Deposit interest rates increase, what about lending interest rates?

According to the record on August 8, the market recorded VPBank increasing interest rates. Notably, after a wave of consecutive interest rate increases, the interest rate mark of over 6%/year returned to the market.

At 12-month term, ABBank increased savings interest rate to 6.1%/year.

For the 18-36 month term, NCB, OceanBank, HDBank, BaoViet Bank, and BVBank increased savings interest rates to 6.1%/year.

The above banks do not require a minimum deposit to receive interest rates above 6%/year.

Interest rates continue to increase at banks, the 6% interest rate mark returns to the market, this also raises concerns that lending rates will become expensive in the near future.

In a report sent to the Prime Minister on August 5, the State Bank of Vietnam (SBV) said that since the beginning of the year, interest rates on loans and savings have continued to decrease.

By the end of June, the average lending interest rate was 8.3% per year, down 0.96% compared to the end of 2023. The average deposit interest rate was 3.59% per year, down 1.08%.

Loan interest rates of Agribank, Vietcombank, Vietinbank, BIDV, lowest 5.2%/year

According to a survey, the current state-owned banking group (Agribank, Vietcombank, VietinBank and BIDV) applies lending interest rates for production and business, consumer loans and home loans ranging from 5-7%/year.

At Agribank , medium and long-term loan interest rates applied to production and business loans, loans for living needs and real estate business are as follows: fixed for the first 6 months: 6%/year; fixed for the first 12 months: 6.5%/year (applied to loans with a minimum term of 3 years); fixed for the first 24 months: 7%/year (applied to loans with a minimum term of 5 years).

At BIDV , loans are applied with preferential interest rates from 5.2%/year in the first 6 months, from 5.5%/year in the first 12 months, with a minimum loan term of 36 months.

There are some loans, BIDV lends with interest rate from 6%/year in the first 24 months, minimum loan term is 60 months.

At the end of the preferential period, the floating interest rate is calculated based on the base lending rate plus a margin of 3.7%. The prepayment fee is 1% for the first 2 years and 0.5% for the next 3 years.

At VietinBank , this bank offers loans for home construction and repair with interest rate packages: fixed at 5.8% for 12 months; 6.2% for 18 months; or 6.7% for 24 months. Maximum loan term is 35 years, lending 80% of capital needs.

Vietcombank, borrowers buying real estate, repairing houses, buying cars, and taking out consumer loans will enjoy preferential interest rates from 5.5%/year in the first 6 months for loans under 24 months, or from 5.7%/year in the first 12 months for loans over 24 months.

For medium and long-term loans, interest rates range from 6.2%/year fixed for 18 months, from 6.5%/year fixed for 24 months, from 8.0%/year fixed for 36 months, from 9.5%/year fixed for 60 months.

Summary of lending interest rates at commercial banks as follows: