Romanian Gov to Guarantee Student, Young Family Loans

The Romanian government intends to provide state guarantees for loans of up to EUR 15,000 taken out by young adults starting a new family and up to EUR 10,000 for students, according to Gabriela Firea, Minister of Family, Youth, and Equal Opportunities.

The governmental program is called “Family Start,” According to the initiators, it is designed to help new families by providing them with the funds they need to get married, buy a car, or organize a christening ceremony for their newly born babies.

We support families that are just getting started with state-guaranteed loans to organise a wedding, a christening, or purchase a family car. The Family Start program is to be approved shortly by the Government.

Nicolae Ciuca, Romanian Prime Minister

The second program, “Student Invest,” will allow students to access state-guaranteed loans of up to EUR 10,000. The grace period, conditions, and interest rate have yet to be determined by the government.

For students, EUR 10,000 is the amount guaranteed by the state in Student Invest loans, and for young people – EUR 15,000. The grace period, interest rate and explicit conditions, as well as the banks entering the program, will be announced soon.

Gabriela Firea, Romanian Minister of Family

The Minister of Family says that these loans will be able to be granted to young people for the payment of rent, the nursery, the kindergarten, and the afterschool where the children go, but also for personal events – weddings or baptisms.

No proof of income is required, and no pledge is placed on a certain property, so they are favourable to young people and are similar to those we know, but unfortunately only from the literature or movies.

Gabriela Firea, Romanian Minister of Family

The Family Start program will be aimed at young people aged 18 and 45; so far, the conditions under which these loans can be accessed have not been announced. These loans are expected to be made available even this year. In June, the first applications may be submitted, with bank loan approvals expected in July.