Credit institutions slash interest rate on old loans

According to the State Bank of Vietnam, 69 credit institutions have lowered their interest rate to 15 percent or less per year on 71 percent of old loans.

Interest rate on 71 percent of old loans has been slashed to 15 percent or less per year (Photo: SGGP)

Five state commercial banks, 27 joint stock commercial banks, 25 bank branches in foreign countries and 12 financial and financial leasing companies have slashed interest rates on old loans.

The new interest rate now swings between 10-15 percent a year.

The number of old loans with interest rate higher than 15 percent, account for only 29 percent now, 60 percent lower than before July 15.
 
Interest rate has been reduced the most by five state commercial banks and the number of old loans with interest rate higher than 15 percent, account for only 6.9 percent now, 87 percent lower than before July 15.

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By Bao Minh – Translated by Hai Mien

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