Are people under 18 years old in Vietnam eligible for a loan? What are vtv5 trực tiếp bóng đá hôm nay lending and borrowing rules in Vietnam?

Regarding this matter, LawNet would like to answer as follows:

1. Are people under 18 years old in Vietnam eligible for a loan?

According to Article 7 ofCircular No. 39/2016/TT-NHNNamended by Article 2 ofCircular 06/2023/TT-NHNN, regulations on eligibility requirements for a loan are as follows:

- If that customer is a legal person, it must have civil capacity in accordance with vtv5 trực tiếp bóng đá hôm nay civil law jurisdictions.

- If that customer is a natural person, (s)he must be aged exactly 18 years or older and have full capacity for civil conduct in accordance with vtv5 trực tiếp bóng đá hôm nay civil law jurisdictions, or must be aged between exactly 15 and nearly 18 years and must not have his/her incapacity or restricted capacity for civil conduct as provided by laws.

- Demonstrate that customer’s demands for a loan to be used for legally accepted purposes.

- Establish that customer’s plan for effective use of borrowed fund.

- Prove vtv5 trực tiếp bóng đá hôm nay customer’s sound financial capability to repay debt owed.

Thus, people under 18 years old apply for a loan if they must not have his/her incapacity or restricted capacity for civil conduct as prescribed in Articles 22 and 24 of vtv5 trực tiếp bóng đá hôm nayLaw No. 91/2015/QH13. At vtv5 trực tiếp bóng đá hôm nay same time, vtv5 trực tiếp bóng đá hôm nay following conditions must be met: such as vtv5 trực tiếp bóng đá hôm nay purpose of vtv5 trực tiếp bóng đá hôm nay loan, financial capability to repay debt owed and plan for effective use of borrowed fund.

2. What are vtv5 trực tiếp bóng đá hôm nay lending and borrowing rules in Vietnam?

According to Article 4 ofCircular No. 39/2016/TT-NHNNstipulating lending and borrowing rules:

- Lending transactions between a credit institution and a customer shall be performed according to an arrangement between that credit institution and customer and in conformity with regulations laid down inCircular No. 39/2016/TT-NHNNand other relevant laws, including vtv5 trực tiếp bóng đá hôm nay legislation on environmental protection.

- vtv5 trực tiếp bóng đá hôm nay customer borrowing fund from vtv5 trực tiếp bóng đá hôm nay credit institution shall be bound to use these loans for vtv5 trực tiếp bóng đá hôm nay right purposes as stated in advance, make repayment of principal and interest amounts due within an agreed repayment period.

3. What are regulations on loan interest rate in Vietnam?

According to vtv5 trực tiếp bóng đá hôm nay provisions of Article 13 ofCircular No. 39/2016/TT-NHNNamended by Clause 4, Article 1 ofCircular 06/2023/TT-NHNN, regulations on loan interest rate are as follows:

- A credit institution and its customer shall agree on vtv5 trực tiếp bóng đá hôm nay interest rate depending on capital demands and supplies on vtv5 trực tiếp bóng đá hôm nay market, loan demands and creditworthiness of customers, unless otherwise stipulated by vtv5 trực tiếp bóng đá hôm nay State Bank's regulations on vtv5 trực tiếp bóng đá hôm nay maximum interest rate set forth in (*).

(*) If vtv5 trực tiếp bóng đá hôm nay customer has been rated transparent and healthy in its financial status by vtv5 trực tiếp bóng đá hôm nay credit institution, vtv5 trực tiếp bóng đá hôm nay credit institution and vtv5 trực tiếp bóng đá hôm nay customer shall agree on vtv5 trực tiếp bóng đá hôm nay interest rate on short-term loan in VND which shall not exceed vtv5 trực tiếp bóng đá hôm nay maximum lending interest rate decided by SBV’s Governor over periods of time in order to meet certain demands for borrowed fund as follows:

+ Loans taken out to support vtv5 trực tiếp bóng đá hôm nay agricultural and rural development sector under vtv5 trực tiếp bóng đá hôm nay Government’s regulations on credit policies for agricultural and rural development;

+ Loans taken out to implement vtv5 trực tiếp bóng đá hôm nay export business plan in accordance with vtv5 trực tiếp bóng đá hôm nayCommercial Law Noand its instructional documents;

+ Loans taken out to finance business activities of small and medium-sized enterprises under vtv5 trực tiếp bóng đá hôm nayLawand vtv5 trực tiếp bóng đá hôm nay Government’s regulations on support for development of small and medium-sized enterprises;

+ Loans taken out to develop ancillary industries under vtv5 trực tiếp bóng đá hôm nay Government’s regulations on development of ancillary industries;

+ Loans taken out to finance business operations of enterprises that apply high technologies included in vtv5 trực tiếp bóng đá hôm nay List of prioritized high technologies approved by vtv5 trực tiếp bóng đá hôm nay Prime Minister and other high-tech enterprises under vtv5 trực tiếp bóng đá hôm nay provisions of vtv5 trực tiếp bóng đá hôm nayLaw No. 21/2008/QH12 xoilacand its instructional documents.

- Terms and conditions of an agreement on vtv5 trực tiếp bóng đá hôm nay interest rate shall comprise interest rate levels and methods for calculating vtv5 trực tiếp bóng đá hôm nay interest rate on a loan.

+ Where vtv5 trực tiếp bóng đá hôm nay interest rate is not converted into %/year and/or vtv5 trực tiếp bóng đá hôm nay method for calculating vtv5 trực tiếp bóng đá hôm nay interest rate based on vtv5 trực tiếp bóng đá hôm nay actual outstanding amount of debt and time length of maintenance thereof is not applied, vtv5 trực tiếp bóng đá hôm nay loan agreement must include terms and conditions of vtv5 trực tiếp bóng đá hôm nay interest rate converted into %/year (one year is calculated as three hundred and sixty five of days) according to vtv5 trực tiếp bóng đá hôm nay actual outstanding amount of debt and time length of maintenance thereof.

- If a customer fails to repay or fully repay vtv5 trực tiếp bóng đá hôm nay agreed amount of loan principal and/or interest at vtv5 trực tiếp bóng đá hôm nay payment due date, vtv5 trực tiếp bóng đá hôm nay customer shall be obliged to repay loan interest as prescribed hereunder:

+ vtv5 trực tiếp bóng đá hôm nay amount of interest on principal is charged at vtv5 trực tiếp bóng đá hôm nay agreed interest rate in proportion to vtv5 trực tiếp bóng đá hôm nay period during which repayment of that principal due has not been made;

+ If a customer fails to make due payment of interest as prescribed by Point a of this Clause, that customer must pay late payment interest charged at vtv5 trực tiếp bóng đá hôm nay interest rate agreed upon between vtv5 trực tiếp bóng đá hôm nay credit institution and customer which is not allowed to exceed 10%/year interest rate on vtv5 trực tiếp bóng đá hôm nay outstanding balance of late payment interest in proportion to vtv5 trực tiếp bóng đá hôm nay period of late payment;

+ Where a debt has become delinquent, vtv5 trực tiếp bóng đá hôm nay customer owing a delinquent debt must pay interest on vtv5 trực tiếp bóng đá hôm nay outstanding amount of principal which is overdue in proportion to vtv5 trực tiếp bóng đá hôm nay period of late payment for which vtv5 trực tiếp bóng đá hôm nay interest rate charged is not allowed to exceed 150% of vtv5 trực tiếp bóng đá hôm nay interest rate charged on due repayment that is determined upon vtv5 trực tiếp bóng đá hôm nay date of such debt becoming delinquent.

- Where vtv5 trực tiếp bóng đá hôm nay variable interest rate is applied, a credit institution and customer must enter into an agreement on principles and factors for determination of vtv5 trực tiếp bóng đá hôm nay variable interest rate, and on vtv5 trực tiếp bóng đá hôm nay date of adjustment to vtv5 trực tiếp bóng đá hôm nay loan interest rate.

In cases where referring to factors for determination of vtv5 trực tiếp bóng đá hôm nay variable interest rate results in different loan interest rates, vtv5 trực tiếp bóng đá hôm nay credit institution shall apply vtv5 trực tiếp bóng đá hôm nay lowest loan interest rate.

Therefore, banks do not have a specific limit on vtv5 trực tiếp bóng đá hôm nay interest rate for loans, but it is based on agreement with customers and depends on factors such as market supply and demand for capital, loan demand, and creditworthiness to determine vtv5 trực tiếp bóng đá hôm nay appropriate interest rate. However, vtv5 trực tiếp bóng đá hôm nay loan interest rate of credit institutions (banks) should not exceed vtv5 trực tiếp bóng đá hôm nay maximum loan interest rate determined by vtv5 trực tiếp bóng đá hôm nay Governor of vtv5 trực tiếp bóng đá hôm nay State Bank of Vietnam for each period in order to meet certain capital requirements specified in (*) above.

Key word: loan | loan interest rate | in Vietnam | Vietnam | people under 18 years old |

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