Vietcombank is the first bank to announce a reduction in lending interest rates – Photo: QUANG DINH
“Following the policy of the National Assembly, the Government and the direction of the State Bank of Vietnam on implementing solutions to promote economic recovery and development, Vietcombank continues to implement the policy of reducing lending interest rates for customers. customers with a reduction of up to 1%/year for loans in VND for existing corporate and individual customers with the implementation period from November 1 to December 31. But the policy of reducing interest rates does not applied to securities loans, real estate business loans, mortgage loans of valuable papers … “, Vietcombank said.
According to Vietcombank’s expectation, these will be actions that show the bank’s strong commitment in pioneering the implementation of operating policies of the Government and the State Bank, striving for the goal of recovery and development. economic development of the country.
Recently, especially from the end of September until now, deposit interest rates have continuously increased. Some banks raise interest rates up to 2 times a week to attract capital, thereby pushing lending rates up very high.
For businesses, from a loan interest rate of only 6 – 7%/year, it has jumped to 10 – 11%/year, while individuals who borrow to buy a house or buy a car, the loan interest rate has increased to 15%/year, not yet. The cost of buying insurance makes the borrower “suffocate” because of the interest rate.
So far, only Vietcombank is the first bank to announce a reduction in lending interest rates.