Many banks reduce existing loan interest rates, the highest reduction is up to 4%

SGGPO 11/10/2023 18:59

After the deposit interest rate continuously hit rock bottom, commercial banks massively reduced lending interest rates to support customers to overcome difficulties as well as anticipate the high capital demand to boost production and business during the peak season at the end of the year.

At the same time, commercial banks offer credit support packages to facilitate customers' access to low-cost loans, contributing to production and business growth and promoting consumption.

Specifically, on November 10, SHB announced that from now until the end of the year, SHB will reduce lending interest rates by up to 2%/year for existing customers, including both individual and corporate customers, to share customers' difficulties, especially during the period of high capital demand at the end of the year.

In particular, SHB prioritizes interest rate reduction support for corporate customers operating in priority areas such as agriculture, rural areas, small and medium enterprises, green projects... and individual customers borrowing for consumption and production and business.

SHB vừa giảm lãi vay 2% cho khách hàng hiện hữu từ ngày 10-11-2023

SHB has just reduced loan interest rates by 2% for existing customers from November 10, 2023

In addition, SHB also set aside VND6,000 billion with an interest rate of 6.97% to support businesses in supplementing short-term working capital, for corporate customers who need to borrow to buy cars. In addition, from now until the end of April 2023, SHB also set aside a preferential interest rate package of USD50 million with an interest rate of 4.8%/year for FDI enterprises and enterprises with export activities to borrow...

Previously, Agribank also said that it would adjust the lending interest rates currently applied by sector, customer group, loan type... to a maximum reduction to the current lending interest rate floor and not apply overdue penalty interest, late payment interest, and fees (if any) to customers for a maximum period of 12 months from November 1, 2023. It is estimated that Agribank will spend a maximum of more than VND 4,000 billion to support customers during this interest rate reduction period.

And in the last 2 months of 2023, some customers will be able to have their interest rates adjusted down from 3% to 4%. This is the 7th consecutive time since the beginning of 2023 that Agribank has adjusted lending interest rates down, directly supporting customers, helping to reduce costs to focus on restructuring and restoring business operations.

Similarly, from now until the end of 2023, Vietinbank has also announced to continue to lower lending rates for small and medium enterprises with a new adjusted interest rate of 5.9%/year. The scale of this credit package is 15,000 billion VND. This preferential interest rate package is applied by Vietinbank to loans with a term of up to 6 months in VND, newly arising from now until December 31, 2023.

Seabank is also implementing many incentive packages to support business activities from now until the end of 2023. Specifically, SeaBank has a good loan policy for business households 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.

In addition, to meet consumer demand as well as home buying at the end of the year, this bank is also applying a home loan interest rate of only 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 SeABank applies to customers is about 11-12%/year...

Vietbank is also implementing many product and service combo packages with preferential loan interest rates. Accordingly, depending on the amount and loan term of each combo package, customers will enjoy preferential interest rates from 5.8%/year, fixed preferential interest rate period up to 24 months, maximum loan amount of 100% of capital usage plan with flexible loan procedures, quick disbursement time. Particularly for customers with existing loans at Vietbank, if they register for additional loans, they will receive a further reduction in preferential loan interest rates of up to 0.5%/year if they meet the conditions of the program.

In addition, Vietbank is implementing a policy for individual customers to borrow capital to repay loans at other banks in advance with a loan interest rate of only 5.3%/year. Specifically, customers can borrow up to 100% of their capital needs with a loan term of up to 20 years. Customers can use their own collateral assets that are being mortgaged at other banks or their real estate as collateral for loans at Vietbank to serve their living needs and business activities.

Source