Each agreement was abandoned after the first instalment of a loan was spent and then had to be negotiated afresh with a new government after many painful ifs and buts.

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He set up low interest instalment credit plans which enabled thousands to avoid the loan sharks and buy cookers and refrigerators and autos, and he built a whole new electrical industry with his loans.

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The repayment period for the loan is short four years after graduation, with the first instalment due within six months, on average, of leaving university.

ECONOMIST: Students are struggling to cover their loans