(Dan Tri) - The State Bank allows banks to restructure debt repayment terms until the end of 2025 for borrowers affected by storm No. 3 (storm Yagi), according to the latest Circular.
The State Bank has just issued a Circular regulating the restructuring of debt repayment terms for customers facing difficulties due to the impact and damage of Typhoon Yagi.
This policy applies to borrowers in 26 provinces and cities, including: Ha Giang, Cao Bang, Lang Son, Bac Giang, Phu Tho, Thai Nguyen, Bac Kan, Tuyen Quang, Lao Cai, Yen Bai, Lai Chau, Son La, Dien Bien, Hoa Binh, Hanoi, Hai Phong, Hai Duong, Hung Yen, Vinh Phuc, Bac Ninh, Thai Binh, Nam Dinh, Ha Nam, Ninh Binh, Quang Ninh, Thanh Hoa.
The Circular takes effect from December 4. Banks are allowed to consider restructuring the principal and interest balance of loans and financial leases with principal balance arising before September 7, 2023 and debt repayment obligations arising from September 7, 2024 to December 31, 2025.
Damage caused by storm Yagi (Photo: Huu Khoa).
The debt balance considered for restructuring is still due or overdue for no more than 10 days from the agreed payment due date. However, to support customers to have time to overcome the consequences after the storm, the Circular allows the first restructuring consideration for the debt balance overdue for more than 10 days in the period from September 7, 2024 to the end of 10 days from the effective date of the Circular.
The debt restructuring will be implemented until December 31, 2025 and there is no limit to the number of restructurings. According to Circular 53, the final repayment date of the restructured debt balance is determined in accordance with the customer's difficulty level, but not exceeding December 31, 2027.
Previously, the policy of deferring and extending debt repayments was considered by bank leaders to be very necessary to support customers affected by Typhoon Yagi. Many customers do not have cash flow due to heavy damage after the typhoon. If they do not repay their debts on time, they will automatically jump into bad debt groups and will not be able to access new capital. Therefore, the mechanism allowing banks to defer and extend debt repayments will help many customers not automatically fall into bad debt and have more time to recover.
Recently, banks have also announced a 0.5-2% reduction in interest rates for individuals and businesses borrowing capital due to damage caused by Typhoon Yagi.
According to the State Bank's estimate, the total outstanding debt affected by storm Yagi is about 190,000 billion VND.
Source: https://dantri.com.vn/kinh-doanh/khach-vay-thiet-hai-vi-bao-yagi-duoc-gia-han-no-den-het-nam-2025-20241210131041599.htm
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