Among these measures, banks may offer new loans without collateral to assist those who have lost all their assets due to the storm.
Deputy General Director Phung Thi Binh of Agribank stated that preliminary statistics indicate approximately 12,000 Agribank customers have been affected, with an estimated outstanding debt of around VND21 trillion. It is certain that this figure will continue to rise.
According to Ms. Binh, as soon as super typhoon Yagi passed, Agribank formed working groups to affected areas, directing all the bank’s branches to deploy customer support solutions such as interest exemption and reduction, debt restructuring, new loans, and so on to help people feel safe and recover production and business as soon as possible. These measures include interest rate reductions, debt restructuring, and new loan offerings, all aimed at enabling residents to regain their peace of mind and quickly resume their production and business activities.
She revealed that starting this week, bank managers plan to reduce interest rates by 0.5 percent to 2 percent (on the current rates) for customers, depending on the extent of the damage.
In addition to its own policies, Agribank is also assisting customers in accordance with Decree 55/2015/ND-CP and Circular 11/2021/TT-NHNN, which aim to extend debt payment deadline for customers, classify loans, and provide debt relief. Extending debt payment deadline for customers and restructuring debts will significantly benefit customers during this difficult times, allowing people additional time to organize their finances and generate income to repay the bank.
In a similar vein, to support customers in the northern region in swiftly recovering from the impacts of super typhoon Yagi, BVBank today announced a reduction in loan interest rates by up to 2 percent per annum. Additionally, the bank will restructure debts and extend the repayment period for both interest and principal for existing customers in Hanoi and the northern provinces affected by the flooding.
BVBank has established a loan package with a total limit of up to VND2 trillion, along with various practical solutions and policies to assist its customers. Specifically, current BVBank clients who have suffered losses due to floods will have the option to extend their repayment periods for interest and principal or restructure their debts, provided they meet the legal requirements.
Additionally, depending on the extent of the damage caused by the floods, BVBank will reduce interest rates by up to 2 percent per year for a maximum of three months for customers currently borrowing from the bank.
Additionally, if customers require funding to address property damage caused by floods or to restore their business operations, BVBank will provide additional or new loans for purchasing, repairing homes, or revitalizing business activities at a further reduced rate of 0.5-percent per annum, for a maximum of three months compared to the standard preferential lending rate.
With this initiative, the bank aims to offer the best support to the community, enabling them to recover swiftly from the aftermath of the typhoon, stabilize their lives, and resume their business activities, said Director Ngo Minh Sang of the Personal Banking Division at BVBank.
Prior, both VPBank and MSB officially announced a 1-percent reduction in interest rates for customers affected by the typhoon. In addition to providing direct support to these customers, VPBank and MSB have donated VND2 billion and VND1 billion respectively to assist those impacted by the deadly typhoon, demonstrating their commitment to helping typhoon vicims.
