Guidance for workers in South Korea to get loan support of VND 100 million

In accordance with the Prime Minister’s Decision, to be eligible for a loan from the Vietnam Bank for Social Policies, a worker must fully satisfy the following conditions:

- Being policy beneficiaries who are entitled to borrow loans from the Vietnam Bank for Social Policies to work abroad under current provisions.

- Having signed a contract to work in South Korea under the EPS Program with the Center of Overseas Labor.

- Having registered permanent residence in the locality where the local Bank for Social Policies handling the procedures for his/her loan is located.

Workers borrow loans for making deposits in the Vietnam Bank for Social Policies to work in South Korea under the EPS Program with a maximum level of VND 100 million.

A worker may borrow a loan in the local Bank for Social Policies of the locality where the worker registers permanent residence. The loan terms shall be agreed upon by workers and the Vietnam Bank for Social Policies but do not exceed 5 years and 4 months.

The loan interest rates shall be the loan interest rates of the Vietnam Bank for Social Policies applicable to workers working abroad under contracts and in conformity with each subject.

Workers borrowing loans under this Decision shall not apply to loan security.
 

A dossier for loan must comprise: 

- A loan application form certified by the commune-level People's Committee of the locality where the worker registers permanent residence

- A copy of the contract of sending the migrant worker to South Korea under the EPS Program signed by the Center of Overseas Labor and the worker.

- A copy of valid citizen’s identity card or people’s identity card or passport.

Procedures for loan:

After a contract of sending the migrant worker to South Korea under the EPS Program, such worker shall request the People's Committee of the commune where he/she registers permanent residence to certify the beneficiaries stated in the loan application form.

Within 03 working days from the date of receiving a complete dossier, the Vietnam Bank for Social Policies shall approve the loan in accordance with regulations.