Šiaulių bankas shall grant state supported credits to students

2009-08-19

Šiaulių bankas is one of the banks that won the selection of banks announced by the Ministry of Finance of the Republic of Lithuania to grant state supported credits to students. After signing the agreement with the Ministry of Finance the bank will start granting the mentioned credits this autumn already.

The agreements of state supported credit granting to students have been signed with 5 banks of the country in total. The State supposes to provide guarantees to loans granted to students in the amount up to LTL 100 million this year already.

The state supported credits allow students borrowing without any collateral, i.e. pledge of assets, warranty, etc - the credit repayment risk will be accepted by the State.  The annual interest rate will depend on VILIBOR and EURIBOR rates. In case of decreasing interbank interest, the annual interest applied to these credits will also decrease. The state supported credits would be granted to those students who did not managed to get a state financed place for studies.

Those students who wish receiving the state supported credits have to fill the applications to the Lithuanian State Science and Studies Foundation (www.vmsfondas.lt). Later, after the foundation selects students and makes a list, the students will be able to address Šiaulių bankas regarding a privileged credit.

“Šiaulių bankas already has an experience in lending to students as several years ago the bank started granting the exclusive service “Credit for studies” to the academic youth in order to facilitate access to loans and allow young people investing into their future during their studies. Many students have chosen those flexible credits meeting students’ needs “, - said Deputy Chief Executive Officer, Head of Business Development Division Jonas Bartkus.

Since 2007 Šiaulių bankas has been granting credits for studies to pay for full-time, part-time or extramural studies in higher educational institutions of Lithuania (university and non-university). The maximum amount of this credit is an aggregate of all the future payments for the studies.

Šiaulių bankas is actively granting the state supported credits since this April when it became the winner of the tenders of the stages I and II of state supported small credits organized by the Ministry of Economy of the Republic of Lithuania and “Investment and Business Guarantees” UAB (INVEGA) under the Economy stimulation plan. In July  Šiaulių bankas started granting the state supported credits to small and medium-sized enterprises from the Open Credit Fund as well.