Preferential lending for young specialists - under new rules

Young specialists will be able to obtain consumer loans at 2.38% starting from June 17, 2024. Let's explore the nuances of this lending program.

Who is eligible for a preferential loan?

The Presidential Decree "On the Provision of Preferential Loans to Certain Categories of Citizens" No. 95 dated March 14, 2024, will come into effect on June 17, 2024.

The following individuals will be able to obtain a preferential loan:

• Graduates assigned to organizations in rural settlements, or those who have independently found employment in state organizations, the Ministry of Emergency Situations, or enterprises in the trade and agricultural sectors located in rural settlements, regardless of their parents' place of residence;
• Young people who have voluntarily entered into a contract military service in settlements other than their parents' place of residence;
• Graduates of educational institutions who have received vocational-technical education;
• Depending on the applicant's category, within 1 year from the date of their first employment contract, first position, or contract, after receiving their diploma.

What are the loan terms?

A loan can be obtained once for a term of up to five years.

The interest rate for the preferential loan will be 2.38%.

The maximum amount is up to 30 living wages for the working-age population. Currently, the maximum loan amount is 13,038 rubles.

Repayment of preferential loans and interest payments begin six months after the month of signing the loan agreement and are made in equal installments throughout the entire repayment period.

Notably, the decree does not limit the range of goods that can be purchased with the loan; it now covers any non-food product of domestic production.

Application Procedure

The applicant's solvency is considered when issuing a preferential loan. If you are applying for the maximum amount of 13,038 rubles, your income should be around 680 rubles.

To obtain a loan, a young specialist must apply to the HR department of the organization where they are employed (or performing service), which will then petition the district, city (cities of regional and district subordination) executive committees, or local administrations of districts within cities to include the employee in the list. Once the employee is approved on the list, they can apply to the Belarusbank Mortgage Office, located at their place of employment (or service), with a package of documents.

To process the loan (guarantee), you will need to provide an identity document (for viewing) and documents confirming the income of the applicant (guarantors).

Recalculation Terms

If the loan recipient resigns or is dismissed from work before the term established by the decree, the interest rates for using the loan will be recalculated: plus 3 percentage points to the refinancing rate of the National Bank (taking into account its changes). However, there are exceptions to this rule. For example, recalculation is not carried out if the loan was issued to a person from a large family, or if there are parents or disabled children in their family, etc.

Based on materials from BELTA.

Photo from open sources.