards and create more business opportunities for the local community.

Flexible repayment terms: In other credit institutions, lenders often have less flexibility in repayment terms, but the SPB allows borrowers to choose a repayment period that suits their financial capacity.
Convenient loan conditions: The SPB does not require borrowers to provide collateral or have a high income. This makes borrowing money easier and more accessible for many people.
Clear purposes: Loans from the SPB often have clear purposes such as supporting agricultural production, improving living conditions, starting a business, or developing infrastructure.

When do you need to check your Social Policy Bank loan?

Checking your Social Policy Bank loan is something that borrowers need to do regularly because it has many important meanings and benefits. Specifically:

Accurate payment: Checking your loan helps borrowers know the exact amount to be paid. This avoids the situation of insufficient payment.
Monitoring debt repayment status: Through checking, customers can track their repayment status, know the end date of the contract, and the remaining principal amount to actively plan their repayment.
Avoid payment disputes: Sometimes, there may be errors in payment or system malfunctions. At this time, checking and verifying will help limit disputes between the Social Policy Bank and the borrower.

Updating loan records: Checking your SPB loan helps customers update their loan records accurately. This is important if you have a need for additional loans or adjustments to your current loan.
Protecting rights and interests: In the contract, in addition to information about the loan amount, interest rate, and term, there are also terms and conditions that bind both parties. Checking will help borrowers understand these conditions and provisions to protect their rights and interests during negotiations in case of disputes or unclear terms.
Avoiding late payments: The repayment period is crucial information. If you unintentionally forget it, checking will help you know the exact payment date to avoid late payments, penalties, and negative impacts on your personal credit score.

4 ways to check your Social Policy Bank loan

There are several ways to check your loan at the Social Policy Bank, such as checking your passbook, calling the customer service hotline, using the mobile app, or visiting a branch.

1. Checking your Social Policy Bank loan through your passbook

When you sign a loan contract with the SPB, you will be given a loan passbook. It contains all the information about your loan, such as the loan amount, interest rate, repayment amount, repayment term, monthly payment dates, as well as other terms and conditions.

If you want to check any of the above information, simply open your passbook and check. This is an important document that needs to be kept and carefully preserved. If you happen to lose it, please contact the customer service hotline or visit an SPB branch to request a photocopy.

2. Checking your Social Policy Bank loan through the hotline

Similar to other banks and organizations, the SPB provides a 24/7 customer service hotline. This hotline is responsible for consulting, answering questions, and supporting customers on all issues related to their services, including loan inquiries.

To inquire about your loan at the SPB, you can contact the SPB hotline at 00-84-24-36417184. Note that with this method, you need to prepare basic information such as your full name, ID card number, and date of birth for the hotline operator to help you access your loan information. After the inquiry, you will be provided with information such as the number of paid installments, remaining amount, interest rate, etc.

Note: The SPB hotline operates 24/7, every day of the week, so whenever you need support, contact them immediately for assistance.

3. Checking your Social Policy Bank loan at the branch

If you are unable to contact the SPB hotline, you can directly visit a branch to get assistance from the staff there. However, this method will take more time, and you need to align with the bank’s working hours, otherwise, you will not receive any support.

When visiting, bring your ID card and loan contract number (if remembered). After verifying your information, the teller will proceed with the inquiry and provide you with information about your loan.

4. Checking your Social Policy Bank loan through the VBSP app

VBSP SmartBanking is an application released on December 2, 2022, for customers of the Social Policy Bank. Through this app, customers can perform transactions with the bank anytime, anywhere, such as transferring money within and outside the banking system, paying bills, checking payment accounts, deposit accounts, loan accounts, transaction history, etc.

To check your loan at the Social Policy Bank through the VBSP SmartBanking app, first, you need to download the app on your phone. The app is compatible with all operating systems, iOS, Android, running on electronic devices such as smartphones, tablets,… with 3G/Wi-Fi/GPRS connection.

Link to download for Android phones: Here.
Link to download for iPhone: Here.

Once you have the app, you can check your SPB loan as follows:

Step 1: Access the VBSP SmartBanking app > Log in to your account. If you don’t have an account, choose Register.

Step 2: Choose the Lookup section > Find the loan product category and select the loan you want to inquire about.

Step 3: Enter your loan contract number or other requested information. Then, the detailed information about your loan will be displayed on the screen.

Answers to some common questions about checking SPB loans

Can I check my SPB loan on weekends, holidays, or during Tet?

Depending on the method of inquiry, the implementation time will vary. If you check at the branch, you need to go during business hours, usually from Monday to Friday, from 7 a.m. to 11:30 a.m. and from 1 p.m. to 5 p.m.

If you check through the hotline, your passbook, or the VBSP SmartBanking app, you can do it at any time, including weekends, holidays, and Tet.

However, there is a small note that if the inquiry is not urgent, you should avoid contacting the hotline during peak hours or rest periods.

Is there any fee for checking SPB loans?

The Social Policy Bank does not charge any fees for customers to inquire about their SPB loans. However, if you check via the hotline, the call charges will be billed by the network provider you are using.