Quang Nam banking system stimulates credit demand at the end of the year

Customers borrow capital at BIDV Quang Nam. Photo: Q.VIET

Credit stimulus

In order to promote credit growth in the last months of the year, many commercial banks in the province are increasing capital supply through a series of credit packages with attractive interest rates.

With Vietcombank Quang Nam, individual and corporate customers can borrow capital for production and business, buying houses, buying cars... with many attractive preferential interest rate programs.

The “Competitive Interest Rate” program provides a large source of capital for individual customers to borrow to buy real estate, repair houses, buy cars, take out consumer loans, etc. with preferential interest rates from only 5.5%/year applied to customers in the first 6 months with loans under 24 months.

Interest rates from 5.7%/year for the first 12 months for loans over 24 months. "Competitive interest rates" are implemented by Vietcombank Quang Nam until March 31, 2025.

According to Mr. Vo Van Duc - Director of Vietcombank Quang Nam, the bank has allocated a large amount of capital to implement the "Interest rate peace of mind" program for individual customers and small and medium enterprises to borrow medium and long-term capital to buy or repair real estate, borrow for production and business, borrow to buy cars, and borrow for consumption with interest rates from only 6.2%/year for medium and long-term terms.

In which, the interest rate is 6.2%/year fixed for 18 months; 6.5%/year fixed for 24 months; 8.0%/year fixed for 36 months; 9.5%/year fixed for 60 months. The credit stimulus program is also applied until March 31, 2025.

Vietcombank Quang Nam is also applying a preferential interest rate program for short-term production and business loans with a floor interest rate of only 4.8%/year for loans with a loan term of less than 3 months.

BIDV Quang Nam's loan interest rates are quite favorable compared to the market interest rates. The commercial bank is lending to customers to buy houses with a maximum limit of 100% of the value of the collateral, a loan term of up to 20 years, and a preferential interest rate of 7.3% in the first 6 months.

The credit institution offers customers car loans with a maximum loan limit of 100% of the car's value, a maximum loan term of 10 years, and a preferential interest rate of 7.3%/year for the first 12 months. BIDV Quang Nam is also offering business loans with an interest rate of only 6%/year calculated on a decreasing balance.

To let credit "flow" into the economy

According to statistics from the State Bank of Vietnam, Quang Nam branch, by the end of July, outstanding loans of credit institutions in the area reached 108,718 billion VND.

Commercial banks help customers access digitalization in transactions. Photo: Q.VIET

According to Mr. Pham Trong - Director of the State Bank of Vietnam, Quang Nam branch, many commercial banks stimulate credit demand with attractive interest rates to help customers have more options to borrow capital for production and business in the last months of the year.

Credit growth not only benefits both banks and customers but also contributes to promoting socio-economic development, ensuring the growth targets of the province.

The State Bank requires credit institutions to continue implementing solutions to promote credit growth, simplify lending procedures, and create favorable conditions for people and businesses to borrow capital for consumption and investment in production and business development.

“The outstanding loans of credit institutions in the area by the end of July increased by 1.5% compared to the beginning of the month, and by 1.76% compared to the beginning of the year. It is impossible not to stimulate credit demand because the expected growth of outstanding loans by the end of the year must reach 6% compared to the same period,” said Mr. Trong.

Mr. Pham Trong said: “The State Bank of Vietnam, Quang Nam branch, is directing credit institutions to continue to promote the implementation of bank-business connection programs with many support solutions.

At the same time, create changes in priority lending areas including: lending to agriculture, rural areas, and exports; lending to supporting industries; lending to small and medium-sized enterprises, and high-tech enterprises... which are strong driving forces for economic development."

Source: https://baoquangnam.vn/he-thong-ngan-hang-quang-nam-kich-cau-tin-dung-cuoi-nam-3139184.html