On July 26, 2023, the General Director of the Vietnam Bank for Social Policies (VBSP) issued Instruction No. 5838/HD-TDSV on lending procedures for VKK production and business households. Accordingly, VKK is entitled to enjoy credit policies for production and business households, including: communes, wards, towns, hamlets, neighborhoods, and administrative units specifically prescribed in Decision No. 17/2023/QD-TTg dated June 5, 2023 of the Prime Minister.
Eligible borrowers are households as prescribed by law, including: households doing farm business, carrying out production and business activities in areas not prohibited by law in the VKK as prescribed and meeting the loan conditions as prescribed.
Loan conditions: The borrower must have a project or production and business plan confirmed by the People's Committee of the commune where the project or production and business plan is implemented. Must have full civil capacity. Must legally reside in the place where the project or plan is implemented. Not belong to a poor, near-poor, or newly escaped-poverty household according to regulations. The borrower must not have outstanding debt from the job creation loan program and other credit loan programs for households for production and business according to regulations of law.
Maximum loan amount is 100 million VND/borrower, no loan guarantee required. Loan interest rate is 9%/year. Overdue debt interest rate is 130% of loan interest rate. Loan terms include: short-term, medium-term and long-term depending on the purpose of capital use, debt repayment ability and business cycle of the borrower.
Loan procedures and documents: Households that are eligible for loans and have a need to contact the Savings and Loan Group, socio-political organizations that receive the trust at the commune level, commune transaction points, and transaction offices of the Social Policy Bank in the district where they reside for guidance and loan consideration according to regulations.
Van Chien
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