Regulatory Alerts2016-01-12
Added · Updated
Education Credit
The document establishes the legal framework and operational rules for education loans provided by commercial banks in Uzbekistan for citizens enrolled in full-time higher education programs. It specifies loan terms of up to 10 years for bachelor's students and 5 years for master's students, with interest rates set at 0% for orphans, children of disability groups I and II, and residents of orphanages, and variable rates not exceeding the Central Bank's refinancing rate for other students. The regulations mandate that 50% of interest for students from low-income families is subsidized by the State Fund for Employment Support, and income tax is exempted on funds directed toward tuition for the borrower or their children under 26. Implementation data from 2011 to mid-2014 indicates that over 50,000 students received approximately 148.4 billion UZS in loans, with specific allocations for vulnerable groups.