Conditions for borrowing capital for deposits of employees working in Korea at Vietnam Bank for Social Policies

Conditions for borrowing capital for deposits of employees working in Korea at Vietnam Bank for Social Policies

To be eligible for a loan at the Bank for Social Policies, an employee must fully meet the following conditions:

- Being eligible for a loan from the Bank for Social Policies to work abroad in accordance with current regulations.

- Having concluded a contract to work in Korea under the EPS Program with the Overseas Labor Center.

- Having registered permanent residence in the area where the Bank for Social Policies handles procedures for employees to borrow capital.

Interest rates on loans for deposits of employees working in Korea at Vietnam Bank for Social Policies

The lending interest rate is applied according to the lending interest rate of the Bank for Social Policies for laborers working abroad under contracts suitable to each subject.

Employees who borrow from the Bank for Social Policies to make a deposit are entitled to a deposit interest rate equal to the loan interest rate for the deposit.

Application for loans for deposits of employees working in Korea at Vietnam Bank for Social Policies

Application for loans for deposits of employees working in Korea at Vietnam Bank for Social Policies includes:

- The original copy of the loan application, certified by the People's Committee of the commune where the employee is registered for permanent residence (under the form provided in this Decision).

- A copy of the contract for sending workers to work in Korea under the EPS Program between the Overseas Labor Center and the employee.

- A copy of the citizen's identity card, a copy of the national identity card, or a copy of a valid passport.

In addition to the above documents, if the employee is a relative of a person with meritorious services to the revolution, a copy of the certificate of relatives of a person with meritorious services to the revolution shall be added according to Form No. 4 issued together with Decree 74/2019/ND-CP amending Decree 61/2015/ND-CP; in case the employee is subject to land recovery, additionally submit a copy of the decision on land recovery of the competent authority.

Copies of documents are presented together with the originals for comparison.

Decision 16/2023/QD-TTg takes effect from June 1, 2023.

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