Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsInterest chargeable from students
| 5. The Minister may, with the concurrence of the Minister in charge of the subject of Finance, determine from time to time the rate of interest to be charged in respect of loans granted under this Act, and such rate of interest shall be communicated by the Deputy Secretary to the Treasury to the appropriate specified bank. Where the rate of interest so determined is less than the prevailing rate of interest charged by any specified bank for loans granted for a purpose similar to a purpose for which loans are granted under this Act, the difference between the two rates of interest shall annually be paid to such specified bank by the Deputy Secretary to the Treasury out of the Fund. |