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Banks offer loans at below 15% interest

Update: July, 19/2012 - 10:47

HCM CITY — Commercial banks have been offering loans at interest rates lower than 15 per cent annually to help businesses address financial difficulties.

Sacombank on Tuesday entered agreements with 16 companies operating in HCM City to provide them with a total of VND1.1 trillion (US$52.5 million).

The loans range from VND30 billion ($1.4 million) to VND300 billion ($14.2 million) with terms of up to six months.

The interest rate is 13 per cent per year for the first three months.

These companies operate in areas including consumer goods, food, and pharmaceutical and building materials.

It has earmarked VND2 trillion ($96 million) for new loans from July 10 at 13 per cent, and another $50 million for import-export companies at rates beginning at 4.5 per cent. By Monday, the bank had disbursed more than VND400 billion and $30 million.

Sacombank general director Phan Huy Khang said his bank had begun cutting interest rate on old loans to corporate and household business customers to less than 15 per cent per annum.

The Bank for Investment and Development of Viet Nam has reduced its interest rate to under 15 per cent for all loans. In the case of new ones in fields of priority like agriculture and exports, the highest rate is 12 per cent.

Last week, several branches of BIDV, Vietcombank, Vietinbank and Agribank in HCM City inked contracts to lend a total of VND92.6 billion ($4.45 million) to 11 companies based in Tan Binh District at 12-13 per cent interest. — VNS

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