Banks continue moves to support epidemic-impacted customers

Friday, 2020-04-03 17:36:51
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The Saigon - Hanoi Commercial Joint Stock Bank will implement a credit package worth VND25 trillion to support its customers.
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NDO – The Saigon - Hanoi Commercial Joint Stock Bank (SHB) on April 3 announced the implementation of a credit package worth VND25 trillion (approximately US$1.05 billion) in a move to support its customers amid the COVID-19 outbreak.

The support package features many incentives concerning lending interest rates and banking service fees.

Specifically, SHB will exempt or reduce interest rates and fees for old loans, while reducing interest rates by a minimum of 2% per year for existing customers troubled by the epidemic, in parallel with measures on restructuring repayment schedules, rescheduling debt and maintaining debt classification in line with the State Bank of Vietnam’s Circular No. 01/2020/TT-NHNN.

Earlier, SHB decided to reduce at least 50% of payment transaction fees via the interbank electronic payment system, in addition to exempting and reducing interbank transfer fees and a series of other transaction fees, as well as exempting fees for customers’ money transfers to support the fund for COVID-19 prevention and control.

* The Kien Long Commercial Joint - Stock Bank (Kienlongbank) will offer a 25% reduction in the total interest payable for more than 85,000 customers with daily installment loans, starting from April 3 to June 30, 2020, as decided by the bank’s leaders on April 3.

Accordingly, the aforementioned incentive will be applied to customers who borrow daily installment loans and are impacted by COVID-19, and those who got bank loans from April 1 and earlier and have repayment obligations (both principal and interest) between April 3 and June 30, 2020.

On March 13, the SBV Governor issued Circular No. 01/2020/TT-NHNN directing credit institutions and foreign bank branches to restructure their repayment periods, waive and reduce interest rates and fees, and maintain debt classifications in order to support customers affected by the COVID-19 pandemic.