The programme “Invest in Yourself”
Romanians aged between 16 and 55 can access, under certain conditions, loans guaranteed by the state by up to 80%, including corresponding interest rates and commissions
Corina Cristea, 15.10.2018, 11:52
“Invest in Yourself” is the title of a government programme launched in Romania on the 15th of October. “This programme is meant to help young people who need financial support for personal and professional development. We are also thinking of the adults who wish or are forced to change their profession, to retrain.
It’s an investment in people, in the Romanian citizens, and a commitment we undertook in our governing platform”, said the finance minister Eugen Teodorovici. The loan, whose interest rate will be covered by the state budget, is mainly intended to cover the needs of young people with respect to education, health, culture and sport.
The loan can be used to pay for books, school supplies, training courses and fees for advanced studies, masters, doctoral and MBA programmes. Payments can also cover expenses related to rent and utilities, accommodation in student campuses and some of the costs of building or buying a home and of home improvements.
All these payments can be made by the person in question or any other member of the beneficiary’s family. The necessary documents to implement this project were recently signed in the presence of prime minister Viorica Dancila, and the partner bank is the Savings Bank.
Viorica Dancila: “This is a project targeted mainly at young people between 16 and 26 years old who can access a credit of up to 40,000 lei [approx. 8,700 euros], as well as people aged between 26 and 55 years old, who can take up loans of up to 35,000 lei [approx. 7,600 euros]. If the applicant for this type of loan is in employment, he or she can contract another 20,000 lei. The interest rate on these loans will be covered by the state budget, and the years of study or training represent the period of grace.”
This period of grace cannot, however, exceed 5 years of the date the credit was given. At the same time, if the applicant is not in employment, he or she must produce at least one co-debtor. Another condition is for applicants to have Romanian citizenship and to reside in Romania. Also, at the time they apply for the loan, they must be in school or be attending training courses authorised by the education ministry or the labour ministry. The maximum credit period is 10 years. (Translated by C. Mateescu, edited by D. Vijeu)
