Preferential Lending for Young Specialists – Under New Rules
Starting June 17, 2024, consumer loans at 2.38% will be issued to young specialists. We examine the nuances of lending.
Who is eligible for a preferential loan?
The Presidential Decree “On Providing Preferential Loans to Certain Categories of Citizens” No. 95 dated March 14, 2024 will enter into force on June 17, 2024.
A preferential loan can be obtained by:
- graduates assigned to organizations in rural settlements, or those who have independently secured employment with state organizations, the Ministry of Emergency Situations (MChS), or enterprises in the trade and agriculture sectors located in rural settlements, regardless of their parents’ place of residence;
- young men who have voluntarily enlisted under contract into military service in settlements other than where their parents reside;
- graduates of educational institutions who have received vocational-technical education;
- within 1 year from the date of the first employment contract, first position, or contract, after receiving the diploma, depending on the applicant’s category.
Under what conditions is the loan issued?
The loan may be obtained once for a term of up to five years.
The interest rate on the preferential loan will be 2.38%.
The maximum amount is up to 30 budgets of the subsistence minimum for the working-age population. Currently, the maximum loan amount is 13,038 rubles.
Repayment of preferential loans and payment of interest begins six months following the month of signing the loan agreement, and is carried out in equal installments over the entire repayment period.
Note that the decree does not restrict the list of goods that can be purchased on credit: now any non-food item of domestic production is eligible.
Application Procedure
The applicant’s solvency is taken into account when issuing a preferential loan. If you are applying for the maximum amount of 13,038 rubles, your income must be approximately 680 rubles.
To obtain a loan, a young specialist must apply to the personnel department of the organization at the place of employment (military service), which will submit a petition to the district, city (of regional and district subordination) executive committees, and local administrations of districts in cities regarding the inclusion of the employee in the list. Once the employee is approved for the list, one may apply to the Mortgage Office of “Belarusbank”, located at the place of employment (military service), with a package of documents.
To process the loan (guarantee), it will be necessary to provide an identity document (for inspection) and documents confirming the income of the applicant (guarantors).
Conditions for recalculation
If the borrower resigns or is dismissed from employment before the period established by the decree, a recalculation of the interest charged on the loan will be carried out: plus 3 percentage points to the National Bank refinancing rate (taking into account any changes thereto). However, there are exceptions to this rule. For example, recalculation will not be performed if the loan was issued to a person from a large family, or if there are parents or children with disabilities in their family, etc.
Based on BELTA materials.