Agribank is famous for providing loan packages to support production and business investment in the field of agriculture, helping farmers to have sufficient economic conditions to develop with peace of mind. Therefore, How to calculate Agribank loan interest? are receiving the attention of many people to estimate costs, plan or repay loans and make appropriate borrowing decisions.
Current loan products of Agribank
Agribank is a reputable lender with low interest rates that is trusted by many customers. Currently, Agribank is supporting loans for individual and corporate customers with the following loan products:
For individual customers
Agribank has special preferential policies for borrowers who are farmers and poor households who are in need of money for economic development.
- Consumer credit loans: This is a loan product aimed at meeting the small capital needs and urgent money needs of individual customers.
- Small-scale loan: This product is for individuals and households who need capital for business activities or cover daily living expenses.
- Seasonal loans: Applicable to customers who are farmers who want to borrow capital for agricultural production and have outstanding loans at Agribank
- Support loans to help reduce losses in agriculture: Borrowers will be supported by banks to buy equipment, machinery and equipment in the list of machinery pre-specified by the Ministry of Agriculture and Rural Development. announced village.
- Preferential interest rate loans: Applied to customers living and doing business in the area of 64 poor districts.
- Lending through loan groups/affiliated groups – mobile lending groups: Customers are individuals or households through groups linked to their current address.
- Loans to serve agricultural and rural development policies: apply to borrowers for production in the fields of agriculture and animal husbandry.
- Account Overdraft Loan: This loan allows customers to spend money in excess of the current balance in the account.
- Loans for daily life needs: Agribank serves a variety of customer groups who are in need of capital for consumption purposes.
- Loans for business activities: Agribank lends to a wide range of customers who need capital for production and business activities.
For corporate customers
For customers who are businesses or organizations, Agribank will support lending according to the following products:
- Syndicated loans: Banks partially finance production and business projects of enterprises if they find it highly feasible.
- Export preferential loans: support capital for export enterprises to purchase raw materials and produce goods.
- Loans for investment in fixed capital for production and business projects: To meet capital needs to invest in machinery and build factories.
- Lending by credit line: Aiming to meet working capital needs in a short time.
- Loans according to the account overdraft limit: Allows businesses to spend in excess of the balance on the current account.
- Provision of standby credit line: With this product, enterprises will be granted an amount in advance by Agribank to reserve for expenses for business activities that exceed the initial estimate.
How to calculate the latest Agribank loan interest rate 2022
Agribank applies different interest rate calculation methods for each type of loan product in order to ensure the most appropriate and beneficial calculation for customers, specifically as follows:
How to calculate fixed loan interest rate at Agribank
Loan interest at Agribank is on the principal balance calculated on the amount you borrowed initially during the loan term. Therefore, the fixed interest rate of the loan will be calculated according to the following formula:
- Loan interest rate = (Amount that the customer has registered for a loan specified in the contract* Loan interest rate as prescribed) * 30 days (actual number of days in 1 month) / 365 days.
How to calculate Agribank's unsecured loan interest rate?
An unsecured loan at Agribank is a form of loan where the bank does not require collateral. Instead, Agribank will completely rely on the information that customers have provided through the prescribed documents to approve loans and set appropriate loan limits.
The formula for calculating interest rates on unsecured loans at Agribank is as follows:
- Amount to be paid monthly A = [Khoản tiền dư nợ còn lại đầu kỳ* lãi suất hàng hàng * (1+lãi suất hàng tháng)^Kỳ hạn ghi trên hợp đồng vay] / [(1+ lãi suất trong hàng tháng)^kỳ hạn hợp đồng vay – 1].
How to calculate mortgage interest rate at Agribank
When customers register for mortgage loans, customers are required to use collateral such as red books, cars, insurance books, etc. to register for loans at Agribank.
Based on the decreasing loan balance, customers can easily calculate Agribank mortgage interest rates. The amount that customers need to pay monthly will be calculated gradually after each payment.
The formula for calculating mortgage interest rate at Agribank is as follows:
- The amount of interest that customers have to pay each month = Remaining principal amount at the beginning of the period x interest rate year/12 = Principal amount remaining at the beginning of the period x monthly interest rate.
Formula for calculating loan interest rate of Agribank
The interest rate for bank loans will be regulated by different banks but still must comply with the limit regulations of the State Bank. Agribank is a bank that currently applies competitive interest rates, much lower than other banks.
The formula for calculating loan interest rate at Agribank is as follows:
- Lending interest rate at Agribank = 13-month deposit rate + Margin (3.5 – 4%).
- The interest rate of unsecured loans applied by Agribank is: 16 - 25%/year.
- Mortgage interest rate applied by Agribank is: 10 - 12%/year.
This is also the most commonly applied method of calculating bank loan interest rates today. Customers who register for avy will have to pay interest on time as stated in the debt receipt agreement. Normally, you will have 10 days to pay interest without penalty, but after 10 days of debt without payment, you will be noticed group 2 debt jump.
After those 10 days, you will be charged a late interest penalty fee, which is relatively high, possibly equal to 150% of the interest rate for the term. Therefore, when borrowing money at Agribank or any other unit, you must pay in full and on time.
In case of late payment, in addition to being charged a high interest rate penalty fee, but also being hit with a bad debt, it greatly affects your credit score, making it difficult for you to get a loan in the future.
Here are the shares about How to calculate Agribank loan interest?, hope to have helped you to grasp the necessary information to estimate the cost to make the most reasonable repayment plan. In addition, if you have any questions when applying for a loan at Agribank, please contact the bank's switchboard immediately for the fastest advice and support from the switchboards.
The article was edited by: Banktop.vn