Educational loans for youth studying IT

Every day more opportunities are being created for youth interested in the field of IT. Thus, compensation programs for international certificates and a program for issuing loans for the purchase of equipment were launched.

Another opportunity for young people is educational loans. The corresponding Resolution was signed by the Cabinet of Ministers of the Republic of Uzbekistan.

Among the main requirements for youth is that they must study in the field of IT at advanced training courses in non-governmental organizations – residents of IT Park.

Educational loans are issued up to 65 times the amount of the basic calculated value (BCV), including a one-year grace period, for a period of 4 years.

How to get a loan?

To obtain an educational loan, you must submit the following documents to commercial banks, published on the official website of the Ministry of Economy and Finance:

• application for an educational loan;
• an agreement (contract, public offer) drawn up in the prescribed manner between the borrower and non-state educational organizations that are residents of IT Park, and the invoice/invoice attached to it (if any);
• a document confirming the return of an educational loan in accordance with the credit policy and the internal procedure of a commercial bank. Note that this does not require a pledge or guarantee for an education loan allocated to young people who have children from families included in the “Unified Register of Social Protection”;
• certificate of inclusion in the “Unified Register of Social Protection” (for young people with children from families included in the “Unified Register of Social Protection”);
• other documents specified in the internal documents (policy) of the bank, including information and documents related to the co-borrower.

Simultaneously with the submission of the above documents to the Commercial Bank, the borrower personally presents an identity document. The Commercial bank has the right to receive the necessary extracts and copies of the submitted documents.

How is the application process going?

Commercial Banks review the application and all documents attached to it within five working days and sign an educational loan agreement or refuse to issue a loan. In case of refusal, the applicant is provided with a letter indicating the reason for the refusal to issue a loan.

The educational loan agreement is determined in the duly executed agreement (contract) between the borrower and the non-state educational organization, a resident of IT Park.

An educational loan is provided to the borrower at the basic rate of the Central Bank.

At the same time, if the main rate of the Central Bank is reduced, the interest rate on deposit funds and educational loans will be proportionally reduced, and if it is increased, it will remain unchanged.

The bank transfers the funds to the account specified in the agreement (contract) or account statement.