Loan limit for disadvantaged students increased
Students in difficulty nationwide could get preferential loans from the Vietnam Bank for Social Policies (VBSP) with a maximum amount of 1.25 million VND (54 USD) per month from January 9, instead of the current 1.1 million VND (48 USD), under a decision recently issued by the Prime Minister.
Students continue studying thanks to the VBSP loans
According to the VBSP, the adjustment is aimed at bringing appropriate support to students based on the rising cost of living and the tuition-fee increase roadmap set by the Government.
In order to create favourable conditions for students in repayment, the decision also stipulates that borrowers could postpone all loan repayments (both principal and interest) until they had commenced their first job and income after graduation – but not exceeding a 12-month limit.
The current interest rate is 0.55 percent per month or 6.6 percent per year.
Since the loan programme for students was launched nine years ago, nearly 3.3 million students have been given preferential loans from the VBSP.
The programme current total outstanding loans are 24.7 trillion VND (nearly 1.1 billion USD), of which overdue debt accounts for only 0.54 percent.
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- Assessment of the World Bank on the role and achievement of Vietnam Bank for Social Policies
- Vietnam Bank for Social Policies is currently the leading microfinance provider in Vietnam and one of the largest microfinance providers in Asia
- Big step forward in awareness and action
- Pilot program for potential customers before working in the Republic of Korea
- Local resources need to be strengthened to support the poor and other vulnerable groups affected by Covid-19
- Hanoi supports disadvantaged groups to overcome impacts of COVID-19
- The poor receives VBSP’s support after damage caused by COVID-19
- VBSP supports disadvantaged people and workers affected by Covid-19 pandemic
- VBSP attended National financial inclusion strategy to 2025 with a vision to 2030 conference
- Ensuring preferential funding for disadvantaged students
- The address for the poor and policy beneficiaries in Tuyen Quang province
- Financial literacy app for the poor, women, low income, MSMEs and other last-mile populations
- Participation of local authorities in VBSP's activities
- "Midwife" for young people to get rich
- Savings and credit group model: Best practice from VBSP
- Providing rural financial services for the poor: Best practice from VBSP
- Accelerating access to financial services for the poor: Best practice from VBSP
- Newsletter Vol 25
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