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

Typhoon No. 3 (Yagi) has left behind severe damage in the northern provinces of Vietnam. In response, the State Bank of Vietnam (SBV) has issued Official Letter No. 7417 outlining measures to support customers in overcoming the consequences of Typhoon No. 3.

This includes requiring credit institutions to direct their branches and transaction offices to proactively review and compile the losses of customers who have borrowed capital in order to promptly apply support measures and resolve difficulties for customers, such as restructuring repayment terms;

Consider waiving or reducing loan interest, continuing to provide new loans to restore production and business after the storm in accordance with current regulations; and handle debt for customers who suffered losses on their loans in accordance with the law.

Currently, many banks have begun implementing support policies to help people and businesses recover from the aftermath of the storm.

According to Mr. Le Hoang Tung, Deputy General Director of Vietcombank , preliminary statistics show that 34 branches were directly affected by the storm and floods. In particular, 7 branches in Hai Phong and Quang Ninh provinces were affected, with estimated damage to infrastructure 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 loan balance of approximately 71,000 billion VND. Of these, 230 customers in Hai Phong and Quang Ninh alone have been affected, with a total outstanding loan balance of approximately 13,300 billion VND.

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

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

In addition, VPBank has also adjusted its 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, or borrow for home construction or renovation.

Vietnam Maritime Commercial Bank (MSB) also announced a 1% reduction in loan interest rates for small businesses and household businesses affected by storms and floods, aiming to help overcome difficulties and restore production and business after the storms.

Specifically, from now until December 31, 2024, MSB is adjusting down lending interest rates by 1% per year compared to current rates for business households borrowing from MSB with loan terms up to 60 months.

For new business owners, MSB offers preferential loan packages including unsecured loans up to VND 2 billion with interest rates starting from only 11.5%/year and secured loans up to VND 20 billion with interest rates starting from 5.8%.

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

Regarding loan terms, small businesses can borrow for up to 36 months, and various loan options such as working capital loans, medium- and long-term loans, overdrafts, credit cards, and trade finance are available to help alleviate difficulties and losses caused by storms and floods.

For SME business customers, Vietnam Export Import Commercial Bank (Eximbank) also offers preferential rates for short-term VND loans by reducing the interest rate by an additional 1% in the first month, as part of Eximbank's preferential interest rate program.

0% interest rate for medium and long-term loans for the first two months. Fixed interest rate of 7.49% per year for the following 10 months.

For micro, small, and medium-sized enterprises (MSMEs) and individual customers, Eximbank offers a preferential interest rate reduction of 2% per year compared to the regular rate, bringing the preferential lending rate to just 4.75% per 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