The repayment currency in Vietnam is different from the lending currency of the loan, will it be done according to the agreement between the credit institution and the customer (Tentative)?
What is the repayment currency in Vietnam for the loan?
Pursuant to Article 11 of Circular 39/2016/TT-NHNN stipulating the payment of debt as follows:
"Article 11. Currencies for lending and debt repayment
1. Credit institutions and customers agree on lending in Vietnam dong or in foreign currencies in accordance with this Circular and relevant laws.
2. Debt repayment currency is the loan currency of the loan."
Thus, the loan and repayment currency in Vietnam specified before August 1, 2022 is the loan currency of the loan.
Pursuant to Clause 3, Article 1 of the Draft Circular amending and supplementing a number of articles of Circular 39/2016/TT-NHNN stipulating the payment of debt as follows:
"3. To amend and supplement Clause 2, Article 11 as follows:
"2. Debt payment currency is the loan currency of the loan. In case debt is paid in another currency, the agreement between the credit institution and the customer shall be complied with in accordance with relevant laws. "."
Thus, the newly revised regulations have expanded the debt payment currency, the credit institution and the customer can agree to repay the debt in another currency in accordance with the provisions of the law.
The repayment currency in Vietnam is different from the lending currency of th loan, will it be done according to the agreement between the credit institution and the customer (Tentative)?
What are the regulations on lending rates and fees related to lending activities?
Pursuant to the provisions in Article 12 of Circular 39/2016/TT-NHNN on the loan amount is prescribed as follows:
"Article 12. Loan amount
The credit institution shall base itself on the capital use plan, the financial capacity of the customer, the credit extension limits for the customer and the credit institution's capital source capacity to reach agreement with the customer on the amount of credit. get a loan."
Pursuant to Article 14 of Circular 39/2016/TT-NHNN on fees related to lending activities are regulated as follows:
"Article 14. Fees related to lending activities
Credit institutions and customers agree on the collection of fees related to lending activities, including:
1. Early repayment currency in Vietnamfee in case the customer pays the debt before the due date.
2. Standby credit line fee.
3. Fee for arranging loan syndication.
4. Capital withdrawal commitment fee from the effective date of the loan agreement to the date of first loan disbursement.
5. Other fees related to lending activities are specified in relevant legal documents."
Thus, lending rates and fees related to lending activities are regulated as above.
What are the regulations on loan termination?
Pursuant to Article 21 of Circular 39/2016/TT-NHNN regulations on loan termination are regulated as follows:
"Article 21. Termination of loans, debt settlement, exemption and reduction of loan interest and fees
1. Credit institutions have the right to terminate loans and recover debts ahead of time as agreed upon when detecting that customers provide untruthful information, violate provisions in loan agreements and/or contracts. loan security. When performing loan termination and early debt collection as agreed in the loan agreement, the credit institution must notify the customer of the loan termination and early debt collection. The minimum notice content includes the time of loan termination, early debt collection, and principal balance which is recovered before the due date; the time limit for repaying the principal balance which is recovered before the due date, the time of transfer of the overdue debt and the interest rate applicable to the principal balance which is recovered before the due date.
2. In case the customer fails to pay the due debt, the credit institution has the right to apply debt recovery measures according to the loan agreement, security contract and relevant laws. In case, after applying debt recovery measures, it is still not enough to fulfill the debt repayment currency in Vietnam obligation towards the credit institution, the customer is responsible for continuing to fully pay the loan principal and interest to the credit institution. Credit.
3. In case the customer or the guarantor is decided by the court to open bankruptcy proceedings or declare bankruptcy, the debt collection of the credit institution towards the customer or the guarantor shall comply with the provisions of this Law. bankruptcy law.
4. Credit institutions have the right to decide to exempt or reduce loan interest and fees for customers according to the credit institution's internal regulations.
Thus, the early termination of the loan according to the agreed content when detecting that the customer provides false information, violates the provisions of the loan agreement and/or loan security contract as above.
View draft content: Here
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