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:
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.
You can borrow any amount from €1,000 to €20,000. The BOV Education Loan may be granted without any contribution required from customer.
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.
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.
A BOV Education Loan means all this:
Apply now and you’ll benefit from:
Loan Repayment Education loans are repayable by monthly installments. The amount you pay every month is to be in line with your income and is determined by:
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, provided that the term of loan:
Other Terms & Conditions
Loans are subject to normal Bank lending criteria and final approval from your BOV Branch.
Direct Credit of Salary or Income to BOV account is required. In case of alternative arrangements, different terms and conditions including the rate of interest apply.
Gradual Drawdown for a maximum period of three years is allowed.
Discounted rates and/or special conditions offered by the Bank under this product are always subject to the account being operated properly and the repayments effected regularly as agreed. Terms and conditions apply.
The Consumer Lending Bank Base Rate, (CLBBR) is 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.
Qualifying for the loan
To apply for BOV Education Loan, we require that:
We shall ask you to provide us with formal confirmation of income and expenditure. As evidence of income, it will be useful to have your recent payslips together with your FS3s or Profit & Loss Accounts together with the Inland Revenue income and self-assessment form submitted to the Inland Revenue. Your proof of identity is always necessary when contacting the Bank.
Applicants under this scheme are to present a pro forma invoice / invoice for the amount requested duly issued by the relative Training Institute / School.