Decision 05/2022/QD-TTg regarding the credit applicable to pupils and students

DECISION

Amending and supplementing a number of articles of the Prime Minister’s Decision No. 157/2007/QD-TTg dated September 27, 2007, regarding the credit applicable to pupils and students

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Pursuant to the Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on Organization of Local Administration dated June 19, 2015;

Pursuant to the Law on Amending and Supplementing a Number of Articles of the Law on Organization of the Government and the Law on Organization of Local Administration dated November 22, 2019;

Pursuant to the Law on Credit Institutions dated June 16, 2010; the Law Amending and Supplementing a Number of Articles of the Law on Credit Institutions dated November 20, 2017;

Pursuant to the Government’s Decree No. 78/2002/ND-CP dated October 04, 2002, on credit for poor people and other policy beneficiaries;

Pursuant to the Government’s Decree No. 07/2021/ND-CP dated January 27, 2021. promulgating multidimensional poverty standards for the 2021-2025 period;

At the proposal of the Minister of Finance in the Document No. 11/TTr-BTC dated January 13, 2022, and the Document No. 1920/BTC-TCNH dated February 28, 2022;

The Prime Minister promulgates the Decision amending and supplementing a number of articles of the Prime Minister’s Decision No. 157/2007/QD-TTg dated September 27, 2007, regarding the credit applicable to pupils and students.

Article 1. Amending and supplementing a number of articles of the Prime Minister’s Decision No. 157/2007/QD-TTg dated September 27, 2007, regarding the credit applicable to pupils and students as follow:

1. To amend Clause 2 Article 2:

“2. Pupils and students who are member of a household in one of the following household categories:

a) Poor households in accordance with the standards prescribed by law regulations.

b) Near-poverty households in accordance with the standards prescribed by law regulations.

c) Better-off households in accordance with the standards prescribed by law regulations.”

2. To amend Clause 1 Article 5:

“1. The maximum loan is 4 million dong/month/pupil or student”.

3. To amend Clause 2 Article 9:

“Within 12 months from the date a pupil or student finishes the course as prescribed, the borrower must pay the loan principal and interest for the first time.  Borrower can pay his/her loans before due date without paying interest on early repayment.”

4. To supplemented Point c on Clause 2 Article 13:

“The Ministry of Labor, Invalids and Social Affairs shall guide the implementation of the Decision in accordance with law.”

Article 2. Annulling the provisions

1. Article 10 of the Prime Minister’s Decision No. 157/2007/QD-TTg dated September 27, 2007, regarding the credit applicable to pupils and students.

2. The Prime Minister’s Decision No. 1656/QD-TTg dated November 19, 2019, on adjustment of loan levels for pupils and students.

Article 3. Implementation provisions

1. This Decision takes effect on May 19, 2022.

2. For credit loan contracts signed before the effective date of this Decision: The Vietnam Bank for Social Policies, borrowers and related parties shall continue to perform according to the commitments, rights and responsibilities stated in the signed contracts. The maximum loan amount specified in Clause 2, Article 1 of this Decision shall apply to new disbursements from the effective date of the Decision.

3. Ministers, heads of ministerial-level agencies, heads of government-attached agencies and chairpersons of People’s Committees of provinces and centrally-run cities, Chairperson of the Board of Directors and General Director of Vietnam Bank for Social Policies shall take responsibility for the implementation of this Decision.

For the Prime Minister

The Deputy Prime Minister

Le Minh Khai