• The government and financial institutions in Seychelles have introduced an educational loan scheme that provides an additional option to traditional access to tertiary education.

Professionals in Seychelles who aspire to pursue further education can now do so thanks to a program for educational loans that have already been introduced and made possible by the government with the help of various regional banks. 

Odile Vidot, the director general of the Department of Finance’s Financial Services Development Division, made the statement on Thursday. He explained that “the educational loan provides an additional option to the traditional access to tertiary education through the Ministry of Education for those who want to develop their skills based on the country’s needs”.

The scheme is a collaboration between the commercial banks, Seychelles Credit Union, Seychelles Bankers Association, Central Bank of Seychelles, Ministry of Finance, National Planning and Trade, and the Ministry of Education and has already been launched for people between the ages of 18 and 55.

The program will give participants access to loans up to SCR 800,000 ($61,000), with a maximum of a 10-year repayment period beginning after graduation. Vidot noted that the government will provide an interest subsidy of 4%, resulting in the borrower paying interest at the creditor’s interest rate, less 4%. Also, the amount of the government’s liabilities in relation to the discounted rates will determine how much the borrowers will need to be bonded to Seychelles.

According to Philip Mustache, Chairman of the Seychelles Bankers Association, all banks were quite open to the notion of such a program. He also revealed that this program will be distinct from any current loans a client might have with their bank, which implies that a person can still be approved for this educational loan even if they have already taken out a loan with their bank.

According to Vidot, based on the needs of the nation in terms of human resources, a list of suitable fields has been created because not all course kinds will be eligible for the loan. These fields of study include, among others, law, medicine, information technology, marine biology, and telecommunications.

He said “The list of priority areas has been drawn up to ensure the scheme caters for sectors in need of qualified personnel and to also ensure all graduates will have job openings in their respected areas”. 

Additionally, interested candidates will have to contact the institutions to begin the application procedure. They must then provide the Seychelles Qualification Authority with information about the institutions and courses for review and approval. According to Vidot, many interested people are already requesting more details, and the government urges citizens to utilize this resource for their professional development.