SBV to answer questions concerning rejected loan demands in Circular No. 06/2023/TT-NHNN

SBV to answer questions concerning rejected loan demands in Circular No. 06/2023/TT-NHNN
Trần Thanh Rin

On November 08, 2023, the SBV promulgates Circular No. 8631/NHNN-CSTT answering questions relating to implementation of Circular No. 06/2023/TT-NHNN amending Circular No. 39/2016/TT-NHNN on lending transactions of credit institutions and foreign bank branches with customers.

Answering questions about rejected loan demands in Circular No. 06/2023/TT-NHNN

To be specific, the SBV has answered 06 questions relating to rejected loan demands according to Circular No. 06/2023/TT-NHNN. For example:

(1) Are credit institutions allowed to approve loans for making early repayment of existing foreign loans of organizations and individuals (other than credit institutions)?

Answer: According to the regulations in Clause 6 Article 8 of Circular No. 39/2016/TT-NHNN (which has been amended), credit institutions are allowed to consider deciding to approve loans for making early repayment of existing foreign loans if they fully  satisfy the requirements prescribed in Points a and b Clause 6 Article 8 of Circular No. 39/2016/TT-NHNN (which has been amended by Clause 2 Article 1 of Circular No. 06/2023/TT-NHNN) and if customers fully meet the eligibility requirements for loans prescribed in Circular No. 39/2016/TT-NHNN (which has been amended).

(2) In case customers wish to use loans for house purchase, and credit institutions disburse borrowed funds and freeze amounts of borrowed funds disbursed until the customers complete procedures for house purchase, is this case eligible for grant of loans used to send money to deposit accounts?

Answer: In case customers wish to use loans for house purchase, and credit institutions disburse borrowed funds and freeze amounts of borrowed funds disbursed until the customers complete procedures for house purchase, the credit institutions are not allowed to approve loans for sending money to deposit accounts.

(3) Which forms of deposit taking in credit institutions which are not allowed to approve loans for ? Are certificates of deposits issued by the credit institutions required?

Answer: According to the regulations in Clause 7 Article 8 of Circular No. 39/2016/TT-NHNN (which has been amended), credit institutions shall not be allowed to approve loan demands for sending money to deposit accounts. According to the regulations in Clause 13 Article 4 of the Law on Credit Institutions in 2010 (which has been amended), deposit taking means receiving money from an organization or individual as demand or term deposit, savings deposit, issuing deposit certificates, bills or treasury bills, and other forms of receiving deposits on the principles of full payment of principals and interests to depositors under agreement. 

According to the regulations above, credit institutions shall not be allowed to approve loan demands for purchase of certifications of deposits issued by credit institutions granting loans or other credit institutions.

For details, see answers to other relevant questions in Official Dispatch No. 8631/NHNN-CSTT dated November 08, 2023.

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