Understanding the feelings and difficulties of many young people on their educational journey, the bank has launched a student loan product with a preferential interest rate.
It is often said that studying is the shortest way to help you succeed, get out of poverty, change your life. However, to get on that path, you also need money to pay for tuition or other essentials. Understanding this obstacle, many units have launched student loan products to help young people get closer to their educational dreams.
Currently, students can borrow money to pay tuition fees in the following forms.
● Unsecured bank loans are for those who have worked, have a stable income, have a good credit history and wish to continue their studies or study further.
● Borrow capital from credit funds of the society. For students, they can borrow funds from funds such as student funds, study promotion funds, etc.
● Borrow capital from the Bank for Social Policies. This is a bank with many support policies from the state and society to give students more opportunities to go to school.
● There are also other banks that support student loans , typically Agribank.
In general, students can borrow funds from many different sources, depending on their circumstances and conditions, choosing the appropriate form of loan. However, if you need money to pay tuition fees , you can borrow from a Social Policy bank.
To support students to cover part of their study and living expenses, the Prime Minister has issued a student loan policy . Accordingly, the maximum loan amount for each student is 2.5 million VND/month .
According to Article 2 of Decision 157/2007/QD-TTg, borrowers are students with difficult circumstances studying at universities, colleges, professional secondary schools and vocational schools, specifically :
- Students are orphans of both parents or only one parent is orphaned but the other is unable to work;
- Students from poor households, households whose per capita income is at most 150% of the per capita income of poor households.
- Students whose families have financial difficulties due to accidents, diseases, natural disasters, fires, epidemics during the study period, certified by the commune-level People's Committee of the place of residence.
Students eligible for loans mentioned above must meet the conditions in Article 4 of Decision 157 as follows:
- Students are living in households legally residing in the locality where the loan is granted;
- Freshmen who have just been admitted to a university must have a letter of acceptance from the school;
- Students from the second year onwards must have a confirmation from the school that they are studying at the school and have not been administratively sanctioned or more for the following acts: gambling, drug addiction, theft, smuggling.
- Capital level: Up to now, the tuition fee policy has changed and the cost of living has fluctuated, this loan level has been adjusted many times. In 2021, the loan amount is 2.5 million VND/month/student (according to Decision No. 1656/QD-TTg 2019 of the Prime Minister).
- Interest rate: The current student loan interest rate is 0.55%/month (according to Decision 750/QD-TTg 2015 of the Prime Minister).
Currently, the Ministry of Finance is collecting comments for the draft Decision amending and supplementing Decision 157/2007/QD-TTg dated September 21, 2007 on credit for students. If this draft is approved, the maximum loan amount per student will increase from 2.5 million VND/month to 04 million VND/month.
According to Instruction No. 2162A/NHCS-TD of the Bank for Social Policies, loan students write a loan application form according to the form attached with the school's confirmation letter or the acceptance letter and send it to the Savings and Loans Team. capital at the Commune People's Committee. This group will meet to review the loan, then send it to the Chairman of the Commune People's Committee for confirmation.
After confirmation, all student loan applications will be sent to the Bank for Social Policies for loan approval.
Policy Bank disburses loans twice a year in academic terms. During the loan period, students or family members bring their ID cards to the transaction point of the Bank for Social Policies to receive the loan.
Students must repay the loan principal and interest for the first time right after getting a job and earning income but no later than 12 months from the date the student finishes the course.
- For study programs not exceeding 01 year: The maximum repayment term is equal to 02 times of the loan disbursement period (the loan disbursement period is from the date of loan receipt to the end of the course).
- For other study programs: The maximum repayment term is equal to the loan disbursement period.
If you are eligible, you should choose a loan from a Social Policy bank to enjoy low interest rates. But if you need money urgently to pay tuition fees, without having to go through complicated procedures, you can choose to borrow money online through the website or CashBerry application (app) .
CashBerry is a financial consulting company that supports fast online money loans, widely applied, students can still borrow money easily and receive money within the same day.
Simply visit the website cashberry.vn or download the CashBerry app on CH Play and register for a loan, you can receive a limit of 1 - 10,000,000 VND. This is not a large number, but it will help you partly cover tuition fees and living and daily expenses.
CashBerry hopes that the information shared above will help students have more motivation to continue on their educational path. Knowledge and effort are the keys to future success. And CashBerry's financial backing will get you one step closer to that success. Don't forget, when you need to borrow money to pay student fees , just register at CashBerry at any time.