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FAQ about the loan project for youth to experience overseas life

FAQ about the loan project for youth to experience overseas life by Youth Development Administration, Ministry of Education

Q: how do I apply for the loan?

A: If you want to go overseas to travel alone, study or get holiday work, you can apply for the loan at Taiwan Business Banks in your domicile or residential place. (Branches for inquiring:

http://www.tbb.com.tw/wps/wcm/connect/TBBInternetEN/TBBInternetEN-Index/TBBInternetEN-Location/)

Q: What conditions does the applicant need to meet? 
A: Application requirements:

    1. A citizen of the Republic of China from 20 to 30 years old (under 31 years old).
    2. In a good credit situation with an unblemished record.
    3. The applicant should provide one guarantor.
    4. Low-income families (annual household income less than 1.14 million NT dollars) are given priority in applying and do not need the 30% down payment.

 

Q: What is the definition of the age limited at 30 years old for the applicant?
A: The applicant should apply before his 31st birthday (the birth day is excluded). (For example: someone born on March 26, 1979 must apply before March 25, 2010.)

Q: How much money can be loaned? What is the interest rate? How do I repay it?
A: A person who applies for a loan should prepare 30% amount of the loan. The maximum loan amount is 120 thousand and each person can only apply for the loan once. The interest rate is a floating rate based on the base rate of the commercial banks. For example, in November 2010, the interest rate is about 2.34%. You are allowed five years to repay, with a grace period on the principal for the first year, and from the second year, the principal should be repaid together with the interest.

Q: Does I need to pay to apply for the loan?
A: Youth applying for the loan do not need to pay any fees.

Q: Required documents for applying for the loan
A:When applying for the loan, you should submit:

  1. The application form for the loan project in duplicate filled out by the applicant.
  2. To provide a guarantor and a copy of his national ID card and documents proving his income.
  3. Copy of national ID card.
  4. Copy of Student ID card (if you are a student),
  5. If your annual household income is less than 1.14million NT dollars, please submit the list of declared income of the consolidated income tax issued by the National Tax Administration or proof of low-income household issued by municipal, county or city government.
  6. The exit visa certificate (holiday workers should submit in addition the foreign government’s working holiday visa in accordance with the working holiday agreement signed with our country)
  7. Airline ticket proof.
  8. Certificate of enrollment and related copies. (when the funds are used for travel and study abroad)

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