Buzz
Starting from August 1, 2019, major commercial banks collectively lower lending rates for business customers, with some banks lowering lending rates for businesses to as low as 0.5% per annum. Keeping updated with the list of banks lowering lending rates from August 1, 2019, is essential for those seeking low-interest loans from reputable banks.
Which banks reduce lending rates? BIDV, Techcombank, Agribank...
1. Vietcombank
Vietcombank officially announces the application of low short-term lending rates in Vietnamese dong, with an annual interest rate of 5.5%. Thus, compared to the regulations set by the central bank, Vietcombank has reduced it to 1.0% per annum, applicable to all existing and new loans.
Enterprises operating in the following sectors will enjoy this preferential lending rate:
- Rural areas
- Agricultural development
- High-tech enterprises
- High-tech agriculture
- Small and medium-sized enterprises
- Startups
- Supporting industries development
2. VietinBank
Compared to Vietcombank, VietinBank applies preferential short-term lending rates in Vietnamese dong, reduced to 0.5%.
VietinBank customers are entitled to the following preferential interest rates:
- Small and medium-sized enterprises
- Export enterprises
- Enterprises engaged in manufacturing and commercial activities
3. BIDV Bank
BIDV Bank is also one of the banks reducing lending rates starting from August 1, 2019, with the maximum reduction rate for priority subjects being 0.5% per annum. Other subjects depending on 5 priority sectors will continue to have the highest lending rate ceiling of 6.0%.
Moreover, from August 1, 2019, to December 31, 2019, BIDV also introduces 2 credit packages with a scale of up to 70,000 billion VND at extremely preferential interest rates reduced by 0.5% per annum compared to the normal interest rate.
4. Agribank
With 5 priority sectors, Agribank also applies short-term VND lending rates. Compared to the ceiling set by the State Bank, Agribank reduces by 0.75 - 1.0% per annum.
5. ACB Bank
ACB also announces a loan package of up to 3,000 billion VND with preferential lending rates starting from 7.5% per annum, including the SME 2019 preferential program (for small and medium-sized enterprises) and the Bank-Business credit connection program for enterprise customers.
6. Techcombank
Similar to other banks, Techcombank also applies short-term lending rates in VND for small and medium-sized enterprises, reducing by 0.5% for customers in the core business program. The bank introduces a new average lending rate of 7.5% per annum.
7. MB Bank
Military Commercial Joint Stock Bank (abbreviated as MB) introduces 2 preferential short-term VND loan packages, specifically:
- A 3,000 billion VND package with a maximum interest rate of 6.5% per annum applied to 5 priority sectors
- A package of 4,000 billion VND with a maximum interest rate of 7.5% per annum applied to SMEs.
Besides the aforementioned banks, many Commercial Banks also implement interest rate reductions. According to reports, this is the second time in 2019 that banks have implemented this interest rate reduction policy. At the beginning of the year, banks such as VietinBank, Agribank, BIDV, and Vietcombank reduced interest rates by 0.5% for enterprises working in priority sectors. For the interest rate reduction at the beginning of the year, the value that banks have expanded with existing debts and new loans.
Similar to the interest rate reduction earlier this year, enterprises in priority sectors identified by the government will receive preferential lending rates from banks.
According to statistics from the State Bank, the credit market share of commercial banks offering attractive programs such as interest rate reduction accounts for up to 57% of credit for the entire banking system.
By implementing a policy of reduced interest rates for lending, banks are making a significant move to support the country's economic growth. This will meet the increasing demand for credit from customers.
Banks are also offering many incentives and attractive interest rates for savings, encouraging customers to stay updated on the latest bank interest rates in August to make the most profitable deposit decisions.
