Each student from 39 public universities will get highest Tk 8,000 as soft loan.
The decision was taken at a virtual meeting presided over by UGC Chairman Dr Kazi Shahidullah on Wednesday.
The students recommended by Soft Loan Approval Committee will get the money in their bank accounts within January 31, next year, it said.
They have to repay the loans in four phrases after the university classes resume or during their studentship.
UGC on August 9 sought a list of insolvent students who are unable to buy smartphones from the university Vice-Chancellors who later submitted a list of 41,501 students.
In the list , the highest number students- 8,556 are from Dhaka University and the lowest number -5,860 students from Khulna University of Engineering & Technology (KUET).
National University, Bangladesh Open University, Islami Arabic University, Bangabandhu Sheikh Mujib Medical University (BSMMU), Chittagong Medical University (CMU), Rajshahi Medical University and Sylhet Medical University have been kept out of the loan facility.
Also read: UGC approves Tk 8,485.12 crore budget for 46 public universities