Student loan for students in Russian banks – conditions, requirements for borrowers and interest rates

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A modern person, regardless of the chosen field of activity, can rarely do without a university diploma. An educational loan is the optimal solution for borrowers or their children planning to undergo training programs offered by several banks in the country. The product has its own characteristics, advantages and disadvantages and is available to most Russian citizens. However, before starting a transaction, it is worthwhile to study in detail the conditions for granting a loan and paying off a debt..

What is an educational loan?

This type of lending is provided by individual financial institutions. Take a loan can citizens who receive secondary, higher vocational education or undergoing special training courses. Student loan for training is provided as part of the target program. Some banks issue loans with state support, which provides significant savings to customers. An educational loan is provided both for the entire period of study, and for a certain period of time.

A loan for studying at a university is possible for two types of programs:

  1. Consumer loan with an interest rate of 12% per annum.
  2. A loan with state support providing for a reduced interest rate and special conditions.

Counterweight of books and dollar icon

To study at a university in the Russian Federation

All citizens over 14 years old can receive money for studying in Russia. There are targeted programs of specific banks and a soft loan with state subsidies provided by individual institutions. It is worth noting that the applicant must be enrolled in a university so that the issuer approves the application and provides a full set of documents. A loan for targeted programs is issued on standard terms with collateral and insurance. Preferential loan with state subsidy does not require confirmation of income, collateral and other.

Study abroad loan

Over the past few years, education abroad has become increasingly popular and affordable for Russians. A diploma of a foreign university opens up great opportunities for a graduate. However, it is practically impossible to get a budget place in an educational institution of another country, especially a Russian. Some financial institutions in Russia are ready to provide a loan to pay for tuition at a foreign university, not only in rubles, but also in another currency.

Today, this type of loan is issued in the following banks:

  • Intesa;
  • Citibank;
  • Russian standard;
  • Rosinterbank.

Where to get a student loan

Russians can get a targeted loan to pay for tuition at several financial institutions. A loan to study at Sberbank is considered the most profitable option, however it is more difficult to get it than a loan from another bank due to higher requirements of the institution. Loans under the target program are provided strictly for tuition in the amount billed by the educational institution. Detailed conditions depend on the issuer.

Student ID card and gradebook

With state support

Only students who enter certain specialties can receive money on preferential terms. In addition, the educational institution must work with this program. The borrower may be an applicant who has reached the age of majority or an adolescent over 14 years old with the appropriate permission from parents and guardianship authorities. A loan is not granted to minors taken into guardianship. You can get a soft loan for training at Sberbank or Rosinterbank, but at the moment the program is temporarily suspended.

Among the advantages of an educational loan with state support, it is worth highlighting the following:

  • the opportunity to receive money without confirming income;
  • lack of security requirements;
  • extension of the debt repayment period, if necessary.

Bank loan

In addition to the preferential program, Russians can use special products of domestic banks. This type of lending is available to different categories of citizens. The conditions depend on the specific financial institution:

  1. Soyuz Bank – provides loans in rubles or US dollars up to 100% of the cost of training.
  2. Russian Agricultural Bank – offers educational loans up to 350 thousand rubles with the ability to extend the debt repayment period up to 5 years.
  3. Societe Generale Vostok – grants loans in rubles, dollars or euros, in the amount of 45-750 thousand rubles.
  4. Uralsib Bank – grants loans up to 1 million rubles under the guarantee of 1-2 individuals.
  5. National Bank of Ukraine – grants educational loans under the guarantee of legal representatives of the child or pledge, up to 90% of the cost of training.
  6. Baltic Bank – ready to provide Russians over 18 years old with an amount of 20-200 thousand rubles to pay for training.
  7. VTB 24 – provides educational loans with a maximum amount of 250 thousand to 3 million 600 thousand rubles. A loan is provided under guarantee or without security.
  8. Post Bank – provides for an educational loan with a long repayment term of no more than 2 million rubles.

Specify the options for obtaining a loan in the table:

Financial institution

Interest rate

Debt maturity

Russian Agricultural Bank

14% per annum

Up to 10 years

Uralsib

17-19% per annum

Up to 5 years

Baltic Bank

From 19%

Up to 7 years

Societe General East

From 14%

Up to 6 years

Union

10% per annum

Under 16 years old

National Industrial Bank

18-20% per annum

Up to 3 years

VTB 24

11-16%

3-5 years

Post office

14.9-27.9%

Up to 12.5 years

Terms of Service

The parameters of the loan agreement depend on the selected bank. The maximum loan amount in all cases is limited by the cost of training and is calculated after providing the account from the university. It is worth noting that many banks are ready to provide no more than 90% of the rate payment. The loan term is set individually, as a rule, provides for a deferment of payment of the main debt.

Man signs a contract

Borrower Requirements

To apply for an educational loan, the applicant must meet the issuer’s requirements. The criteria may differ, but the main parameters of the potential borrower are as follows:

  • an applicant or student of a Russian university;
  • minimum age – 14-18 years, but not older than 55-60;
  • registration in the region of circulation;
  • Russian citizenship.

What documents are needed for registration

An important condition for applicants planning to take an educational loan is the availability of a full package of papers. The lack of necessary information may cause the bank to decide not to give a loan to the applicant. To obtain an educational loan you need:

  1. Agreement on the provision of services between the potential borrower and the educational institution and confirmation that the applicant has entered.
  2. Passport, SNILS, TIN of the applicant.
  3. Documents confirming permanent or temporary registration with a potential borrower.
  4. Military men must submit papers from the military enlistment office.
  5. Completed application form in the form of a bank.
  6. Document from the accounting of the university of the applicant with an invoice for the payment of educational services.

In addition, applicants under the age of majority provide additional documents:

  • birth certificate;
  • passports of guarantors (parents, legal representatives);
  • written consent of parents;
  • permission from guardianship authorities.

Features of an educational loan

This banking product has a number of differences and features. First of all, a loan is issued without a certificate of income, except when the applicant receives a second education. Borrowers can start repaying debt only after completing an educational course and entering work, or starting from the third year of using borrowed funds. Prior to this, the client makes contributions in the amount of accrued interest. You can get a loan only to pay for education in certain universities that are partners of banks.

Hand-to-hand transfer of money

Interest rate

The main advantage of educational loans is a small overpayment. Relatively low interest rates are provided for special programs of financial institutions. However, the largest savings are available to those who apply for an educational loan with state subsidy. Under the preferential program, the overpayment depends on the refinancing rate of the Central Bank of Russia.

In addition, the percentage which bank will choose the client:

  1. Is the overpayment under the Sberbank program calculated by the formula? Central Bank refinancing rate + 3%.
  2. Does Rosinterbank overpay for an educational loan? Central Bank refinancing rate + 5%.

Amount and maturity

The loan amount for educational programs is set in accordance with the rules of the bank. The amount cannot exceed 100% of the cost of training, because a financial institution transfers money directly to the university account. Some provide a loan with a compulsory down payment of 10% for tuition. The maturity depends on the selected bank and is 3-16 years. The preferential program with a subsidy from the state provides for a delay and the total duration of the loan agreement up to 10 years after graduation.

Loan security

Soft loans for training do not include the provision of income certificates and collateral. If an educational loan is issued without the support of the state, the issuer may require a collateral or a guarantee of individuals. The collateral is set individually, taking into account the loan amount, parameters of the borrower and other conditions of the transaction.

Student loan for students – registration procedure

Receiving funds for tuition is different from traditional lending. The transaction is executed subject to the following chronology:

  1. Passing entrance tests, admission to the university / college / technical school.
  2. Selection of the bank from the list of university partners with the most convenient conditions for the client.
  3. Collection of a full package of documents for applying (the list can be found on the issuer’s bank website).
  4. Filing an application through a branch of a financial institution.
  5. Studying the terms of the loan agreement (if a positive decision) and signing of securities.
  6. University receiving money for borrower training.

How to repay a loan to study at a university

The preferential lending program allows the repayment of a percentage of the debt during the training of the borrower, plus 90 days after graduation. The main amount is paid for 10 years after the borrower receives a profession and a job. There are programs that do not provide for deferred payment. In all cases, the borrower has the right to repay the full cost of training or part of it in advance without additional fines and penalties.

Cash window in the bank

Pros and cons of educational loans

Special educational loan programs have a large number of advantages. Among the advantages of this type of loans is the following:

  • low interest rates;
  • lack of commissions;
  • deferred payment of debt;
  • government subsidies.

However, there are also disadvantages of the product. Among them, it is worth noting the following:

  • a large list of necessary documents;
  • limited circle of partner universities;
  • nonresident students are prevented from obtaining a loan by a lack of registration in the region of circulation;
  • deferred payment of debt significantly increases the overpayment.
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