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ARMENIA'S TRADE BANKS TO PROVIDE STUDENT LOANS WITH NEW SOCIAL PROGRAM
TERT.AM
15:26 ~U 06.02.13
A new social program is being implemented in Armenia with which trade
banks will provide loans to the students of non-private and private
universities.
Education and Science Minister Armen Ashotyan and chairman of the
Armenian Banks Union NGO Ashot Osipyan told the reporters today
that the initiative will be implemented by the government and the
Union jointly. They stressed that the initiative is agreed with
public demand.
Different trade banks are implementing such services but not in the
pre-context of social programs. These are short-term loans while this
program for the first time will provide long-term loans.
"We assure you that it is unprecedented model and is more of social
philosophy nature than commercial," Armen Ashotyan said.
The minister said the program makes students loans more available and
gives the Armenian students an opportunity to get higher education,
but it is aimed at getting knowledge and not diplomas.
The loan will be provided by the Armenian currency with the guarantee
of parents with 10 year term. During the studying years the interest
rates will be paid back and after the graduation the main sum.
The maximum sum of the loan will be 1 million 800,000 drams, with
four tranches 450,000 drams for each portion.
The loan is being provided with pawn, the money will not be provided to
the student but will be transferred to the educational establishment.
Ashot Osipyan said as far as the pay back risk is mainly on banks, the
bank history of students will be studied and the students' advancing.
Those studying bad will be denied.
Fourteen out of 21 Armenia's trade banks will provide the loans.
From: Baghdasarian
TERT.AM
15:26 ~U 06.02.13
A new social program is being implemented in Armenia with which trade
banks will provide loans to the students of non-private and private
universities.
Education and Science Minister Armen Ashotyan and chairman of the
Armenian Banks Union NGO Ashot Osipyan told the reporters today
that the initiative will be implemented by the government and the
Union jointly. They stressed that the initiative is agreed with
public demand.
Different trade banks are implementing such services but not in the
pre-context of social programs. These are short-term loans while this
program for the first time will provide long-term loans.
"We assure you that it is unprecedented model and is more of social
philosophy nature than commercial," Armen Ashotyan said.
The minister said the program makes students loans more available and
gives the Armenian students an opportunity to get higher education,
but it is aimed at getting knowledge and not diplomas.
The loan will be provided by the Armenian currency with the guarantee
of parents with 10 year term. During the studying years the interest
rates will be paid back and after the graduation the main sum.
The maximum sum of the loan will be 1 million 800,000 drams, with
four tranches 450,000 drams for each portion.
The loan is being provided with pawn, the money will not be provided to
the student but will be transferred to the educational establishment.
Ashot Osipyan said as far as the pay back risk is mainly on banks, the
bank history of students will be studied and the students' advancing.
Those studying bad will be denied.
Fourteen out of 21 Armenia's trade banks will provide the loans.
From: Baghdasarian