OREANDA-NEWS. October 30, 2009. A week after the state sponsored loan issuance for students began, Bank SNORAS has already issued loans to students for more than LTL 1.5 million. Almost 60 per cent of the sum of all issued loans comprise the loans for covering living expenses. Most loans were issued in Vilnius where the loan amount and the number of the loan recipients considerably exceeded Kaunas and 5 times more than in Klaipeda. The soft loans for students in Bank SNORAS are issued on the average within 10-15 minutes, reported the press-centre of Bank SNORAS.

“As the first numbers show, it is obvious that the families sustaining students mostly face shortage of money while allocating funds for the board, lodging and transport. Perhaps we would like to see other figures; however, it seems that the majority of the students and their parents had to collect the money for the tuition fees back in summer, while the soft loans are granted partway into the autumn. Bank SNORAS has a successful six-year experience in crediting students; therefore, we perfectly understand the expectations and problems of the promising Lithuanian youth. Presently we apply the exclusively low interest margin in Litas to this socially sensitive community group and we will not apply any loan administration fees. We are planning to follow such banking products provision policy favourable to students in the future,” states Deimante Bareikiene, the director of AB Bank SNORAS Sales Department.

The interest of the loans issued by Bank SNORAS to students in Litas comprises 1.85 per cent of the bank margin and the floating interest base (3 months VILIBOR). The purpose of these loans – to pay the tuition costs, to cover the living expenses, to pay for the partial studies according to the international (interdepartmental) agreements.

During the entire period of studies, the interest for the loans to pay for the tuition costs for one student will not exceed 5%. The interest exceeding this limit will be covered by the state. As for the other types of the loans – for living expenses or partial studies – the loan compensation mechanism will not be applied. After the studies are finished, the interest rates indicated in the agreement with the bank will come into force.

Bank SNORAS does not apply to students the loan administration fee, grants an opportunity to postpone the loan redemption for 2 years, issues SNORAS SuperCard credit card free of charge to all loan recipients and offers the exclusive consumer loan conditions.

AB Bank SNORAS will provide the soft, state sponsored loans for students till 13 November 2009.