Commercial banks cut interest rates for Covid-19 affected individual customers

SGGP
After enterprises, commercial banks have continued to reduce lending interest rates for individual customers as the number of unemployed people increased due to the impacts of the Covid-19 pandemic.
Particularly, KienlongBank reduced more than 25 percent of the total interest for more than 85,000 customers who are on installment loans from April 3 to June 30. These customers mainly are lottery ticket sellers, motorbike taxi drivers, and small businesses.

From now until December 31, MSB launched a VND7-trillion credit package with preferential interest rates for unsecured loans and mortgage loans of individual customers who were affected by the Covid-19 pandemic. Accordingly, MSB applied an interest rate of 12.99 percent in the first 12 months for unsecured loans. As for mortgage loans, customers can choose preferential interest rate of 6.99 percent per annum in the first six months, 7.99 percent per annum in the first 12 months, or 8.75 percent per annum in the first 18 months.

BIDV also cut its interest rates by up to 1 percent for existing unsecured personal loans of individual customers. As for unemployed workers who receive an unemployment benefit of VND1.8 million, the bank will reduce its interest rates by 2 percent per annum, at the same time, extend the grace period for these customers in time of the pandemic.

By Nhung Nguyen – Translated by Thuy Doan

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