After the State Bank increased credit room, many banks have reduced lending interest rates. This is a positive move to support businesses and people to focus on production and business at the end of the year.
After the State Bank increased credit room, many banks have reduced lending interest rates. This is a positive move to support businesses and people to focus on production and business at the end of the year.
As a bank with a large number of customers, Vietcombank's loan interest rate reduction of up to 1% per year has had a positive impact on the production and business activities of enterprises, especially those in the fields of Government priority. This interest rate reduction (until the end of December 31) is applied to about 175,000 customers with a credit size of more than VND 500,000 billion, accounting for nearly 50% of Vietcombank's existing loan balance. Ho Thi Mai Trang – Manager of Corporate Customer Department of Vietcombank Khanh Hoa, said that at Khanh Hoa branch alone, 9,889 customers were given interest rate reductions with a total outstanding loan balance of more than VND 9,878 billion. The reduced profit is expected to be more than 16 billion VND.
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Only in the last 2 months of the year, many banks have announced to reduce lending interest rates. Besides Vietcombank, other banks such as Agribank, HDBank, ACB, VIB, SHB... also slashed interest rates with a reduction of 0.5 to 3% per year. In which, with its own resources, Agribank actively reduced by 20% of the current lending interest rate for outstanding loans in Vietnam dong as of November 30, 2022. For outstanding loans arising from December 1 to December 31, 2022, Agribank reduces by up to 20% of the applicable interest rate. In addition, corporate and individual customers with outstanding loans affected by the Covid-19 epidemic, which are rescheduled for repayment, exempted and reduced interest rates and kept the same debt group, etc., are also entitled to the policy of reducing interest rates. SHB also implemented a program to reduce interest rates from 1.5 to 2% per year for individual and corporate customers; Prioritize support to reduce interest rates for customers operating in fields such as agriculture, rural areas, small and medium enterprises, green projects... Enterprises that are in need of capital to urgently produce essential products, necessities to serve the year-end needs of the people are also supported by the bank.
According to statistics from the Association of Banks, up to now, 19 banks have reduced interest rates for businesses and individuals. The reduction in lending interest rates of banks is a positive signal, helping borrowers reduce the burden of monthly expenses.
Mai Hoang
Translated by T.T
