Banking system in Nghe An simultaneously reduces interest rates for customers

Implementing the Government's policy, in recent times, the credit system in Nghe An has simultaneously implemented policies to support customers affected by Covid-19.

According to statistics from the State Bank of Vietnam, Nghe An branch, up to now, 10,418 customers have been exempted from interest and reduced interest rates with outstanding debt exempted from interest of VND 13,511.4 billion, including 667 enterprises with outstanding debt exempted from interest of VND 8,124 billion.

Along with interest exemption and reduction, banks in Nghe An have restructured debt repayment terms and maintained debt groups..., and provided new loans with preferential interest rates to support borrowers to maintain and stabilize production and business.

Up to now, new disbursements have been made to 6,421 customers with a new disbursement turnover of VND 6,445.9 billion. Of which, new disbursements have been made to 370 enterprises with a new disbursement turnover of VND 3,624 billion.

Thanks to the bank's interest rate reduction and exemption, many businesses have overcome difficulties and restored production. Photo: Thu Huyen

Currently, the banking sector's credit capital continues to focus on production, business, and priority sectors, especially lending to maintain and restore sectors and fields affected by the pandemic. Credit product packages for customers affected by the Covid-19 pandemic with interest rates 1-3% lower than normal interest rates are being simultaneously deployed by many banks in the area.

Many banks are dedicating credit capital to product packages for customers affected by the epidemic with lower interest rates than usual. Photo: Thu Huyen

For existing loans, banks proactively review, appraise, implement within their authority or submit to the head office for implementation of appropriate measures to support customers such as waiving or reducing money transfer service fees, credit service fees; waiving or reducing loan interest; reducing loan interest rates. Banks reduce loan interest rates for existing customers affected by the Covid-19 epidemic with interest rates reduced from 0.5% - 2.5% depending on the customer and loan term. Particularly for customers producing essential goods, the interest rate reduction can be up to 2.5%.

Ms. Nguyen Thi Thu Thu - Director of the State Bank of Nghe An branch said that in the first 4 months of 2020, the total mobilized capital in the province reached 149,700 billion VND, an increase of 9,472 billion VND compared to the beginning of the year, equal to 6.8%. The total outstanding debt of credit institutions and branches in the area is estimated at 208,846 billion VND, an increase of 161 billion VND compared to the beginning of the year, equal to 0.08%, a low increase compared to the same period due to difficulties for businesses, having to narrow down production and business activities due to the impact of the Covid-19 epidemic, so they reduced borrowing...