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:
- Free Life Cover
- Amount from €1,000 to €20,000 can be borrowed. BOV will finance school tuition fees and/or further education.
- Repayments can span up to a maximum period of 15 years (subject to terms and conditions)
- A discounted variable Interest rate of 4.75%, APRC of 5.002% per annum*
- A one time processing fee of 0.30% on loan amount (min €50)
- No early repayment fees apply if loan is paid off before the repayment period
- The BOV Education Loan may be granted without any security
- Gradual Drawdown of financing over a maximum period of three years reducing your interest charge.
Representative Example
A representative example of a BOV Education Loan based on a loan amount of €10,000 being made available by BOV at a variable interest rate of 4.75% p.a. (interest margin of 2.30% plus consumer lending bank base rate – the basis, established by the bank from time to time, on which the rate of interest payable generally on all bank consumer lending is determined, currently 2.45%), APRC will be 5.002% p.a.* and the loan will be repayable in 180 equal monthly instalments of €78.12 over a term of fifteen years.
The total sum payable throughout the term of the loan, assuming the variable interest rate remains unchanged, will be €14,111.60 being capital of €10,000 and interest of €4,111.60; together with a processing fee of €50 that is payable at the initial stage.
Amount borrowed
You can borrow any amount from €1,000 to €20,000. The BOV Education Loan may be granted without any contribution required from customer.
Repayment Terms
The loan is repayable by monthly instalments.
The amount you pay every month is determined by the sum you borrow, the selected term and the applicable rate of interest.
If you decide to repay the loan before the stipulated term, whether in one lump sum or by increasing your monthly installments, no penalties or additional fees apply.
Term Duration
Repayments generally span up to a maximum period of 5-8 years. For loans amounts of €10,000 or over, the maximum term may be extended up to 15 years.
Processing Fees
There is a one-time processing fee, of 0.30% (min €50). No other hidden fees or extra costs are applied.