Romania’s Government will adopt a bill next week through which the state will guarantee and cover the interest costs for personal development loans, deputy prime minister Viorel Stefan announced on Tuesday, May 29.

The beneficiaries can be aged 16 to 55 and will qualify for these loans if they attend some form of education.

Young people between 16 and 25 will be able to borrow up to RON 60,000 (EUR 13,000) while people between 26 and 55 will be able to take up to RON 55,000 (EUR 11,900). Interest and bank fees for these loans will be covered by the state, which will also guarantee 80% of the loans’ value. The difference will be guaranteed by the borrower or by a co-debtor.

The costs to be covered through this program include tuition costs, including the cost of an MBA in Romania, as well as related costs such as accommodation in a student dorm, the purchase of laptops, software and books. Personal development loans can also be used for cultural activities, such as movie, theatre or opera subscriptions, for health, including gym passes and sports equipment, and for housing.

Some 8 million Romanians could benefit from this program, according to the deputy PM.

State to guarantee loans for young Romanians without a job

editor@romania-insider.com