LENDING & CREDIT | Cesar Tordesillas, Vietnam

TienPhongBank to lend $144M in low interests

TienPhongBank has allocated US$144 million to provide low-interest loans for enterprises.

Each customer will be allowed to borrow up to VND100 billion at the preferential interest rates and the bank will prioritise new customers.

Available until September 11, 2012, the loans will be offered at a 12.5-14% annual interest rate to customers with a credit rating of at least BBB to AAA, according to the TienPhongBank rating system.

The bank says it will take into consideration the temporary difficulties in the economy when rating a customer so customers with temporary risks will be able to access the funds.

The bank’s current annual lending interest rate is fluctuating between 13 and 15%.

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