Are you a student or are you planning to start your studies and do not know where to get sufficient funds to finance your studies? It does not offer loans for students in many banks or financial institutions. Good Credit Bank is one of the few exceptions.
It offers loans to students of up to USD 150,000. You can borrow this money for up to 10 years. What’s more, with this student loan, the bank allows only interest to be paid during the study period. You can start repaying your loan only after graduation.
Student loans from Good Credit Bank
This student loan from Good Credit Bank is intended for all full-time students at universities, colleges or language schools. Another prerequisite for obtaining a loan for students from Good Credit Bank is the age of 18 – 30 years.
For students, the bank offers loans ranging from USD 50000 up to USD 150,000. The loan for students can be granted for a period of 12 – 120 months (ie for 1 – 10 years). The basic interest rate is at least 10.3%.
In addition, Good Credit Bank does not charge any loan approval fee for student loans (in this case 0USD) (for other loans, the bank, and not only Good Credit Bank, usually charges a one-off fee of 1%).
What are the conditions and fees for student loans
For a student loan from Good Credit Bank, there are two main fees – an annual fee for managing the loan of USD 600 per year (ie USD 50 per month). Furthermore, Good Credit Bank requires that the loan applicant (student) established in the bank has a personal account. Basic version of current account The Express account is issued at Good Credit Bank at USD 228 per year (fees for account maintenance and use).
Another condition for obtaining a loan for students from Good Credit Bank is the liability of a third party. As students usually do not have their own incomes, it is necessary that their loan be guaranteed by a third party (one of the parents or someone else who has sufficient income). Alternatively, it is possible to guarantee a student loan by establishing a lien on a term deposit or in another form.
The loan for students is possible to postpone installments
Students may ask the bank to postpone installments until after their studies have been completed. In such a case, only the basic interest and loan management fees are paid during the study period. The loan itself will start repaying only after graduation.
This is certainly an advantageous offer for self-employed students who need to raise money to cover the costs of studying at a college or college.