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Updated: 2019-08-20 13:38:05

Guidance on preferential credit policy to the elderly

(VBSP news) Implementing Circular No. 96/2018/TT-BTC dated October 18, 2018 of the Ministry of Finance on regulating management and use of primary health care funding for the elderly at the place of residence; celebration for longevity; preferential credit and praising senior citizens. General Director of VBSP guides implementation of preferential credit policy for the elderly as follows:

1. Borrowing preferential capital from National Employment Fund under Decree No. 61/2015/ND-CP dated July 9, 2015 of the Government on regulating supporting policy on job creation and National Employment Fund.

a) Target client

The elderly are Vietnamese citizens from the age of 60 and over who have borrowing demands for production and business to increase income and reduce poverty. They will be considered to get loans from VBSP’s Job Creation Program.

b) Lending mechanism, process and procedure

Principles, loan size, loan terms, loan interest rate, loan security requirments and loan procedures are implemented according to Chapter V of Decree No.61/2015/ND-CP dated July 9, 2015 of the Government on regulating supporting policy on job creation and National Employment Fund; prevailing guidelines of VBSP's General Director on lending from National Employment Fund.

2. Borrowing preferential capital from local authorized funds transferred to VBSP to provide loans for the poor and other policy beneficiaries.

a) Target client

The elderly are Vietnamese citizens from the age of 60 and over who are the poor or other policy beneficiaries according to local regulations and directly produce and do business to increase income and reduce poverty. They will be considered for borrowing preferential capital from the local budget as stated in Circular No.11/2017/TT-BTC dated February 8, 2017 of the Ministry of Finance on regulating the management and use of local budget transferred to VBSP to provide loans for the poor and other policy beneficiaries.

b) Lending mechanism, process and procedure

Loan size, loan terms, loan interest rate, loan procedures and loan security requirements (if any) are implemented according to the Provincial People's Committee regulations on management and use of local budget transferred to VBSP.

3. Organization of implementation

a) Planning, statistical reporting regime, accounting and storing loan documents are implemented in accordance with current regulations of VBSP’s General Director.

b) VBSP at provincial and district levels organize communication, dissemination and publicity of Circular No. 96/2018/TT-BTC dated October 18, 2018 of the Ministry of Finance on training contents of this document to VBSP’s staff, officials of mass organizations, Heads of the Savings and Credit groups and officials of Communal boards for poverty reduction; make report to People's Committee and VBSP’s representatives board at the same level to implement.

PHOTO ARTICLES

LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...