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From the loan capital of the Dinh Tuong grassroots people's credit fund, Mr. Le Ba Huynh's family, in Dinh Tang commune, Yen Dinh district, invested in a comprehensive farm economy. Each year, the revenue is from 800 to 900 million VND.
Recently, Mr. Huynh's family continued to receive a loan of 200 million VND from the fund with competitive interest rates to expand production.
Mr. Le Ba Huynh, Dinh Tang Commune, Yen Dinh District, Thanh Hoa Province
Mr. Le Ba Huynh, Dinh Tang Commune, Yen Dinh District, Thanh Hoa Province said: " Knowing that the fund is having a customer incentive program, reducing interest rates for people very transparently from 6.7-7%/year for development, we are looking for the fund to create conditions for more loans to develop the model, invest in more breeds, and barns for further development."
Operating in the field of construction materials production, this enterprise is in need of working capital to purchase raw materials, produce goods and develop product consumption markets.
Business representatives said that when credit institutions publicly announce interest rates, the units will have a basis to compare preferential rates between banks and credit funds and select suitable units to borrow capital.
Mr. Le Hong Huyen, Tan Huyen Private Enterprise, Thanh Hoa Province
Mr. Le Hong Huyen, Tan Huyen Private Enterprise, Thanh Hoa province said: " Currently, the construction market is more prosperous, goods are selling better, we want to expand our business, invest in more machinery and equipment, access bank capital, and transparent credit interest rates, we compare to borrow more capital".
Publicizing average lending interest rates, ensuring adequate credit supply, absolutely no congestion or delays to support economic growth. These are important instructions of the State Bank that are being actively implemented by credit institutions to facilitate people and businesses in accessing credit and choosing banks to borrow capital. To stimulate lending, banks also launch preferential credit packages and reduce lending interest rates. Typically, Vietcombank, VietinBank, BIDV, Agribank, the lowest short-term production and business loan interest rate is from 5.2%/year. At the same time, diversifying mortgage and unsecured credit forms without collateral to attract borrowers.
For grassroots People's Credit Funds, along with capital mobilization, lending interest rates for members developing rural agricultural economy, services, and consumer loans are at preferential and quite competitive levels. The lending interest rate for less than 6 months is about 5%, from 7 to 12 months applies an interest rate of 7%/year; over 12 months applies 8%/year.
Publicizing interest rates of people's credit funds has the effect of promoting access to financial services, meeting the needs of economic development, and increasing income for people in localities.
Ms. Nguyen Thi Dao, Chairwoman of the Board of Directors of Dinh Tuong People's Credit Fund, Yen Dinh district, Thanh Hoa province
Ms. Nguyen Thi Dao, Chairwoman of the Board of Directors of Dinh Tuong People's Credit Fund, Yen Dinh District, Thanh Hoa Province said: " After the first quarter, we lowered interest rates to a level almost as low as that of commercial banks, then in the second quarter and the following months, the amount of capital for members was better. Along with the economic recovery of the whole country, we hope that members will borrow capital and access the fund, the amount of capital we hope to absorb is more than in the first quarter of 2024".
According to the State Bank of Vietnam, Thanh Hoa branch, in the context of low credit growth in the first quarter compared to the end of 2023, publicizing lending interest rates is expected to be one of the solutions to promote credit growth.
Along with that, people and businesses will have the opportunity to access capital sources with more reasonable and transparent costs. However, borrowers also want credit institutions to specifically publicize lending interest rates, not only the base interest rate but also publicize fees when borrowing capital as well as penalties for early repayment.
Source: THNM April 25, 2024
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