26/06/2016

Notes on study loans

In an online exchange last for 2 hours on the topic “Preparing financially to study,” many readers have questioned Zing.vn issue study loans. Mr Godfrey Swain, Deputy CEO and Head of Retail Banking VIB identification, study loans in Vietnam are growing in popularity and become the solution to the child’s family approached the international educational environment .

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When readers Dinh Nhu Quang families need loan questions about what percentage of the total costs required, including tuition and living expenses; Mr Godfrey Swain common share borrowers about 70%, but in the case of families who need support VIB can lend up to 100% with a maximum loan term up to 10 years and interest rate flexibility.

Besides the interest rate, representing the loan VIB study emphasizes the need to learn more families a number of other factors such as loan limits, loan term, term prepayments, which calculates the amount and source of repayment appropriate repayment to income.

Another question many people are interested in is whether student loans can be paid after the student, the student has to finish school and find a job or not. Godfrey Swain said the bank wanted to do this to support the user. However, the granting of credit for the loans required to consider the solvency of customers and in the condition in Vietnam is currently very difficult to exempt principal repayment until graduation students. Instead, VIB extend the maximum loan to 10 years, while reducing the financial pressure for families, has created an opportunity for the students, the students paid when working.

VIB representative added, the first condition when student loans are the ones in school should have adequate ability to repay loans stands out. Then, continue to prepare documents including: identity card or passport, residence, marriage registration certificate (if applicable); proven record source of repayment and collateral documents. For student loans, collateral is usually real estate red book / pink book, vehicles, valuable papers. Regarding disbursement, the bank disbursed a lump sum or installments according to the progress of the school tuition.

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