Can people in poor districts who go to work abroad borrow 100% preferential capital?

This draft proposes regulations on social policy credit for workers legally residing in districts under Decision No. 275/QD-TTg dated March 7, 2018 of the Prime Minister approving the List of poor districts and districts escaping poverty in the period 2018 - 2020 and particularly difficult communes in coastal and island areas prescribed in Decision No. 131/QD-TTg dated January 25, 2017 of the Prime Minister to work abroad under contract.

According to the draft, the subjects and conditions for loans are workers legally residing in poor districts, districts that have escaped poverty and communes with special difficulties in coastal and island areas as mentioned above, confirmed by the People's Committee at the commune level; having contracts to send workers to work abroad signed with enterprises, career organizations or individual contracts signed directly with foreign employers according to current laws.

The maximum loan amount is 100% of the cost of working abroad according to the contract signed between the employee and the enterprise or career organization sending the employee to work abroad according to the contract or individual contract signed directly with the foreign employer and according to the cost ceilings prescribed for each market.

Loan interest rate: Workers from poor households, near-poor households, and ethnic minorities are entitled to borrow capital at an interest rate equal to 50% of the lending interest rate for poor households from time to time as prescribed by the Prime Minister. The remaining subjects are entitled to borrow capital at an interest rate equal to the lending interest rate for poor households from time to time as prescribed by the Prime Minister.

The draft clearly states that the overdue debt interest rate is equal to 130% of the above loan interest rate.