Credits will give an opportunity for students to study and become self-supporting

2009-10-19

From today Šiaulių bankas starts granting state’s supported credits to the students of Lithuanian universities and colleges who did not pass into the state funded places and are on the list of students approved  by Lithuanian State Science and Studies Foundation, who are suggested to make the agreements of the state supported credits.

According to their needs students can choose themselves what type of credit to take. The credit, which is granted for one year of studies, can be assigend for the study fees, living expenses and partial studies in accordance with the international (interdepartmental) agreements. The amount of the credit to pay for the studies cannot exceed the price paid by student for the study years. Funds, which are set to pay for the studies, will be transfered in Litas into the account of State Science and Studies institution every semester in equal portions: half amount of the credit for the autumn semester and other half - for the spring semester. The maximum amount, which students will be able to take within one year in order to defray the living expenses, is LTL 6 500. The bank will transfer funds for the living into the borrower’s bank account indicated in the credit agreement in equal portions monthly but not later than up to 1st of July of the current study year. The credit amount for the partial studies abroad within one term-time will not exceed LTL 7 800 and all the amount will be transferred in the borrower’s bank account indicated in the credit agreement within three banking days from the credit agreement signing.

Receiving the credit, students should start repaying it no later than after the one year after the graduation or termination of the studies. The students will pay the interest for the credit monthly, immediately after receiving the credit. The interest rate of the credit is variable and depends on the 3 month VILIBOR and EURIBOR interest rates. “The interest for the credit for students is counted from the paid portion of the credit - declining credit amount will lead to declining interest. If the students wish, it could be possible to repay the credit sooner, i.e. prior to credit maturity -the bank will not apply any extra payments or penalties for this”, - said Deputy Chief Executive Officer, Head of Corporate and Retail Banking Division of Šiaulių bankas Daiva Kiburienė.

According to D. Kiburienė, the credit granting conditions for students are really favourable - you do not need other person’s warranty, you do not need to mortgage the property or have the fixed income. In Šiaulių bankas there are no specific and extra conditions as well. The period of the credit repayment  is quite long - the student has to repay it not later than within 15 years after the beginning of the credit repayment.