What are the rules for providing interest rate support for loans granted by Vietnam bank for social policies (VBSP) in socio-economic recovery and development program?
What are the rules for providing interest rate support for loans granted by VBSP in socio-economic recovery and development program? What are requirements for interest rate support for loans granted by VBSP in socio-economic recovery and development program?
Thank you!
What are the rules for providing interest rate support for loans granted by VBSP in socio-economic recovery and development program?
Pursuant to Article 3 of the Decree 36/2022/ND-CP stipulating the rules for providing interest rate support for loans granted by VBSP in socio-economic recovery and development program as follows:
1. Interest rate support must be provided for right beneficiaries and right purposes in a public and transparent manner in order to avoid profiteering the policy.
2. Funding derived from state budget must be sufficiently allocated in a timely manner for VBSP to consider providing interest rate support for borrowers. Total funding for providing interest rate support shall not exceed VND 3 thousand billion.
3. VBSP shall provide interest rate support in such a manner that complies with regulations of law and facilitates borrowers.
4. Overdue outstanding debts or extended debts shall not be eligible for interest rate support.
What are requirements for interest rate support for loans granted by VBSP in socio-economic recovery and development program?
Pursuant to Article 4 of the Decree 36/2022/ND-CP stipulating requirements for interest rate support for loans granted by VBSP in socio-economic recovery and development program as follows:
A borrower may receive interest rate support when meeting all of the following eligibility requirements:
1. The borrower’s loan meets the following conditions:
a) The loan is granted by VBSP under a credit program enclosed with the Government’s Decree, the Prime Minister’s Decision, written delegation of a local government, business entity, socio-political organization, trade association, domestic or foreign individual, agreement on on-lending of ODA loans or foreign concessional loans, or another foreign donation agreement;
b) The interest rate charged on the loan is higher than 6%/year;
c) The loan has been disbursed by VBSP and outstanding debt occurs in the effective period of interest rate support policy.
2. The borrower is eligible to get the loan and has used the borrowed fund for the prescribed purposes.
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