Govt to slash loan administration fee to 1 percent

The government's Strategic Action Plan (SAP) proposed to reduce loan administrative fees on higher education loans to one percent.

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Maldives National University (MNU) Graduation 2019. PHOTO: PRESIDENT'S OFFICE

Mariyam Malsa

2019-10-03 14:32:28

The government's Strategic Action Plan (SAP) proposed to reduce loan administrative fees on higher education loans to one percent.

As per the SAP, interest rates will be reduced from six to one percent by the year 2021. The fee is an overall administrative charge levied on the total cost incurred by each student.

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