Preferential rate offered for first six months of loans exceeding 12 months.
Vietnam International Bank (VIB) has been conducting a new promotion program since August 3 with interest rates of 5.99 per cent.
Customers can borrow at preferential interest rates for the first six months of loans with terms over 12 months to purchase houses, cars, and consumer goods, to secure additional working capital, or to invest in real estate.
From the seventh month the interest rate is calculated by the interest rate on 12-month VND deposits plus 3.49 per cent per annum, which is equal to 9.19 per cent per annum at the moment.
VIB said that for each five-year loan the average interest rate would be around 8.93 per cent per annum.
The preferential interest rate and lending policy for the promotion program is tailored towards customers being active in managing their loans.
VIB is one of the first commercial banks in the country to set a ceiling on loan interest rates, in order to increase transparency.