Some banks are reducing lending interest rates and have many other promotions for borrowers. This is a good sign for those who want to borrow capital for production and business as well as for personal consumption.
Some banks are reducing lending interest rates and have many other promotions for borrowers. This is a good sign for those who want to borrow capital for production and business as well as for personal consumption.
Supporting production and trade
Right after the Lunar New Year, Vietcombank - Khanh Hoa Branch simultaneously reduced the loan interest rate for all existing loans and new loans of customers in 3 months, from February 22 to May 22. For corporate customers strongly affected by Covid-19 (trading, gas, petroleum, transportation, accommodation, catering services, travel and tourism ...), banks reduced up to 10% of the interest; the rest of the customers affected by Covid-19 were given reduction up to a 5% of the interest. The bank also reduced interest rates by 0.2%/year for all individual customers to borrow capital for production and trade. Ms. Ho Thi Mai Trang - Manager of Corporate Department, Vietcombank Khanh Hoa, said: “Right at the beginning of the program, 8,378 customers with credit scale of more than 3,116 billion VND were given interest rate reduction, accounting for more 25% of the credit balance of Vietcombank Khanh Hoa”.
Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) has also implemented two major programs in parallel to support capital for businesses in production and business. Accordingly, the bank is offering a lending interest rate of 6.8%/year (VND) to customers with new payment accounts opened in 2021 or existing customers. For the disbursement for production or import-export business, lending interest rates are from 6.5%/year (VND) and 3%/year (USD). At the same time, businesses are free of charge for early repayment and 50% reduction in international payment fees. The program lasts from now until June 30.
Meanwhile, Asia Commercial Bank (ACB) launched a preferential loan program with a reduction of interest rates up to 4%/year for loans disbursed in the first 6 months of 2021 for individual customers, along with other promotions such as free online transfer, free ATM withdrawal ... HDBank has also announced to reduce a series of lending interest rates, in which the lowest interest rate is 3%/year for individuals and micro businesses renting premises and business locations. This loan package is for customers to borrow money for production, business and consumption. In addition, the bank has a loan interest rate of 4.5%/year for individuals and micro businesses that do not need to prove any difficulties due to the epidemic. The program is committed to the end of 2021 by HDBank.
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Stimulating consumer credit demand
After the lunar new year, many people, especially young people, have demand for shopping loans. Therefore, credit institutions have continuously launched consumer credit stimulus programs, quick disbursements, simple procedures with low interest rates. One of the banks for the outstanding consumer credit stimulus program is BIDV when offering a loan package of 50,000 billion VND with preferential interest rates (7%/year in the first 6 months and plus a margin of 0.5 - 2% / year after that) for customers to buy home, car, or personal consumption in the early period of 2021.
Vietcombank Khanh Hoa is also implementing many interest rate incentive programs for consumer loan purposes. Borrowers are applied the fixed interest rate during the loan term for many different terms from 1 to 10 year. The fixed interest rate for 1-2 years is only 7.5%/year - 8.5%/year. In particular, Vietcombank is also the pioneer bank to apply a fixed-interest consumer loan program with term up to 10 years. This helps customers proactively choose the loan plan suiting their financial ability.
According to Do Trong Thao - Deputy Director of the State Bank - Khanh Hoa Branch, from the beginning of the year until now, banks have continued to actively implement solutions to remove difficulties for customers affected by Covid-19, such as reducing lending interest rates, restructuring debts, exempting and reducing interest, giving new loans for production and business. In January, credit institutions adjusted to reduce lending interest rates (to a maximum of 5%) for 280 customers with outstanding loans of 375.44 billion VND. At the same time, credit institutions have also offered preferential credit programs for customers. This support of credit institutions has contributed to helping businesses in capital flows, creating a driving force for the recovery and the development of production and business in the province. Thanks to that, loan sales in the first 2 months of the year are estimated at 19,684 billion VND, increasing by 16.87% over the same period last year.
Mai Hoang
Translated by T.T
