Bank loan for student
The only way Thong Thanh Le’s parents were able to send their children to university was a Bank loan. Although they had spent their working years saving every dong they could from selling rice. He has taken a position at a secondary boarding school in the central province of Binh Thuan for ethnic minority children after graduated from the mathematics faculty at the Da Lat Teachers’ Training University.
The monthly interest rate was also increased to 0.65 per cent from the previous 0.5 per cent and students may take out a maximum credit of VND1 million or $47 per month, up from VND900,000 or $42 previously. Adjustments are necessary for both sides as they would facilitate more support for poor students, help more people access student loans and share in Government losses from compensating the program, Ly said.
People who capable of repaying their debts prior to the due date will get grant preferential policies from the bank. If they could clear their debts before they’re due, the families would not be required to pay any interest, Ly said. More than 80 per cent of households in the country belonged to this income group, according to a recent survey conducted by the bank.