Interest Rate Reduction for Loans Affected by the Covid-19 Pandemic

09:27, 10/07/2024

Recently, the State Bank of Vietnam issued Official Dispatch 1117/NHNN-TD on February 24, 2020, regarding the implementation of solutions to support customers affected by the Covid-19 pandemic.

In compliance with the directives of the Government of Vietnam, the State Bank of Vietnam requests that credit institutions consider implementing the following measures:

- Restructuring the repayment periods, waiving or reducing loan interest rates, and temporarily maintaining the debt group classification for customers with debts affected by the Covid-19 pandemic and having outstanding principal and/or interest due within the period from January 23, 2020, to March 31, 2020, until the State Bank of Vietnam issues a Circular providing guidance on this matter;- Providing new loans to customers in accordance with regulations to stabilize production and business activities.

The restructuring of repayment periods shall be based on the customers' requests and the credit institution's assessment of the damage, impact, financial capacity, and repayment ability of the customers after the repayment period restructuring.

For further details, see Official Dispatch 1117/NHNN-TD issued on February 24, 2020.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn