Many banks reduce loan interest rates for customers affected by storm No. 3

The recent storm No. 3 has left behind severe damage to the northern provinces of Vietnam. In this situation, the State Bank of Vietnam (SBV) has issued Official Letter No. 7417 on implementing solutions to support customers in overcoming the consequences caused by storm No. 3 (Yagi).

In which, credit institutions are required to direct branches and transaction offices to proactively review and summarize the losses of customers who are borrowing capital to promptly apply support measures and remove difficulties for customers such as restructuring debt repayment terms;

Consider reducing interest rates, continuing to provide new loans to restore production and business after the storm according to current regulations; handle debts for customers who have suffered loan losses according to the law.

Up to now, many banks have begun implementing support policies to help people and businesses overcome the consequences of the storm.

According to Mr. Le Hoang Tung, Deputy General Director of Joint Stock Commercial Bank for Foreign Trade (Vietcombank), preliminary statistics show that 34 branches were directly affected by storms and floods. Of which, 7 branches in Hai Phong and Quang Ninh alone were affected, with estimated damage to facilities of nearly 6 billion VND, and some transaction points had to temporarily suspend operations.

Mr. Le Hoang Tung - Deputy General Director of Vietcombank.

It is estimated that nearly 6,000 Vietcombank customers have been affected with a total outstanding debt of about 71,000 billion VND, of which 230 customers in Hai Phong and Quang Ninh alone have been affected with a total outstanding debt of about 13,300 billion VND.

To support and accompany people and businesses to overcome difficulties, Vietcombank has considered reducing interest rates by 0.5% in the period from September 6, 2024 to December 31, 2024 for customers borrowing capital for production and business, with outstanding loans of about 130 trillion VND and the number of customers receiving interest rate reduction is nearly 20,000 customers.

Vietnam Prosperity Bank (VPBank) also said it will reduce interest rates by 1% for medium and long-term loans, 0.5% for short-term loans applied in all provinces and cities directly affected by storm Yagi such as: Quang Ninh, Hai Phong, Hanoi, Thai Nguyen, Yen Bai ... from September 13 to December 31, 2024.

In addition, VPBank also adjusted the preferential interest rate to only 6.5%/year fixed for the first 12 months for all customers who need to repay loans early at other banks or borrow to buy real estate, build and repair houses.

Vietnam Maritime Commercial Joint Stock Bank (MSB) also announced a 1% reduction in loan interest rates for small businesses and business households affected by storms and floods, in order to join hands to overcome difficulties and restore production and business after the storm.

Specifically, from now until December 31, 2024, MSB will adjust the lending interest rate down by 1%/year compared to the current interest rate for customers who are business households borrowing capital at MSB with a loan term of up to 60 months.

For new customers who are business owners, MSB offers preferential loan packages including unsecured credit limits of up to VND 2 billion with interest rates from only 11.5%/year and mortgage limits of up to VND 20 billion with interest rates from 5.8%.

For small business customers, MSB also promotes competitive credit packages with mortgage loan limits of up to 6 billion VND, interest rates from only 4.99% and unsecured loan limits of up to 2 billion VND, interest rates from 7.7%.

Regarding loan terms, small businesses can borrow up to 36 months and loan forms such as working capital loans, medium and long-term loans, overdrafts, credit cards and trade finance... to help overcome difficulties and damage caused by storms and floods.

For SME business customers, Vietnam Export Import Commercial Joint Stock Bank (Eximbank) also offers incentives for short-term loans in VND by reducing the interest rate by 1% in the first month, applied according to Eximbank's preferential interest rate program.

0% interest rate for medium and long-term loans for the first 2 months. Fixed interest rate of 7.49%/year for the next 10 months.

For micro, small and medium enterprises (MSMEs) and individual customers, Eximbank applies a 2%/year discount compared to the normal interest rate, bringing the preferential lending interest rate from only 4.75%/year for short-term loans.

Source: https://www.nguoiduatin.vn/nhieu-ngan-hang-giam-lai-vay-cho-khach-hang-bi-thiet-hai-boi-bao-so-3-204240913151805528.htm