What is the Minimum Loan Term for Bank Loans?

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The family has an urgent matter that requires money. Therefore, they want to borrow money for a short period. Is it possible to take a bank loan for less than 1 year?

In Article 10 of Circular 39/2016/TT-NHN, it is stipulated:

Credit institutions shall consider and decide on lending to customers according to the following types of loans:

Short-term loans are loans with a maximum loan term of 01 (one) year.
Medium-term loans are loans with a loan term of more than 01 (one) year and a maximum of 05 (five) years.
Long-term loans are loans with a loan term of more than 05 (five) years.

=> Thus, according to the above regulations, the law does not stipulate a minimum loan term. The borrower can agree on a loan term with the credit institution for a loan period of less than 1 year.

Respectfully.

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