Sacombank earmarks $48M soft loans for prioritized borrowers

Sacombank is earmarking one trillion dong or US$48 million for soft loans to agro-forestry andfisheries sectors until May 11, 2012.

The lending interest rate for the first month would be 12% per year with maximum loan term of 12 months.

For loans worth up to 500 million dong, Sacombank may not perform notarized mortgage contracts andregistration of secured transactions for real estate collateral.

The bank will also provide rural lending books instead of the loan contract so that after the expiry of loan, the borrowers can use this book to continue the loan within 36 months.