Decision No. 53/1999/QD-NHNN Regarding the Interest Rate for Loans by Training Credit Funds to Students and Trainees of Universities, Colleges, Secondary Vocational Schools, and Technical Education Institutions.

DECISION

On the matter of setting interest rates for loans by training credit funds to high school and college students

 at universities, colleges, vocational schools, and technical institutes

higher education, college, secondary specialized education and vocational training

___________________

GOVERNOR OF THE STATE BANK

Pursuant to Law on the State Bank No. 01/1997/QH10 dated December 12, 1997, and Law on Credit Organizations No. 02/1997/QH10 dated December 12, 1997;

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government regarding tasks, powers, and responsibilities for state management by ministries and ministerial-level agencies;

Pursuant to Decision No. 51/1988QĐ-TTg dated March 2, 1998 of the Prime Minister on establishing a training credit fund;

Based on consensus with the Minister of Education and Training in Document No. 11736/KHTC dated December 10, 1998;

At the proposal of the Director of the Monetary Policy Department,

DECISION

Article 1: The interest rate for loans by training credit funds to high school and college students at universities, colleges, vocational schools, and technical institutes is set at 0.6% per month.

Article 2: This Decision takes effect fifteen days from the date of issuance, replacing Section 2.4 Clause 2 Article 1 of Decision No. 39/1998/QĐ-NHNN1 dated January 17, 1998 of the Governor of the State Bank on interest rates for loans in Vietnamese dong by credit organizations to economic entities and residents, and deposit interest rates in US dollars for economic entities. Loans from the training credit fund that have been contracted before this Decision takes effect shall be handled as follows:

1. For outstanding loan balances from the training credit fund on the date this Decision takes effect, the remaining balance will be converted to apply the new interest rate from the effective date of this Decision.

2. For credit contracts signed before the effective date of this Decision that have not been disbursed or fully disbursed, disbursements made after the effective date of this Decision shall be subject to the new interest rate.

Article 3: The Director of the State Bank Office, the Director of the Monetary Policy Department, heads of units under the Central State Bank, Governors of provincial and municipal branches of the State Bank, Chairmen of Management Boards, and General Managers (Directors) of credit organizations assigned tasks by the Governor of the State Bank to lend from the training credit fund are responsible for implementing this Decision.