From the new academic year, educational loans to be provided on preferential terms
Tashkent, Uzbekistan (UzDaily.com) -- From the new academic year, educational loans will be provided on preferential terms for a period of 7 years at the base rate of the Central Bank. This was announced by the President of Uzbekistan Shavkat Mirziyoyev.
The head of Uzbekistan noted that the rate on educational loans will be 14% per annum this year.
Mirziyoyev said that also the funds allocated for the repayment of educational loans will be exempt from income tax.
“We will create a new support system for talented youth who are unable to study at the university on a contract basis. As you know, today parents take educational loans for 3 years at a rate of 22-28 percent in order to educate a child at a university,” the President said.
“But it is burdensome for everyone, especially for families living in remote and hard-to-reach areas. Taking this into account, starting from the new academic year, educational loans will be provided on preferential terms for a period of 7 years at the base rate of the Central Bank, that is, at a rate of 14 percent this year,” he added.
“For children from families included in the “iron notebook”, a procedure for paying a contract from budget funds for first-year education will be introduced,” Shavkat Mirziyoyev said.