VietnameseOfficial Dispatch No. 6486/NHNN-CSTT of July 16, 2008, application of interest rate to overdue principals
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Official Dispatch No. 6486/NHNN-CSTT of July 16, 2008, application of interest rate to overdue principals
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 6486/NHNN-CSTT | Signer: | Nguyen Dong Tien |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 16/07/2008 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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Effect status: Known
THE STATE BANK OF VIETNAM --------- | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ------------- |
No. 6486/NHNN-CSTT Re: application of interest rate to overdue principals | Hanoi, July 16, 2008 |
To: Credit institutions
With a view to implementing the direction of the Prime Minister, the State Bank of Vietnam provides guidance to credit institutions on the application of interest rate to overdue principals as follows:
The credit institutions shall apply interest rate to overdue principals in accordance with provisions of paragraph 2, Article 11 of the Regulation on lending by credit institutions to customers, issued in conjunction with the Decision No. 1627/2001/QD-NHNN dated 31 December 2001 of the Governor of the State Bank. As a result, the interest rate applicable to overdue principals shall be determined by credit institutions and agreed upon with customers in credit contracts, but it shall not exceed 150% of the loan interest rate applicable during the loan period as signed or adjusted in the credit contracts.
FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM DEPUTY GOVERNOR Nguyen Dong Tien |
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