Announcement about the Educational Loan for Students
The “Türkmenbaşy” Joint-Stock Commercial Bank of Turkmenistan, through its branch in the town of Garlyk, Köýtendag district, announces that it provides targeted educational loans to citizens of Turkmenistan who are studying on a paid basis at higher or secondary vocational educational institutions of Turkmenistan.
The loan is granted to Turkmen citizens studying in such institutions for the payment of tuition fees.
The loan amount is determined based on the total or annual cost of education specified in the tuition contract or invoice, and according to the relevant supporting documents.
Loans are provided through the opening of a revolving credit line.
For the entire study period, the loan is issued in non-cash form, in an amount not exceeding that specified in the tuition agreement or invoice.
The maximum limit of the revolving credit line must not exceed the annual tuition fee. After repayment of the used funds, further payments for subsequent years can be made from the same line.
If the tuition fee increases in the following years, the loan amount under the revolving credit line may be adjusted by mutual agreement through an amendment to the loan agreement.
The credit line is opened for up to five (5) years, corresponding to the student’s period of study in higher or secondary vocational educational institutions of Turkmenistan.
If the student is studying at a foreign higher educational institution, the loan must be taken by their legal representative (parent, guardian, or custodian).
Loan funds are provided in manats, to be later exchanged into freely convertible foreign currency through the Interbank Currency Exchange of Turkmenistan, and are directed toward tuition payments according to the invoice issued by the educational institution.
Funds under the credit line are transferred non-cash, in stages—either each semester or academic year, in the necessary amount.
The interest rate on the loan is 5% per year.
The rate is determined by the bank, taking into account the refinancing rate set by the Central Bank of Turkmenistan at the time of the loan.
Subsequent payments under the revolving credit line are made within the limits of the tuition fee, specified in the contract or invoice, using unused funds or after the repayment of previously issued funds.
To receive the next portion of the loan, the borrower must present documents confirming their continuation of studies, such as a certificate from the educational institution, a student ID, or a grade book.
Loan security is required — in the form of pledged property or other types of collateral permitted under the legislation of Turkmenistan (bank guarantee, surety of legal or natural persons, etc.).
If the collateral is a personal surety, in addition to the legal representative’s surety, one more guarantor is required.
In cases where studies are interrupted for valid reasons (illness, relocation, etc.) or invalid reasons (violation of academic rules, poor performance, etc.), the borrower, their legal representative, and guarantors bear joint liability for the repayment of the loan and accrued interest to the bank within the time frame established by the bank.
For detailed consultations and specific information, you can contact the specialists of the “Türkmenbaşy” Joint-Stock Commercial Bank’s branch in the town of Garlyk, Köýtendag district.
Address:
No. 5, Galkynyş Street, Garlyk town, Köýtendag district.
Contact phone numbers:
8 (440) 2-40-00, 2-40-01, 2-40-05.
