Banks bet on consumer credit growth – illustration photo/ Shutterstock The State Bank of Vietnam (SBV) has urged credit institutions (CIs) and consumer finance companies to promote consumer credit packages for the last four months of this year. This aims to make significant strides to offset the adverse impacts of the ongoing health crisis through lower loan interest rates, and fast and simple lending procedures in accordance with the law. Lenders have been racing to boost lending activities, such as slashing lending rates, despite its impact on profit from their bread-and-butter lending activities. According to the latest survey from the SBV, CIs have cut marginal interest rates and non-interest fees in the first half of the year to increase customers’ access to credit services. The loan terms and conditions are expected to be more relaxed with loans for production and business and credit card loans in the last six months of 2020. However, CIs seem to tighten their requirements on collateral and credit ratings of customers to prevent from default risks. Funds allocated for real estate, securities, and consumer loans are among the most exposed to a variety of risks. In the first six months, CIs have met customers’ borrowing… Read full this story
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