Banks launch preferential loan packages, interest rate support to stimulate credit demand

SGGPO 06/27/2023 17:03

Although interest rates have decreased, as of May 2023, system-wide credit increased by 3.17%, many banks have only used up nearly half of the credit room granted. Many commercial banks have launched preferential loan interest rate packages for small traders, businesses and individuals to stimulate credit demand.

Banks launch preferential loan packages to stimulate credit demand

On June 27, SHB announced that it would allocate VND6,000 billion in incentives for corporate customers, applicable from now until May 30, 2024. Businesses eligible for this loan package include: female-owned enterprises, administrative units, operating in priority areas such as: agriculture, forestry, fisheries, export, high-tech production and business, transport infrastructure, education, healthcare, green projects... to supplement short-term working capital with interest rates from 8.97%/year.

At the same time, SHB also reserved VND1,000 billion for corporate customers who need to borrow to buy cars with a loan term of 36 months or more. Based on the needs and capital usage plan, customers can choose preferential interest rates from 9%/year in the first 6 months or from 10.8%/year in 12 months.

SHB leaders said that SHB has been simultaneously implementing a series of preferential loan packages for corporate customers, helping businesses be more confident in deciding to invest in production and business, contributing to promoting economic growth.

Shinhan Bank Vietnam is also offering preferential loan packages for home and car purchases for individual customers with attractive interest rates. Accordingly, home buyers can choose a 60-month fixed interest rate package, with a preferential interest rate of 7.99%/year, fixed for the first 6 months or a 9.8%/year interest rate package, fixed for 12 months; a 10%/year interest rate package, fixed for 24 months; a 10.1%/year interest rate package, fixed for 36 months. Home buyers are supported by Shinhan Vietnam to borrow up to 70% of the value of the collateral and the loan term is up to 30 years.

As for the auto loan package, customers will have a fixed interest rate of 10.59%/year for the entire loan term to minimize fluctuations in market interest rates. In addition, customers can choose a fixed loan package for the first 12 months, with an interest rate of 9.9%/year, supporting loans up to 80% of the value of a new car.

Vietbank is implementing the product "Fast Loan 24h" with loan application review time within 24 working hours, loan amount up to 3 billion VND, loan term up to 240 months; loan application and documents are simple and money will be disbursed to customers within 30 minutes.

For customers who need additional capital for their business activities, Vietbank has launched a Working Capital Supplement Loan product with a loan amount of up to VND 8 billion, a loan term of up to 12 months, diverse loan methods and flexible repayment, simple procedures, quick approval time and financial planning advice suitable for the business situation. At the same time, Vietbank has also launched the program "Instant incentives - Open an account immediately" for customers who are business households and small traders.

Accordingly, business households and small traders only need to open a VB 4.0 or VB 4.0 Ultra or VB Plus payment account to immediately receive a beautiful account number worth 50 million VND, receive 50,000 VND immediately into the account, receive a refund of up to 0.3% on the average monthly deposit balance, and receive free QR code installation at the store and completely free of all service fees at the bank.

At a recent press conference, Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the liquidity of the entire economy is very abundant. Not only state-owned commercial banks and large banks, but also small banks have abundant liquidity. Mobilization growth is higher than credit growth, meaning that there is no shortage of capital for the economy. Promoting credit growth is currently an important task of the banking sector. However, the responsibility of the State Bank of Vietnam is to resolve this issue in a harmonious manner, creating a balance between the lending capacity of banks and the capital absorption capacity of the economy.

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