Educational Loan Scheme is officially launched
May 04, 2023
The government has this week launched the new Educational Loan Scheme, in partnership with six commercial banks and Seychelles Credit Union.
The signing of the MoU was undertaken last week, following preliminary works to set up the parameters, terms and conditions of the scheme. SS Patrick Payet signed on behalf on the Ministry of Finance, National Planning and Trade, whereas each of the participating bank, had their representative signed the document.
Under the scheme, a loan of a maximum of R800,000 will be disbursed to students wanting to further their career. The age eligibility is between 18 and 55 years.
It should be noted the scheme will operate alongside the scholarship programme of the government, allowing for anyone to access the loan.
Applicants under this scheme, need to apply for a course at an educational institution, once accepted, they should have the Seychelles Qualification Authority authenticate the institution and course, and it is only after, that they can approach the banks to access the loan.
Under this scheme, only courses aligned to the human resource development strategy, thus driven towards areas of projected increased opportunities for growth and development, will be entertained.
Speaking to the local media this morning, the Director General for Financial Services Development Division, in the Ministry of Finance, National Planning and Trade, Ms. Odile Vidot, urged potential students to make use of this new product in order to advance their career.
“The Government encourages those aspiring to pursue further studies to avail themselves of this financing opportunity, and to approach these Credit Granting Institutions in order to access the Scheme. It presents an additional option to access to tertiary education and does not replace, but rather complements the government program on tertiary education through the Ministry of Education.”
The chairperson of the Seychelles Bankers Association, Mr. Phillip Moustache, has welcomed the initiative, in particular as one of the priority areas will be in banking, and financial services.
The setting up of the Educational Loan Scheme was announced in the 2023 budget address, delivered in early November, 2022 by Minister Naadir Hassan.
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