Agribank's latest consumer loan interest rates
Agribank recently announced consumer loan interest rates that are a maximum of 2.5%/year lower than the loan interest rate floor applicable for purposes such as buying houses, land, cars, motorbikes, etc. ... Specifically:
Interest rate from 4.0%/year: Applicable to loans with a term of 3 months or less.
Interest rate from 4.5%/year: Applicable to loans with terms from over 3 months to 6 months.
Interest rate from 5.0%/year: Applicable to loans with terms from over 6 months to 12 months.
Interest rate from 5.5%/year: Applicable to medium and long-term loans.
Borrowers only need to fully meet basic lending conditions according to current regulations at Agribank such as: Vietnamese citizens aged 18-60, have a stable income and have the ability to pay, no bad debt during the loan period,... consumers can completely refer to the consumer loan package.
Borrow 500 million VND at Agribank, what is the interest rate?
Suppose, a customer borrows 500 million VND with an interest rate of 6%/year for a period of 12 months at Agribank. Specifically, the amount of interest payments customers must pay according to the decreasing balance of each term is as follows:
With the interest payment method based on decreasing balance, the amount of interest that customers must pay monthly will gradually decrease over time, because the interest rate is calculated on the remaining principal balance.
Calculate Agribank loan interest rates in 2 ways
Based on the amount, term, interest rate and loan type, customers can calculate interest.
How to calculate loan interest rate based on decreasing balance:
Monthly principal = Loan amount/Loan term.
First month's interest = Loan amount x Monthly loan interest rate/Loan term.
Interest in the following months = Remaining principal x Monthly loan interest rate/Loan term.
How to calculate interest rate based on initial debt balance:
Interest = Principal balance x Loan interest rate/Loan term.
