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  Banking Finance

ACB offers low-interest student loans

Asia Commercial Bank (ACB), the largest joint stock bank in Vietnam, will provide loans to students to fund their studies, bank officials have said.

The bank and the Dong Duong Professional Training Joint Stock Company (IndochinaPro) have announced that the project will fund students at universities and at training centres. The trainees at Hanoi – Aptech, Thames Business School and the students willing to follow training courses at the centre will be able to borrow money from the bank to follow their courses.

Eligible for the project are trainees at Hanoi-Aptech and Thames Business Schools, and their relatives who are working for the state-owned companies, state agencies, joint ventures, 100%-foreign-owned enterprises, foreign representative offices, international institutions in Vietnam and joint stock companies with chartered capital of more than VND30bil. Borrowers will not have to mortgage anything for the loans.

They may borrow VND100mil maximum at 0.85%/month interest. Applicants and their relatives must only prove stable income of at least VND1,200,000 per month during the term of the loan to ensure solvency. According to Huynh Quang Tuan, Director of ACB Hanoi Branch, the credit will have a maximum fixed term of 60 months. Only those who have permanent residence registry (ho khau) in Hanoi, or long-term temporary residence registry, will receive loans.

Regarding trainees from other provinces, Mr Tuan said the bank would consider lending to applicants who live in locales where ACB has branches. Nguyen Hong Chuong, Director of IndochinaPro, said that the demand for loans is increasing among students, adding that IndochinPro will assist the graduates in finding jobs after completion of studies.

VIETNAMNET - (28/04/2006)

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