ACB introduces $1 million in loans to support COVID-19 affected borrowers

Thursday, Feb 27, 2020 15:37

Interest rate of ACB's short-term loans for SMEs is only 6.5 per cent per year, compared with 7-9 per cent for normal loans. — Photo

Asia Joint Stock Commercial Bank (ACB) on Wednesday introduced a stimulus loan package worth VND25 trillion (US$1.08 million) to support enterprises and individuals affected by the coronavirus (COVID-19) epidemic.

The package, lasting until the end of June, includes VND12 trillion for small- and medium-sized enterprises.

The bank offers low interest rates for new loans on the evaluation of the business operation amid the epidemic.

Interest rate of the short-term loans for the SMEs is only 6.5 per cent per year and the rate for medium- and long-term loans is 8.5 per cent per year. Currently, the short-term lending rate averages at 7-9 per cent per year and 9-11 per cent per year for medium- and long-term loans.

Borrowers of the loans will not have to repay the principals in 12 months besides a free fee for prepayments. — VNS

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