Decision 51/1998/QĐ-TTg

DECISION No.51/1998/QD-TTg of March 2, 1998 on the setting up of the training credit fund.

To set up the training credit fund in order to provide loans with preferential interest rates to students studying at universities, colleges, intermediate professional and vocational-training schools.

The State Bank shall assign a State-run commercial bank to manage the training credit fund. The training credit fund is set up with a capital of 100 billion VND, including 30 billion VND from the State budget, and the rest shall be voluntarily contributed by the commercial banks, lent by the State Bank for Government-designated objectives, and donated by organizations and individuals inside and outside the country. The fund's maximum lending interest rate shall be equal to 50% of the ceiling interest rate of the short-term loan or the average ordinary loan interest rate announced by the State Bank. The maximum loan term shall be 15 years, of which the duration of study at such schools shall be the grace period, during which the borrowers shall not have to repay loan principals and interests.- (Summary)