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Loan interest rates are a concern for many when they need funding for buying a house, a car, or business activities. So, which bank offers the lowest interest rates and cheapest loan costs? Find out in this Mytour article.
Which bank offers low-interest loans? Where should you borrow money?
1. Car loan interest rates at various banks
2. Home loan interest rates at various banks
3. Business loan interest rates at various banks
Which bank should you borrow money from for low interest rates?
In reality, if you have a good income, collateral assets, and suitable credit conditions, you can quickly access low-interest loan offers from banks such as Vietcombank, Agribank, VPbank, Techcombank, BIDV,... Specifically:
1. Car loan interest rates at various banks
A survey on auto loan interest rates at various banks indicates that most banks offer favorable auto loan packages tailored to customers' needs and financial situations.
The loan packages are categorized based on loan amount and duration, ranging from an average of 5.88% per year to 11.5% per year. After the preferential loan period, the interest rate is calculated based on the base rate plus the bank's specified interest percentage.
Some reputable banks offering competitive auto loan interest rates currently include Vietcombank, Techcombank, Shinhan Bank, LienVietPostBank, UOB, Standard Chartered, Hong Leong Bank, and others.
An overview of auto loan interest rates at various banks has been compiled by Mytour in the table below. If you're unsure about which bank offers the lowest auto loan rates, please refer to this bank interest rate table to compare conditions and costs, and plan your loan accordingly.
Table of auto loan interest rates at banks, the best banks for auto loans.
2. Mortgage interest rates at banks
Currently, to meet the demand for personal financial loans, banks have collectively offered a variety of mortgage loan packages with preferential interest rates (ranging from 6.49% - 10.25% per year) for customers. Specifically:
Mortgage interest rates at major banks with state investment (Vietcombank, Vietinbank) are currently 8% per year for a 12-month loan term and 8.7% - 9% per year for a 24-month loan term.
Additionally, among the list of banks with the lowest mortgage interest rates for terms of 12 to 36 months, foreign banks such as Standard Chartered and Shinhan Bank offer mortgage rates ranging from 6.49% - 9% per year.
Based on the analyses above, if you're unsure which bank to borrow from for a low-interest rate mortgage, you may consider some domestic and foreign bank brands such as Vietcombank, BIDV, TPBank, and others.
Which bank offers the lowest, best mortgage interest rates?
In case you want to borrow 500 million VND from a bank to buy a house but don't know what the interest rate for borrowing 500 million VND to buy a house at various banks is, this article will be very useful for you. It provides mortgage interest rates, how to calculate them, average monthly payments, helping you easily compare and find a mortgage package and bank term suitable for your financial condition.
3. Interest rates for business loans at banks
Comparing business loan interest rates for individuals, small traders, and household businesses currently shows that BIDV, Sacombank, HDBank, etc., are banks offering low-interest business loan packages (averaging 6% - 7% per year), with flexible loan terms from 5 - 20 years.
Major players among state-owned commercial banks (Vietcombank, Vietinbank, AgriBank) also maintain preferential loan interest rates for customers, with a loan interest rate of 7.5% per year. Other banks still maintain loan interest rates ranging from 8.29% - 9.5% per year depending on the loan term.
What are the business loan interest rates at banks? Which bank offers the cheapest loans?
Note:
- The summary table of bank loan interest rates above is for reference only. For specific bank loan interest rates at specific times, please visit the bank's website or go to the nearest bank branch for detailed information.
- For specialized loans such as personal consumer loans (borrowing, using money on credit cards from banks), study loans, home construction loans, etc., please contact the lending department of the nearest bank branch for the quickest support. Additionally, you can also refer to the bank loan interest rate rankings for 2020 here.
In summary:
- If you need to borrow funds to buy a car, purchase a home, or engage in low-interest, reputable business activities with long loan terms, you may consider borrowing from major domestic banks such as Vietcombank, Techcombank, Vietinbank,... Additionally, some foreign brands offer cheap loan interest rates and flexible loan terms such as Standard Chartered, Shinhan Bank, HongLeobank,...
- Before deciding to sign a loan contract with any bank, you need to pay attention to the loan conditions, procedures, terms in the contract, and your personal financial ability to choose a suitable loan package and loan term.
With the analyses provided in this article, Mytour has helped you answer the question of which bank to borrow money from. Hopefully, this information will be helpful to you, assisting you in considering and selecting suitable loans for yourself.
