Accordingly, from now until the end of October 31, 2024 or until the program's budget is reached, individual customers can borrow production and business capital with an interest rate of only 3.5%/year for short-term loans and only 6.0%/year for medium- and long-term loans. This is a lower interest rate of 1.5%/year compared to the current lending interest rate floor of Agribank.
In addition to the preferential credit program for individual customers investing in production and business, Agribank also offers many other preferential funds to serve individual customers who borrow for consumption, overdraft, early repayment of loans at other banks, credit card loans, production and business loans for OCOP products, etc. with competitive and flexible interest rates.
To date, Agribank is the leading bank in disbursing preferential credit programs for forestry and aquatic products with 7.183 trillion VND to over 5,000 customers. Among them, 5.539 trillion VND is allocated to projects and production and business plans in the aquatic product sector and 1.644 trillion VND is allocated to the forestry product sector.
Agribank implements the program with interest rates that are at least 1% - 2% lower than the average interest rate for the same term, funding forestry activities, related service activities, purchasing, consuming, exporting, processing, preserving forestry products and fishing, breeding, purchasing, consuming, exporting, processing, preserving aquatic products. At the same time, Agribank proactively waives fees for international payment fees, trade financing, and other types of service fees.
Currently, Agribank is proactively allocating 200 trillion VND to implement preferential credit programs, including many programs suitable for individuals and businesses operating in the forestry and aquatic product sectors such as: Agribank accompanies OCOP; preferential treatment for individual customers serving production and business activities; SMEs loan; preferential treatment for export-import businesses, etc. With the positive recovery signal of the forestry and aquatic product sector, Agribank lends through the chain from aquaculture to processing, purchasing, and exporting units, after disbursing the 8,000 trillion VND preferential credit program, Agribank will continue to propose the State Bank of Vietnam to increase the program's scale or proactively develop preferential credit programs for this sector.
To make Agribank's capital accessible to a large number of customers quickly, Agribank has improved the loan process and procedures, continued to implement technology solutions in the loan process to speed up the processing time, reduce paperwork to a minimum. At the same time, Agribank continues to develop attractive and diverse preferential credit programs in terms of interest rates, customers, and loan purposes to support and accompany customers in resolving difficulties, unlocking capital to help customers operate effectively and sustainably and create a boost for the economy in the last months of 2024.
