Banks massively launch preferential loan packages, reduce existing loan interest rates

SGGPO 08/10/2023 14:45

The last two quarters of the year are the time when production, business activities and consumer demand tend to increase, so commercial banks (CBs) massively launch preferential interest rate programs to stimulate credit demand.

Many commercial banks launch interest rate support packages for home loans

In order to stimulate production, business and consumption activities, Sacombank has just launched a credit package of 30,000 billion VND for individual customers. Of which, 20,000 billion VND is for customers to borrow capital for short-term production and business purposes (including agricultural production) with an interest rate of 7.5%/year. The remaining 10,000 billion VND is for loans to buy, build, repair real estate and many other consumption purposes with an interest rate of 9%/year.

In particular, for customers buying a home for the first time, if they meet the conditions, they will be applied an interest rate of only 8%/year. Sacombank said that the loan period of this credit package is flexible, can be extended up to a maximum of 30 years.

Banks massively launch preferential loan packages, reduce existing loan interest rates photo 1

Sacombank is applying a 30,000 billion VND credit package for individual customers with the lowest interest rate of 7.5%/year.

MSB has launched a preferential short-term mortgage loan package of 20 billion VND for business owners who need capital to prepare for business at the end of the year. Accordingly, customers with short-term business loans with collateral will be able to borrow at an interest rate of 9.5%/year. In particular, new customers or customers who are taking out unsecured loans at MSB who need to borrow additional capital for business activities will enjoy an interest rate of only 8.99%/year.

In addition, MSB also provides personal financial solutions for business owners with unsecured business loan packages with a limit of up to 1.5 billion VND between the business owner and the business, with simple procedures and only one set of documents.

Similarly, to support customers in accessing loans, from now until December 31, 2023, BVBank is implementing a VND 7,000 billion loan package to stimulate consumption with interest rates from only 8.8%/year, down to 2%/year.

Not only private commercial banks, Big 4 commercial banks also have programs to support borrowers. Specifically, Agribank has just launched a credit program of 3,000 billion VND for the forestry and fishery sectors, which will be implemented until June 30, 2024 and may end earlier when the full 3,000 billion VND is disbursed.

Meanwhile, Vietcombank has also just reduced the VND lending interest rate by another 0.5% per year for all loans of individual and corporate customers, applicable for 5 months from August 1 to December 31, 2023. This is the third interest rate reduction by this bank since the beginning of the year.

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