What is the interest rate for a loan of 500 million VND at Agribank?

Agribank's latest consumer loan interest rates

Agribank recently announced consumer loan interest rates that are up to 2.5%/year lower than the floor interest rate applicable to purposes such as buying houses, land, cars, motorbikes, etc. Specifically:

Interest rate from 4.0%/year: Applicable to loans with terms of 3 months or less.
Interest rate from 4.5%/year: Applied to loans with terms from 3 months to 6 months.
Interest rate from 5.0%/year: Applicable to loans with terms from 6 months to 12 months.
Interest rate from 5.5%/year: Applicable to medium and long term loans.

As long as the borrower fully meets the basic lending conditions according to current regulations at Agribank such as: Vietnamese citizens aged 18-60, have stable income and ability to pay, no bad debt during the loan period,... consumers can completely refer to the consumer loan package.

Borrow 500 million VND at Agribank, what is the loan interest rate?

Suppose, a customer borrows 500 million VND with an interest rate of 6%/year for a period of 12 months at Agribank. Specifically, the amount of interest the customer must pay according to the decreasing balance at each term is as follows:

With the decreasing balance interest payment method, the amount of interest that the customer has to pay each month will decrease over time, because the interest is calculated on the remaining principal balance.

Calculate Agribank loan interest rates in 2 ways

Based on the amount, term, interest rate and loan type, customers can calculate interest.

How to calculate loan interest based on decreasing balance:

Monthly Principal = Loan Amount/Loan Term.

First month's interest = Loan amount x Monthly interest rate/Loan term.

Interest for the following months = Remaining principal x Monthly interest rate/Loan term.

How to calculate interest on initial balance:

Interest = Principal balance x Loan interest rate/Loan term.

Source: https://laodong.vn/kinh-doanh/vay-500-trieu-dong-tai-agribank-lai-suat-bao-nhieu-1382707.ldo