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Many banks announced a decrease of 0.2-1.5% compared to the current loan interest rate to boost credit growth at the end of the year.
Vietcombank simultaneously lowered the loan interest rate by 1% in 3 months from December 15, 2020 to March next year for all companies with outstanding loans and new borrowers. For efficient projects, the interest rate for short-term loans can be as low as 6% per year.
BIDV has also lowered the interest rate for the third time in a row for the “Connect – Reach out” loan package for individual clients. Consequently, clients enjoy preferential interest rates of only 5% per year for loans with terms of less than 6 months or only 5.5% per year for loans of 6 to 12 months (0 5% per year for all terms) .
Also, with consumer loans such as home and auto loans, most banks declined slightly by 10-20 percentage points compared to the end of Q3 2020, to 7-9.5% annually during the term. fixed interest rate …
Transactions in a joint-stock bank in Hanoi. Image: Giang Huy.
Other banks like Techcombank, TPBank, HSBC, Shinhan … also cut the interest rates on mortgage loans. Specifically, Techcombank reduced the fixed interest rate during the first 12 months from 8.29% to 7.59% annually. Shinhan Bank cut interest rates from 7% to 6.6% annually. Banks TPBank, Hong Leong Bank, HSBC decreased from 0.6 to 1.5% annually.
For many years, the current interest rate on loans has never been so attractive. Interest rates on bank loans fluctuate between 4.8% and 6.5% per year for loans of less than 6 months and between 5.5% and 7.5% per year for loans of 6 to 12 months.
Thus, from the beginning of the year until now, large and small banks have continuously reduced the interest rates on loans, some places decreased by 2.5-3% compared to the beginning of the year.
According to Vietcombank’s calculations, the fifth reduction in the bank’s interest rate will contribute to about 150,000 companies, reduce interest by about 300 billion, bringing the total amount of support to about 3.7 billion.
The move to lower interest rates on bank loans came after the support of the State Bank. From the beginning of the year until now, this agency has continuously lowered interest rates 3 times, a total reduction of 1.5-2% per year for the operating interest rate. “The drop in interest rates has helped to alleviate difficulties, increase access to loans for companies and individuals,” said the Banco del Estado.
In addition to lowering interest rates under the direction of the State Bank to support companies and individuals in difficult situations due to the pandemic, this is also seen as a solution for banks to stimulate the demand for credit.
So far, due to low demand for loans, credit growth for the economy only increased by almost 8% compared to the end of 2019 (the same period last year increased by almost 11%). To create room for year-end loans, Banco del Estado also agreed to extend the credit growth limit for the second time this year for several commercial banks, of which the highest level is up to 30%.
With lower loan interest rates and increasing demand for capital in the final months of the year, Bao Viet Securities Joint Stock Company – BVSC assessed that credit in the second quarter of 2020 is likely to improve gradually compared to the three first quarters of the year. However, the improvement will not be large enough to stress the liquidity of the system again.
Nguyen nam
