The Given Loan
Translator: Henyee Translations Editor: Henyee Translations
This was the first time that Lu Zhou saw something so strange. Someone was giving him money and he had to take it.
Okay, that was slightly exaggerated, but that was the jist of it.
According to the policy by the Ministry of Education, they could give an interest-free loan to university students. The university would also match the loan with a 1:1 ratio.
For example, if Lu Zhou received a 100,000 yuan loan, according to the policy, the university would contribute 50,000 yuan while the Ministry of Education would contribute 50,000 yuan. The money would be interest-free for a year and after that, it would only have a small interest fee. The rate of the interest fee was much lower than bank loans. In fact, it was even lower than the inflation rate!
Of course, this did not mean that Lu Zhou could only borrow 100,000 yuan.
The school would determine the amount of the loan based on the prototypes of his project and application.