Kienlongbank has announced a rate cut programme for its 85,000 borrowers who are paying interest to the lender on a daily basis and suffering significant difficulties due to the ongoing Covid-19 pandemic.
The supportive programme will be applicable to clients who took out loans before April 1 and have to pay interest or principal amounts to the bank between April 3 and June 30.
Tran Tuan Anh, general director of Kienlongbank, noted that most customers with daily interest payment schedules are low-income earners, such as lottery ticket sellers, street vendors and motorbike taxi drivers. They are facing several challenges due to the current social distancing order countrywide.
Before launching the programme, Kienlongbank surveyed the capital needs of its customers and decided to provide support for the current borrowers, instead of lending rate cut programmes for new customers. In the current situation, it is not feasible to provide loans for new business projects, while old borrowers, who have been using the lending service for a long time, are in dire need of capital to survive, he said.
Earlier, Kienlongbank announced a three-percentage-point lending rate cut for individual and corporate customers affected by drought and salinity intrusion in the Mekong Delta. The programme will run until June 30.
The bank will prioritise clients in Kien Giang, Ben Tre, Ca Mau, Tien Giang and Long An, the five localities that have announced an emergency situation.
https://english.thesaigontimes.vn/75924/kienlongbank-supports-85000-virus-hit-clients.html
