Saigon Thuong Tin Commercial Joint Stock Bank ( Sacombank ) has increased the credit limit for businesses and individuals in production and business. This is the amount of capital that the bank provides to meet the capital needs of organizations, businesses as well as people who are urgently replenishing capital to reserve goods, produce and do business to serve the market as well as prepare money for shopping, payment and spending to celebrate Tet.
Accordingly, Sacombank added 10,000 billion VND to the production and business acceleration package for enterprises, raising the total package limit to 30,000 billion VND. The lending interest rate is 3%/year for a 1-month term, 4%/year for a 2-month term, from 5%/year for a 3-month term, from 5.5%/year for a 4-12-month term, the loan package is implemented until January 31, 2024.
Banks reduce lending rates
Sacombank lends to individual customers for production and business purposes from an initial capital of VND25,000 billion, adding an additional VND10,000 billion, raising the package limit to VND35,000 billion. Lending interest rates start at 6%/year for terms under 12 months or only from 7%/year for medium and long-term loans. The new loan package for living purposes has a limit of VND10,000 billion with an interest rate of only 6.5%/year, fixed for 6 months, 12 months or 24 months. Both loan packages are implemented until March 31, 2024.
Previously, some banks have reduced lending interest rates. For example, the Vietnam Joint Stock Commercial Bank for Industry and Trade (BVBank) reduced lending interest rates for individual customers borrowing capital for business, home purchase, home repair, etc. with interest rates from 5%/year. VPBank offers home loans with interest rates of 5.9%/year in the initial period. HDBank applies a preferential interest rate of 6.8%/year. MSB offers home loans with preferential interest rates of 6.8%/year, etc.
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