Application for loan from banks under the law in Vietnam from July 1, 2024

Application for loan from banks under the law in Vietnam from July 1, 2024
Le Truong Quoc Dat

On June 28, 2024, the Governor of the State Bank of Vietnam issued 12/2024/TT-NHNN amending and supplementing a number of articles of Circular 39/2016/TT-NHNN prescribing lending transactions of credit institutions and/or foreign bank branches with customers.

Application for loan from banks under the law in Vietnam from July 1, 2024

At Article 9 of Circular 39/2016/TT-NHNN (revised by clause 4, Article 1 of Circular 12/2024/TT-NHNN), regulations on the application for loan from banks under the law in Vietnam are as follows:

- When needing to apply for a loan, the customer must provide the credit institution with the following:

  • Information, documentation, and data proving eligibility for a loan according to Article 7 of Circular 39/2016/TT-NHNN and other information, documentation, and data as guided by the credit institution;

  • Information regarding related persons of the customer in cases stipulated at clause 2, Article 9 of Circular 39/2016/TT-NHNN.

Information regarding related persons who are individuals includes: full name; personal identification number; nationality, passport number, date of issue, and place of issue for foreigners; relationship with the customer.

Information regarding related persons who are organizations includes: name, business registration number, address of the main office, Business Registration Certificate number or equivalent legal document, legal representative, relationship with the customer.

- The regulation at point b, clause 1, Article 9 of Circular 39/2016/TT-NHNN applies in cases where:

  • At the time of the loan application at a commercial bank, cooperative bank, or foreign bank branch, the customer has a total credit facility balance (including the loan amount being applied for) equal to or greater than 0.1% of the charter capital of that commercial bank, cooperative bank, or foreign bank branch as of the end of the most recent working day;

  • At the time of the loan application at a non-bank credit institution or microfinance institution, the customer has a total credit facility balance (including the loan amount being applied for) equal to or greater than 0.5% of the charter capital of that non-bank credit institution or microfinance institution as of the end of the most recent working day;

  • At the time of the loan application at a people's credit fund, the customer has a total credit facility balance (including the loan amount being applied for) equal to or greater than 1% of the charter capital of that people's credit fund as of the end of the most recent working day;

  • In cases where the credit institution has negative equity, the above ratios are applied based on the charter capital or allocated capital in the case of foreign bank branches.

For further information, refer to Circular 12/2024/TT-NHNN which is effective from July 1, 2024.

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