TOP 5 best banks for education loans

With the end of the school year in the senior class, parents are faced with the question of continuing their education and enrolling yesterday's student in a higher educational institution. Not everyone gets to budget places. Education on a commercial basis is expensive - and its cost is growing every year. In such a situation, one cannot do without a loan for education. Not every family has enough financial resources to pay for a student's studies without catastrophic damage to the family budget, relying only on the salary of his parents.

They solve this problem in different ways: someone simply refuses to receive higher education and chooses more affordable education in secondary special educational institutions, someone is forced to sell a car or even real estate, but the most common option is to apply for a loan to pay for education.

How to get an education loan

Currently, financial institutions in Russia offer two instruments that can be used to pay for tuition at a higher education institution:

• educational loan(special target program);
• consumer cash loan, which can be used for the first and second higher education, additional or study abroad. That is, complete freedom in the use of credit funds.

Each of them has its own characteristics, which you should be aware of before making the final choice.

The positive features that characterize a targeted loan for the education of a child include the following:

• a grace period for repayment. As a rule, this is the actual period of study at the university, but some banks reduce its duration up to 12 months. At this time, the borrower is required to regularly contribute a relatively small amount;
• student loans can be issued to Russian citizens aged 14 years and older. If the borrower is a minor, the bank is likely to require a co-borrower.

At the same time, when applying for such a loan, a number of nuances arise that negatively affect the popularity of this financial instrument:

1. Some banks require a down payment. It can vary from 10 to 30% of the full cost of the entire period of study on credit. This is a substantial amount, which not every family has. In addition, collateral may be required - for example, real estate
2. The grace period may be shorter than the period of study. That is, in the process of studying, the student will lose the opportunity to pay the minimum amount. It should be borne in mind that only interest is repaid at this time - the amount of the principal debt remains unchanged.
3. As a rule, each financial institution has a list of educational institutions for whose students the bank offers to apply for a loan. That is, you will either have to choose a university from the bank's partners or look for a financial institution that cooperates with the chosen university (it is not always possible to find one).
4. It is necessary to take into account the fact that a student can be expelled, or he realizes the fallacy of choosing a specialty. In this case, he loses not only time, but also a significant amount of money. In most cases, an education loan for students practically forces the student to complete their studies at any cost.
5. Many banks require life and disability insurance not only for the borrower, but also for the co-borrower, which also entails additional costs.

These factors lead to the fact that an increasing number of people make a choice in favor of a consumer loan, and the money received is directed to education. In this case, it is possible to consider the offers of different banks and choose the best loan program.

Currently, a number of financial organizations in Russia offer programs that allow you to take a consumer loan for education (training). As a rule, financial institutions lend to adults, some of them will also require proof of income, in addition, there may be requirements for the length of service at the last place of work.

Below are banks that provide loans for education or other purposes on favorable and interesting terms for borrowers.

Favorable offer for a loan for education from OTP Bank

This financial institution offers a consumer lending program, including for training. You can get a loan for up to 750 thousand rubles at a rate of 14.9%.

The conditions assume registration for a period of 1 to 5 years. There is a possibility of early repayment - both partial and full.

Cash loan for study from Renaissance Credit

This bank offers loans up to 700 thousand rubles, while the repayment period can vary from two to five years. Interest here starts from 13.9% per annum.

You can also apply in person or online. You can find out the decision of the bank and receive funds as soon as possible - on the day of application.

Vostochny - a profitable cash loan for the education of a child at a university

Orient Express Bank issues loans for any purpose, including the education of children for a period of one to five years. In this case, the maximum amount is 1 million rubles, and the annual interest rate will be from 15% per annum. The organization provides for the possibility of early repayment.

Borrowers over 26 years old can submit an online loan application and find out the decision almost instantly within 5 minutes.

Consumer loan without certificates for the education of a child from UBRIR