State supported credits for studies to cover expenses for spring semester of 2011

2011-04-18

Since 18 April this year Šiaulių bankas starts granting state supported credits to students for payment of subsistence expenses or partial studies abroad.

Students of state and private higher education institutions can receive preferential credits with interest rate lower than market price.

During the spring semester of 2011 credits granted by the Bank for payment of subsistence expenses or partial studies under the international (interdepartmental) agreements are provided for the remaining period of spring semester of 2011. Maximum amount per annum available to students for payment of subsistence expenses can not exceed LTL 6 500. Šiaulių bankas will pay a credit monthly to personal student account in equal parts to cover subsistence expenses.

Maximum sum available to students for payment of partial studies abroad can not exceed 7 800 LTL during the one year of studies. The Bank will pay a credit in full for partial studies abroad by transferring money to personal student account.

Students will have to start reimbursements of credit not later than one year passes after studies are completed or after cancellation of studies, while they will have to start paying interest for the loan at once having received a credit. Annual interest rate on credit will depend on 3 month VILIBOR and 2.5 per cent of the Bank’s margin sum.

“A student will have to repay a state supported loan within 15 years starting from the provision of credit. A student  wishing to repay a credit before the expiry of its redemption term will be able to make it without any restriction or additional fees of the Bank.  Document analysis, administration, liability and early repayment fees are not applied to credits.  Thus, conditions to students are really favorable”, says Asta Mažulienė, the Director of Banking Products Department of Šiaulių bankas.

Students can apply to Šiaulių bankas for the credit regarding the payment of subsistence expenses or partial studies abroad till 17 May this year.