Decision No. 266/1999/QD-NHNN stipulates the ceiling interest rate for loans in Vietnamese Dong by credit institutions to customers, effective from August 1, 1999. This document adjusts the ceiling interest rates and provides special benefits for mountainous areas, islands, and Khmer regions.
适用范围
Credit institutions and customers of credit institutions
要点
- Credit institutions must comply with a ceiling interest rate of 1.05% per month (Article 1)
- Joint-stock commercial banks in rural areas, People's Credit Funds at the grassroots level, and Credit Cooperatives shall apply separate ceiling interest rates as prescribed by current regulations (Article 1)
- The interest rate for loans to mountainous areas and islands is reduced by 30% compared to the same type of loan interest rate (Article 1)
- Overdue debts may agree on a maximum interest rate not exceeding 150% of the interest rate stipulated in the credit contract (Article 1)
- The outstanding balance of loans granted before July 31, 1999 shall continue to be implemented according to the agreed interest rate and can be adjusted downward based on the new ceiling interest rate as decided by the General Director (Article 3)
🌐 本文件的社会影响
- To stabilize the financial market and protect borrowers' rights
- Increase management costs for credit institutions when adjusting interest rates
- Difficulties for customers in mountainous areas and islands due to the need to renegotiate interest rates
- Rural credit institutions may face difficulties in recovering capital due to lower ceiling interest rates
❓ 常见问题
What is the ceiling interest rate for loans?
1.05% per month (Article 1)
By how much does the loan interest rate for mountainous areas decrease compared to the usual rate?
30% (Article 1)
What is the maximum agreed-upon interest rate for overdue debts?
Not exceeding 150% of the interest rate stipulated in the credit contract (Article 1)
Can loans granted before July 31, 1999 continue to be implemented according to the previously agreed interest rate?
Yes, but it can be adjusted downward based on the new ceiling interest rate as decided by the General Director (Article 3)
When does this document take effect?
August 1, 1999
全文
DECISION
On Adjusting the Ceiling for Loan Interest Rates in Vietnamese Dong by Credit Institutions for Customers
Vietnamese dong of credit institutions for customers
______________________
GOVERNOR OF THE STATE BANK
Pursuant to the Law on the State Bank of Vietnam and the Law on Credit Organizations dated December 12, 1997;
Pursuant to Decree No. 15/CP dated February 3, 1993 of the Government regarding tasks, powers, and responsibilities for state management by Ministries and ministerial-level agencies;
At the proposal of the Director of the Monetary Policy Department.
DECISION
Article 1:
1. The ceiling for loan interest rates in Vietnamese dong charged by credit institutions to customers is hereby set at 1.05% per month.
Specifically, the ceiling for loan interest rates of rural commercial joint-stock banks, grassroots credit funds, and credit cooperatives lending to members shall continue to be applied as stipulated in Decision No. 189/1999/QĐ-NHNN dated May 29, 1999 of the Governor of the State Bank regarding the ceiling for loan interest rates charged by credit institutions to customers.
2. Loan interest rates in areas designated as mountainous regions (as defined in Decision No. 42/UB-QĐ dated May 23, 1997 on recognizing the list of three mountainous and highland regions of the Ethnic Groups Committee), islands, and Khmer concentrated living areas shall be reduced by 30% compared to loan interest rates of the same type.
3. Preferential loan interest rate levels shall continue to be implemented in accordance with current regulations issued by the Governor of the State Bank.
4. Overdue interest rates agreed upon in credit contracts between credit institutions and customers shall not exceed 150% of the same type of interest rate stipulated in the credit contract.
Article 2: The ceiling for loan interest rates prescribed in this Decision shall take effect from August 1, 1999. Previous regulations on ceilings for loan interest rates in Vietnamese dong that conflict with this Decision are hereby abolished.
Article 3: Credit institutions shall base their determination of deposit and loan interest rate levels on the ceiling prescribed in Clause 1, Article 1 of this Decision, taking into account the operational conditions of each credit institution.
Outstanding loans and signed credit contracts that have not been fully disbursed or are yet to be disbursed by July 31, 1999 shall continue to be implemented according to the interest rates agreed upon between customers and credit institutions in the credit contract. Any adjustment to reduce interest rates on these outstanding loans based on the new ceiling shall be decided by the General Director (Director) of the credit institution.
Article 4: The heads of units under the State Bank of Vietnam, the Directors of provincial and municipal branches of the State Bank; the Chairmen of the Boards of Management and General Managers (Directors) of credit organizations and customers of credit organizations shall be responsible for implementing this Decision.
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