The Governor of the State Bank talks about loan rules

DNHN - Delegate Nguyen Thi Yen Nhi said that right now, when people borrow money from banks and pay it back when it's due, they have to borrow money from outside sources with high-interest rates to pay it back to banks, and then they have to go through the process of re-lending. Delegates asked the Governor if he knows that this kind of thing happens a lot in society and if there is a way to fix it soon.

The Governor of the State Bank said that, as a state agency in charge of managing currency and banking, the State Bank has recently put out a set of rules about how credit institutions can lend money to customers. These rules include rules about the conditions of loans, and when people borrow money, they must make it clear what the loan is for and how they will pay it back. Credit institutions and customers agree on how long it will take to pay back the loan, and the customer knows how much they can pay back and when.

If the customer doesn't ask for a loan extension, they can borrow money from friends and family or, as the delegate's case showed, from a black credit source. It is hard for credit companies to figure out where their customers get their money. When a customer has paid off a loan but wants to borrow it again, they must follow the rules and the credit institution must also evaluate the new loan according to the law.

Also, according to the Governor of the State Bank, customers may not be able to pay back their loans during the loan term. In this case, customers can ask credit institutions for permission to extend their loans and show that they will be able to pay back the loan under the new terms.

"At the moment, the network of credit institutions is also very varied. Not only do credit institutions have branches and transaction offices, but so do financial companies and microfinance institutions....has been present in almost every part of the country. When people need to borrow money, they should go through the proper channels."

At the 14th meeting of the National Assembly Standing Committee, the Governor of the Bank said, "The State Bank has many communication programs that work with the TV station to give a lot of information about loans." In the future, the State Bank will keep putting in place ways to encourage lending through the official channel.

PV