State bank gives regulations on interest rates for overdue principle debts

Credit organisations are allowed to set or negotiate the lending interest rates for overdue principle debts with its customers in credit contracts,  but the rates are not allowed to exceed 150% of the applied lending rates which have been signed or adjusted in the credit contracts during the loaning time.

This is according to an official dispatch issued by the State Bank of Vietnam to credit organisations on July 16.

The rules is stated in the Regulations on lending by credit organistions to its customers issued under the Decision No 1627/2001/QÐ-NHNN dated December 31 by the governor of the State Bank of Vietnam.

ND

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