Little extra without much effort: the education loan, which provides financial support to the borrower in the final phase of an apprenticeship or during an internship. As with all loans, there are also certain funding guidelines for loan number 173 that you must observe.
Who receives the education loan?
The Bank educational loan is granted to the following adult persons / pupils who are not older than 36 and:
- study no longer than 12 semesters (study, additional study, postgraduate study, additional study)
- If you study recognized university, college or university, the educational institution is located abroad, it must correspond to recognized / domestic educational institutions.
- have already passed the intermediate examination or are in the process of completing a postgraduate, supplementary or additional course of study; if necessary, a certificate must be presented to the training center stating that no intermediate examination has been passed (Bachelor’s degree), but all achievements have been made.
- have successfully completed part 1 of a consecutive course, are in a postgraduate diploma, master’s or master’s degree
Or the borrower is a student and:
- has already successfully completed an apprenticeship or obtains a professional qualification with completion of the current apprenticeship,
- carries out the training full time and
- is in the last twenty-four months of his education.
The applicant must be a citizen or resident in the country and:
- come from a member state
- be homeless, entitled to asylum, or admitted refugee
- have at least one parent or spouse or
- had been employed in the country for at least five years before the start of the apprenticeship or one of the parents was there for three years
The interest rate of the loan for pupils and students is variable and is based on the respective 6-month; it will be adjusted on April 1 and October 1. The effective interest rate may vary, the debit interest rate is 1.45% pa The interest is generally calculated from the day of payment and added to the loan amount taken out. The interest payment then begins with the repayment.
The loan term is a maximum of 24 months, the borrower can choose between USD 100, USD 200 or USD 300 per month. A maximum of USD 7200 can therefore be paid out. If necessary, a partial amount of the loan amount can also be paid out at the start of the term, however, a maximum of USD 3600. Proof of need must be presented (for example, an invoice for the purchase of required work materials) .
If the maximum loan amount of USD 7200 was not reached during training, an increase (once) can be agreed. If, on the other hand, the borrower completes further training, a new educational loan must be applied for, if necessary.
The education loan is a free loan in the sense of the ancillary credit costs (not interest), which means that there are no fees or other costs for the conclusion of the loan contract. Payments are made at the end of the month for the corresponding subsequent month.
No interest or principal will be paid to the bank for a period of four years after the first payment, after which installments of USD 120 per month will apply. The loan can be repaid in part or in full at any time, at no cost.
No collateral is required for the education loan.