Circular No. 33/2012/TT-NHNN dated December 21, 2012 of the State Bank of Vietnam on the maximum rates of interest on short-term loans in VND imposed by credit institutions and branches of foreign ban
Article 1. The rates of interest on short-term loans in VND imposed by credit institutions and branches of foreign banks
1. The maximum rate of interest on short-term loans in VND is 12% per year; people’s credit funds and microfinance institutions may impose the maximum interest rate of 13% on short-term loans in VND.
2. The short-term loans in VND that are eligible for the maximum interest rate prescribed in Clause 1 this Article are the loans that satisfy the demands for capital that is used for:
a) Serving the development agriculture and rural areas as prescribed in the Government’s Decree No. 41/2010/NĐ-CP dated April 12th 2010 on the financial policies serving the services of agriculture and rural areas;
b) Executing the projects of production and trading of exports as prescribed in the Commercial Law;
c) Serving the production and trading of medium and small enterprises prescribed in the Government’s Decree No. 56/2009/NĐ-CP dated June 30th 2009 on supporting the development of medium and small enterprises;
d) Developing the ancillary industries as prescribed in the Prime Minister’s Decision No. 12/2011/QĐ-TTg dated February 24th 2011 on the policies on the development of some ancillary industries;
dd)) Serving the production and trading of the high-tech enterprises as prescribed in the Law on High Technologies, and relevant laws.
Article 2. Responsibility of borrowers
1. The borrowers eligible for the loan interest rates prescribed in Article 1 of this Circular are the borrowers that satisfy the loan conditions in accordance with the regulations of the State bank of Vietnam on the loans given by credit institutions and branches of foreign banks to their clients, and their financial conditions are considered transparent and healthy by the credit institution and branches of foreign banks.
2. The borrowers shall provide the information and documents proving the purposes of capital loans serving to the disciplines eligible for the loan interest rates prescribed in this Circular, and take responsibility before law for the accuracy of the information and documents provided....
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