Banks cut lending interest rates
duonghanhnguyen 23-10-2020, 12:14

Banks cut lending interest rates

Specifically, VPBank has just announced the business loan package with interest rates from 599 percent per annum, applicable from now until December 31 this year for individual customers, groups of individuals, and households.

Accordingly, the loan limit of the support package is up to VND20 billion for each customer. The loan limit is up to 75 percent if using a new car as a mortgage or 70 percent if using real estate as a mortgage. The maximum loan term is 24 months for the loan by limit or 180 months for the one-time loan.

Similarly, MBBank is also applying interest rates for business loans from 6.8 percent per annum, with a limit of 80 percent of capital needs for a maximum period of 180 months. For each specific loan package, there will be a corresponding interest rate. Not only joint-stock commercial banks but State-owned banks like Agribank have also announced its fourth interest rate reduction this year, with an additional cut of 0.3 percent per annum from October 1 this year.

Specifically, Agribank reduced short-term lending rates to a maximum of 4.5 percent per annum and medium and long-term loan interest rates to a minimum of 7.5 percent per annum. Besides, from now to the end of June 302021 it will launch credit packages for foreign direct investment corporate customers and small and medium-sized corporate customers with a total amount of VND35 trillion.

By Nhung Nguyen – Translated by Thuy Doan