At BOV we strongly believe that education is key to a person’s success, so much that we can assist in the financing of educational courses at any registered and accredited Educational Institution, including private schools, colleges and universities, both locally and abroad.
Find out more about the BOV Education Loan.
The BOV Education Loan is available to parents/legal guardians wishing to enrol their children and/or students wishing to enrol for educational courses in any registered Education Institution. The BOV Education Loan is accessible to all full-time and part-time students who are not eligible to apply under the BOV Club scheme or the BOV Graduates Package.
Here is an overview of main features of the BOV Education Loan :
You can borrow any amount from €1,000 to €20,000 to finance school tuition fees and/or further education. The BOV Education Loan may be granted without any security. Repayments generally span over a maximum period of 5 years. For loan amounts of €10,000 or over, the maximum term may be extended up to 7 years, provided that the term of the loan does not go beyond the borrower's retirement age.
A one-time processing fee of 0.3% of loan amount (minimum €50) is attached to this product. There are no hidden fees or any other extra costs.
Applying for the loan
To apply for the BOV Education Loan, you need to be:
We will ask you to provide us with a formal confirmation of your income and expenditure. As evidence of income, we will request copies of your latest three payslips and FS3 for the previous year. If you are self-employed, we will request copies of your Profit and Loss Accounts and Tax Statements issued by the Inland Revenue Department for the last two years. If you are still a student in receipt of a stipend, we will request confirmation of such income from the relative institution. Your proof of identity is always required when contacting the Bank. At application stage, you will also need to present a pro-forma invoice issued by the education institution confirming the total cost involved.
A BOV Education Loan means all this:
Apply now and you’ll benefit from:
Applications for students who are under 18 years of age are to be made by their parents or legal guardian, whilst applications by married students are to be made jointly with their spouses. Repayments are to be effected by a monthly standing order. Discounted rates and / or special conditions offered by the Bank under this scheme are always subject to the account being operated properly and the repayments effected regularly as agreed. The loan will be repaid by monthly instalments which will be inclusive of interest.
Loans are subject to normal Bank lending criteria and final approval from your BOV Branch. Terms and conditions apply. The term of the loan must not go beyond retirement age.