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BLOM Bank

Description

The Foundation and BLOM Bank have agreed to establish a subsidized loan program for students, designed to help them pay for college tuition.

Terms

The loan program has two major advantages: easy repayment terms (Monthly payments of interest only until one year after graduation, then 120 equal monthly installments) and a low interest rate, not exceeding 3% p.a. The loans will be denominated in Lebanese pounds (LBP). The interest amount will be reimbursed by the Foundation up until the student’s graduation after which it is no longer reimbursed. However, each student is personally responsible for making all scheduled payments to BLOM Bank in a timely manner.

Loan amounts will be up to LBP 37.5 Million (USD 25,000) and a guarantor is required. In exceptional cases, the loans can be increased up to a maximum of LBP 75 Million (USD 50,000) against real estate collateral. The loans are subject to approval by both the Foundation and BLOM Bank.

Loan requests must be initially submitted as part of the regular application process of the Foundation.

Submission deadline

June 1

finances

The Foundation has been funded through contributions by Mr Alexis Habib and his family. No active fundraising from outside contributors is expected.

partnerships

The Foundation also offers scholarships at INSEAD for those who aspire to attend a world-class international MBA program.
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