A new system for the provision of educational loans introduced in Uzbekistan
Tashkent, Uzbekistan (UzDaily.com) - A Presidential Resolution "On measures to further expand opportunities for obtaining education in higher educational institutions" was adopted.
According to the adopted Resolution, from the 2021/2022 academic year in all higher educational institutions of the republic a new system of providing educational loans for study on a paid-contract basis in full-time bachelor's degree and at the master's stage will be introduced.
- commercial banks provide educational loans at the base rate of the Central Bank;
- the main part of the educational loan is repaid within 7 years, starting from the seventh month after the end of the student's official period of study;
- family members of a student with a steady source of income can participate in the registration and repayment of the student loan as joint borrowers.
Pledge and guarantees for educational loans are not required from children from families included in the "Single Register of Social Protection".
In accordance with the Resolution, a Fund for Financing Educational Loans was established under the Ministry of Finance.
At least 1 trillion soums will be allocated to the Fund in 2021, and in subsequent years based on real demand.