The pioneer in publicizing lending interest rates is a bank in the Big 4 group - Vietnam Joint Stock Commercial Bank for Investment and Development ( BIDV ). Accordingly, the bank published information on its website about the average lending interest rate in March with an average lending interest rate of 6.49%/year. The above interest rate is 3.12%/year different from the average capital mobilization interest rate at this bank.
Previously, some banks also announced average lending interest rates. However, each bank announced differently.
Specifically, Tien Phong Commercial Joint Stock Bank ( TPBank ) also announced an average lending interest rate of 7.76%/year. Accordingly, the average lending interest rate for individual customers is 8.85%/year and for corporate customers is 7.34%/year.
Vietnam International Commercial Joint Stock Bank ( VIB ) publicly announced the base lending interest rate but it was not listed in general but divided into each loan purpose as well as disbursement time. Accordingly, if the loan has the same purpose but is disbursed in 2024, the base interest rate will be lower than in previous years.
Specifically, the base interest rate is 9%/year for real estate loans disbursed in 2024, but if disbursed from 2023, the interest rate is 10%/year, the base interest rate is 11%/year if disbursed from 2019-2022, and the interest rate is 11.5%/year if disbursed before 2019.
The base interest rate will be 10%/year for auto loans if disbursed in 2024 and 11.5%/year if disbursed before 2019. For business loans under 12 months if disbursed in 2024 the base interest rate is 8.5%/year, and disbursed from 2023 the base interest rate is 8.8%/year.
The base lending interest rate applied to the entire Asia Commercial Joint Stock Bank ( ACB ) system from October 2, 2023 is 8.7%/year. However, ACB also noted that this base lending interest rate is only applied to loans with interest rates at the re-pricing period calculated according to the bank's lending interest rate table.
Some banks apply different interest rates based on the loan term. For example, Vietnam Maritime Commercial Joint Stock Bank ( MSB ) has implemented a green credit package of VND3,000 billion, with interest rates from 4.3%/year for short-term loans and from 6.8%/year for medium and long-term loans.
Or at Saigon - Hanoi Commercial Joint Stock Bank ( SHB ) , interest rates range from 6.39%/year for short-term loans and 5.79%/year for medium and long-term loans applicable to individual customers.
At Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) , the base loan interest rate for VND for a term of 1-3 months is 4.2%/year, for a term of 4-6 months is 5.6%/year, for a term of 10-12 months is 7.7%/year, and for medium and long term is 8.5%/year.
In addition, foreign banks such as Maybank Hanoi and Ho Chi Minh City, First Commercial Bank Hanoi, Hong Leong, FE Credit... have also announced average lending interest rates.
At the Conference on implementing the tasks of monetary policy management in 2024, focusing on removing difficulties for production and business, promoting growth and stabilizing the macro economy, the Prime Minister continued to emphasize the requirement to increase transparency in credit activities, in which, paying special attention to the requirement that credit institutions must publicly announce average lending interest rates.
In order to implement the Government's policy, the State Bank of Vietnam has requested that credit institutions send the link of the column announcing interest rates to the State Bank of Vietnam before April 1. If the link changes, it must be updated within 2 working days .
Source
Comment (0)