Sunday, December 10, 2023 6:35:16 PM - Markets open
VN-INDEX 1,124.44 +2.95/+0.26%
HNX-INDEX 231.20 -0.64/-0.28%
UPCOM-INDEX 85.71 0.00/0.00%
Borrowers benefit from new lending policy
Vietnam News - 9/9/2023 11:29:05 AM
 (0 ratings. You must sign in to rate.)
 Borrowers now can seek loans from a credit institution to prepay their existing loans at another credit institution as more credit institutions are introducing the new loan product with attractive interest rates after Circular No. 06/2023/TT-NHNN takes effect from September 1 this year.
After Vietcombank, BIDV this week also officially introduced the new loan product to customers with attractive interest rates from only 6 per cent per year. To date, BIDV is the second credit institution to officially implement the new loan product with lending interest rate from only 6 per cent per year.
Earlier, Vietcombank was the first credit institutions to implement the new loan product. For the loans, customers can choose an interest rate of 6.9 per cent per year in the first six months, or 7.5 per cent per year for the first 12 months, or 8.0 per cent per year for the first 24 months.
Circular No. 06/2023/TT-NHNN amends and supplements certain provisions of Circular No. 39/2016/TT-NHNN. This new circular removes the limitation on borrowing for the purpose of prepaying existing loans at other banks solely for business-related activities. As a result, individuals can now get loans from other banks to prepay their outstanding loans related to various purposes, such as home mortgages, car loans, and personal expenses, at their original bank.
Previously, Circular No. 39/2016/TT-NHNN stated that one of the ineligible purposes for lending includes borrowing to repay debts owed to other credit institutions and foreign loans, except in cases where the loan serves business operations; the loan term does not exceed the remaining term of the old loan; or the loan has not undergone a restructuring of its repayment term.
Circular No. 06/2023/TT-NHNN removes the exclusion of ‘serving business operations’ while retaining the two provisions regarding the loan term not exceeding the remaining term of the old loan and the loan being one that has not undergone a restructuring of its repayment term.
Under the new circular, borrowers can seek loans from different banks to prepay their existing loans. This new regulation introduces necessary flexibility in the cash flow management strategy of borrowers.
With the change, borrowers now have more flexible options. For instance, if they find another bank offering better incentives or lower interest rates for loans, they can choose to borrow from that bank to repay their current loan at the original bank. — VNS       
Read original article here
Newer News
08/12 Insurance industry gains growth despite economic slowdown
08/12 VPB: VPBank completes additional listing of nearly 1.2 billion shares
08/12 Standard Chartered Bank Vietnam signs Master of Agreement for sustainable trade loan to BIDV valued at $100 million
07/12 Standard Chartered Bank Vietnam signs Master of Agreement for sustainable trade loan to BIDV valued at $100 million
06/12 Significant efforts made to enhance safety and transparency of corporate bond market
05/12 Việt Nam embraces global minimum tax for sustainable fiscal boost and FDI impact
04/12 Government to inspect credit growth management by central bank
04/12 Gold bar price rises by more than VNĐ3 million per tael in November
01/12 Central bank adjusts credit limits among banks due to uneven credit growth
30/11 Gold price hit new record high at VNĐ74.4 million per tael
Older News
06/09 Low credit growth, reducing profit put pressure on bank prospects in 2023
06/09 Bank loans to real estate business rise in H1 2023
25/08 SBV fixes law in favour of economic growth
25/08 Private bond market grows stably after first month operation
22/08 Experts propose to cut interest rates of loans for social housing developers and buyers
19/08 Economic difficulties cause gold demand to drop sharply
15/08 SHB increases charter capital to nearly US$1.51 billion
11/08 Lending rate forecast to drop sharply in H2 2023
08/08 Bad debts skyrocket in wake of poor business performance
08/08 Corporate bond market hoped to develop sustainably
Newsletter Signup
Top Stories
VPB: VPBank completes additional listing of nearly 1.2 billion shares
Market falls, foreign investors continue withdrawing capital
Hà Nội’s CPI rises 4.72% in 11 months
Gov’t to tighten oversight of banking, securities following recent scandals
Banks increase capital through paying dividends in shares
Market Update
Last updated at 3:05:00 PM
VN-INDEX 1,124.44 +2.95/+0.26%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.