Decision No. 323/1999/QĐ-NHNN1 adjusts the interest rate for loans provided by the Bank for the Poor to poor households from 0.8% per month down to 0.7% per month starting from September 1, 1999. The maximum overdue interest rate is 150% of the loan interest rate stated in the credit contract.
Scope of application
Bank for the Poor, poor households
Key points
- Bank for the Poor → applies an interest rate of 0.7% per month from September 1, 1999, replacing the previous rate of 0.8% per month.
- Poor households → outstanding balances of loans granted up to August 31, 1999 will continue to be charged at the old rate of 0.8% per month.
- Maximum overdue interest rate → equals 150% of the loan interest rate stated in the credit contract.
- Board of Directors of the Bank for the Poor → specifies the specific overdue interest rate applicable to outstanding overdue balances carried over and arising from September 1, 1999.
🌐 Social impact of this document
- Poor people will benefit from the reduction in loan interest rates, making it easier for them to access credit.
- Enterprises operating in the field of supporting the poor must also adjust their interest rates according to the new regulations, affecting their operational costs.
❓ Frequently asked questions
What is the new loan interest rate?
The new loan interest rate for the Bank for the Poor to poor households from September 1, 1999 is 0.7% per month.
How will poor households be affected?
Poor households will see their loan interest rate reduced from 0.8% per month to 0.7% per month, helping to reduce interest payment costs.
What is the maximum overdue interest rate?
The maximum overdue interest rate is 150% of the loan interest rate stated in the credit contract.
When does the new interest rate apply?
The new interest rate is applied from September 1, 1999.
What responsibilities does the Board of Directors of the Bank for the Poor have?
The Board of Directors of the Bank for the Poor specifies the specific overdue interest rate applicable to outstanding overdue balances carried over and arising from September 1, 1999.
Full text
Pursuant to …;
Adjusting the interest rate for loans from the Bank serving the poor to poor households
Serving poor households
________________
GOVERNOR OF THE STATE BANK OF VIETNAM
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 on the tasks, powers, and responsibilities of ministries and ministerial-level agencies in state management;
Pursuant to the Prime Minister's opinion expressed in Document No. 4092/VPCP-KTTH dated September 8, 1999 of the Government Office regarding the reduction of loan interest rates for poor households and the supplementation of the subsidy plan for interest rates of the Bank serving the poor;
At the proposal of the Director of the Monetary Policy Department.
Pursuant to …;
Article 1. The interest rate for loans from the Bank serving the poor to poor households is hereby stipulated as follows:
1. The interest rate for loans from the Bank serving the poor to poor households shall be 0.7% per month, applicable from September 1, 1999, replacing the previous loan interest rate of 0.8% per month for poor households as stipulated in Point 2.1, Clause 2, Article 1, Decision No. 39/1998/QĐ-NHNN1 dated January 17, 1998 of the Governor of the State Bank of Vietnam on the interest rate for loans in Vietnamese dong by credit organizations to economic entities and residents, and the interest rate for dollar deposits by economic entities. The outstanding balance of loans made by the Bank serving the poor to poor households up to August 31, 1999 will continue to apply the loan interest rate of 0.8% per month.
2. The maximum overdue interest rate shall be 150% of the loan interest rate specified in the credit agreement (loan contract). The Board of Directors of the Bank serving the poor shall base on this provision to specifically determine the overdue interest rate applicable to the outstanding overdue balance as of August 31, 1999, and overdue balances arising from September 1, 1999.
Article 2. Heads of relevant units under the Central Bank, Branch Governors of the State Bank of Vietnam in provinces and cities, Chairmen of the Board of Directors and General Directors of the Bank serving the poor, and the Vietnam Agricultural and Rural Development Bank are responsible for implementing this Decision.
Download
The original file of this document is being updated. Please read the full text and check back later.
Relations map
Click a document to open. A red border = a relation that changes validity.
Translations
This document is available in the following languages: