TPBank lowers fees, commits to reducing thousands of billions of dong in loan interest to support customers

In order to accompany people, support businesses, and contribute to the recovery of production and business activities, TPBank shares a series of attractive interest rate incentives for both new and existing loans.

New and old loans at TPBank are subject to interest reduction and extension

In mid-August, TPBank proactively lowered the VND base lending interest rate for the 8th consecutive time, bringing the total reduction to 1.5% - 2.25%, applicable to all existing loans up to maturity. interest rate adjustment. A series of new and old loans at TPBank have interest rates reduced and extended. Some qualifying loans, with additional incentives depending on each customer's requirements, can enjoy interest rates up to nearly 4% lower than before the bank first reduced interest rates.
TPBank always ensures continuous, timely and specific information to customers about all loan interest rate reduction policies so that those in need can understand and access support policies as quickly as possible. The Bank is always ready with a mechanism to optimize approval and disbursement time with simple documents, simplified and flexible procedures with ways to record revenue from diverse production and business activities. Coming to TPBank, borrowers can experience a super-fast approval process in just 8 hours from the time of receiving complete documents for real estate-related loans; or instant disbursement in just 4 hours for approved car loans.

Commitment to reducing loan interest is estimated at nearly 1,400 billion VND

In 2023, TPBank commits to reducing loan interest by an estimated VND 1,400 billion. In particular, with existing loans, TPBank committed to reducing nearly 1,200 billion VND in loan interest, including the reduced interest rate of existing loans from the beginning of the year to August 14 and expected interest rate reductions. for existing loans from August 15 to the end of the year. With new loans, the total expected reduction in loan interest is 196 billion VND, including the expected reduction in loan interest for disbursements from August 15 to the end of the year. In parallel with the policy of reducing interest rates for new and existing borrowers, in the first 6 months of the year, TPBank waived about 10 billion VND in early repayment fees for customers. It is expected that from now until the end of 2023, TPBank will continue to waive and reduce many types of fees with a total exemption and reduction of about VND 76 billion. Recently, the State Bank sent credit institutions and foreign bank branches requesting to continue implementing solutions to reduce interest rates. The executive agency requires credit institutions to reduce lending interest rates for existing outstanding loans and new loans, striving for a minimum interest rate reduction of 1.5 - 2%/year. Following the direction of the Government and Prime Minister to support businesses and people to recover and develop production and business. The leading agency of the banking industry also requires credit institutions to report their commitment to reduce lending interest rates in 2023 for existing outstanding loans and new loans before August 25. Following closely the direction of the State Bank, Mr. Nguyen Hung, General Director of TPBank shared: "TPBank is always ready to accompany customers to overcome difficulties with loan support programs, practical lending interest rate reductions and timely. Because we understand that once loan interest rates are more comfortable, investment decisions will be more confident, from there the production and business situation in particular will show signs of improvement and the market in general will become vibrant again." . In parallel with lowering base interest rates and reducing fees, TPBank spent trillions of dong implementing a preferential interest rate program for both corporate and individual customers. From July 31, lending interest rates for businesses in the import-export sector at TPBank continue to decrease by 0.7 - 1.5%/year, down to 6.3-8%/year for VND and only from 3.6%/year with USD. This is the largest interest rate incentive package with a limit of up to 10,000 billion VND. For large customers, traditional customers with high credit ratings, using a variety of TPBank's services, the bank applies a short-term loan package with a limit of VND 5,000 billion. Preferential loan interest rates are 6.5 - 8.5%/year. Business customers in key industry groups such as construction, medical equipment, pharmaceuticals, telecommunications, customers who are contractors for EVN, industrial park construction contractors, or businesses with insurance issues Loans at credit institutions (including TPBank) within the most recent year of VND 10 billion or more, when new disbursements arise at TPBank, you will also enjoy extremely attractive interest rates, from VND 6.3 %/year. TPBank's limit for this loan package is up to 1,500 billion VND and lasts until October 31, 2023. For individual customers who are in need of loans to supplement working capital, build/repair business facilities, invest in fixed assets, TPBank launches a preferential interest rate package of VND 6,000 billion, ready to provide capital. with super preferential interest rates from only 0.54%/month (equivalent to 6.5%/year). In particular, when transferring sales to a bank account, the interest rate will be reduced by an additional 0.4%. Not only focusing on business loans, TPBank always pays attention to other practical needs of customers such as buying houses and cars with interest rate reduction incentives of 1-2%. This year, the bank is providing loans to buy, build and repair houses with extremely preferential interest rates from 0.7%/month (equivalent to about 8.5%/year) along with countless incentive programs for project home loans. Cooperate with other reputable investors. Customers will receive support up to 100% of capital needs with a loan term of 30 years. Borrowers can absolutely use the assets formed from the loan capital or other assets they own as security. In order to reduce debt repayment pressure for customers, TPBank also implements a policy of recording diverse and realistic revenue sources, simplifying documents proving income, and supporting customers to pay principal gradually over time. Car loan interest rates are also notable from only 8%/year, fixed for the first 6 months, or 10% fixed for the first 12 months.