Abolition of currency loans does not affect education loans


The abolition of loans in hard currencies has not affected the loans issued for education, Belarusbank told the European Radio for Belarus. Education loans were issued in the Belarusian rubels only even before.
Commercial students are now advised to take preferential education loans. Even bankers admit that the ordinary loans have a two high interest rate. A preferential loan is of the smallest -- just 7 percent.

Belarusbank: “The refinancing rate is 50 percent; it means 7 percent of the interest rate. Ordinary loans are very expensive -- 15-20 percent. What is needed? One needs to file an application and the details about the family members and their income. This amount should not exceed 872,000 for every person. This is 350 percent of the minimum consumption budget. There should also be a statement from the university that this is the first education”.

If all the conditions are met, a credit line is issued at the amount of 70 percent of the annual cost. 30 percent is paid by the family. The loan is repaid after graduation from the univertsity. During the studies, only the interest is paid.