Interest rate from only 4.9%/year
Since the beginning of the year, the State Bank has made four adjustments to reduce operating interest rates by 0.5-2% per year. Accordingly, commercial banks have also adjusted and implemented programs and preferential credit packages to reduce lending interest rates by about 0.5-3% per year depending on the customer group for new loans.
Along with that, implementing the direction of the State Bank, credit institutions have been taking measures to reduce lending interest rates to support businesses, people and the economy to recover production and business. With these policies, the current interest rates of banks are considered quite attractive for borrowers.
For individual customers, the demand for consumer loans is quite large, so banks are gradually supporting and stimulating capital demand. Many banks are implementing credit packages for individual customers to borrow to buy houses, consume... with preferential interest rates.
For example, at SeABank, the home loan interest rate applied by this bank from now until the end of 2023 is only from 4.9%/year with a loan term of up to 35 years and no limit on the limit. After the preferential period ends, the interest rate applied by SeABank to customers is only about 11-12%/year.
Not only providing personal consumer loans, SeABank also has many incentive packages to support business activities, create conditions for growth and bring equal competitive opportunities for businesses. Currently, SeABank is implementing a very attractive loan policy for business households with a loan package with interest rates from 7%/year, especially 100% funding of capital needs and easy proof of debt repayment ability, without requiring customers to have a business registration or tax payment documents.
SeABank always understands the needs of customers, SeABank always strives to research to bring out the best products, helping customers to access easily, quickly, and soon reach their dreams and plans.
With many supports
Some experts see the interest rate reduction as a good signal that positively impacts the psychology of people and businesses. Lower interest rates help people reduce financial pressure and have easier access to loans at more reasonable prices. On the other hand, investors reduce the pressure on capital costs, so they can offer many incentives to buyers such as discounts, gifts, and at the same time have more resources to complete unfinished projects and deploy new projects to supplement supply.
For businesses, this is the time to focus on boosting production and business to meet the demand for goods in the market, preparing for the peak season at the end of the year. The "cooling down" interest rate not only contributes to reducing costs and business operations but also helps maintain product prices, stabilize market prices, thereby creating momentum for economic growth in general.
Market research shows that SeABank's preferential loan interest rate package is quite competitive compared to some other banks. Many people who want to borrow to buy a house said that at this time, if the loan interest rate is below 10%/year, it is already an attractive incentive, not to mention the interest rate below 5%/year, with simple procedures, quick disbursement... it is an ideal opportunity for home buyers. Not to mention, the real estate market is currently maintaining a quite favorable entry point for families who want to own their dream home.
Besides the interest rate issue, experts in the finance and banking sector also recommend that home buyers pay attention to other issues such as repayment period, principal and interest payment in accordance with financial capacity and flexibility of the loan package.
Currently, banks are lending with large limits, from 70-80% of the value of the house. However, home loans are usually long-term loans. Therefore, people should consider the overall financial situation of the family with the loan to be able to repay the debt over a long period of time. Accordingly, home buyers can choose a bank that meets the long loan period. For example, SeABank applies a 35-year loan policy that allows users to extend the repayment period, thereby reducing the pressure of monthly principal and interest payments.
It can be seen that the extremely attractive interest rates, long terms and simple, flexible procedures of the loan packages being implemented by banks not only contribute to sharing financial pressure for customers, but are also effective solutions to support the opportunity to own a house or support capital for current production and business activities.
In addition, the loan repayment policy of other banks according to Circular 06/2023/TT-NHNN of the State Bank applied from September 1, 2023 is considered "beneficial" for borrowers, increasing the competitiveness of interest rates among banks. Understanding the difficulties and desire to repay debts early, reducing financial pressure, some banks including SeABank have issued loan packages to help customers repay personal loans early at other banks with interest rates from only 4.9%/year, applied to loans for real estate purchases, consumer loans with collateral and loans for business purposes. Accordingly, customers will enjoy principal grace period, especially support for early disbursement to repay loans at other banks, while proving income is extremely simple and flexible.
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