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“Invest in Yourself”
State-guaranteed loans
Even if it was launched
by the Government very recently, in mid-October, the “Invest in Yourself" programme enjoyed instant success, especially among young people wishing
to grow personally and professionally by investing in education, culture or health.
"The project targets primarily young people aged between 16 and 26, who can have access
to loans of up to RON 40 000, but also people aged between 26 and 55, who can receive loans of up to RON 35 000. If the person applying for the loan is employed, he/she can receive RON 20 000 more”, said Prime Minister Viorica Dăncilă.
The loans under the “Invest in Yourself” programme can be contracted from CEC Bank, the interest of such loans will be borne by the state budget and duration of courses or studies represent a grace period.
“The amounts borrowed under such favourable conditions can be used for expenses related to education, health, real estate investment, culture, sport, incurred by any of the members of the beneficiary’s family”, the Prime Minister said.
The guarantee and payment
documents for the “Invest in Yourself” programme were signed in an official ceremony by Eugen Teodorovici, Minister of Public Finance,
Ion Ghizdeanu, President of
the National Commission
for Strategy and Prognosis, Alexandru Petrescu, General Manager of the National Loan Guarantee Fund for SMEs, Stere Farmache, General Manager of the Romanian Counter-Guarantee Fund, and Mihaela Popa, President of CEC Bank.
“With this programme we want to help the young
people who need financial support for their personal and professional development. We also thought of the
adults who want or need
a change of profession, a professional reconversion.
It is an investment in people, in the Romanian citizens,
a commitment that we undertook through the Governance Programme”, said Minister of Public Finance Eugen Teodorovici.
According to the quoted source, the beneficiaries of the programme have to meet the following eligibility conditions: to be natural persons with Romanian citizenship, residing in Romania; to be young people aged between the
age 16 and 26 (below 26 at
the time of the application for the loan) and to be enrolled
in the education system or to undertake specialised courses authorised by the Ministry of National Education or, as the case may be, by the Ministry of Labour and Social Justice; persons aged between 26 and 55 (below 55 at the time of the application for the loan),
if they are enrolled in the education system or undertake training and/or professional reconversion courses authorised by the Ministry of National Education and, as the case may be, by the Ministry of Labour and Social Justice; to present at least one co-debtor if the applicant is not employed. The state guarantee is granted through the National Loan Guarantee Fund for Small and Medium Enterprises and the Romanian Counter-Guarantee Fund, while the interest, commissions and bank charges related to the guaranteed loans are covered by the budget of the National Commission for Strategy and Prognosis.
The maximum credit period is 10 years. The programme also provides for the obligation of the lending credit institutions to ensure a grace period at least equal to the study period, no more than 5 years from the date when the loan is granted.
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