Student Loans with guarantors

Purpose
• Coverage of tuition fees, accommodation and personal expenses of the student
 
Loan Amount
• Up to €30.000
 
Collateral
• Three solvent guarantors, the parents of the student and the student himself or/and other solvent individual according to the discretion of the Limassol Co-Operative Savings Bank
 
Repayment Period
• 10 years after the completion of the studies
 
Repayment Method
• Standing Order from a bank account

 

No Initial Bank Expenses

• For further information please contact one of the Organisation's branches, or under the heading Products and Services -> Commissions and Chargers

 

No semi annual compound interest  
 
Beneficiaries
• All students enrolled at a college or a university
 
Grace Period
• Only interest amount is paid during the period of the studies plus one year with a maximum repayment period of 5 years.
 
Gradual Disbursement of the loan
• The interest is calculated on the disbursed amount of the loan
 
Benefits
• Provision of Debit card offering free of charge cash withdrawals from ATM worldwide
• Provision of College Visa
• Free i-banking

 

INTEREST RATES AND CHARGES

The interest rates for your student loan and the charges payable over the loan term are shown in detail below.

Pricing example for student loan.

Student loan with floating interest rate and guarantors.

 

Interest Rate         Expenses Loan Amount APR Loan duration in months Loan monthly installments Total  payable amount

BR=4,50%

4,50%+ 2,50%= 7%

 No documentation fees

€20.000

7,09%

120

€232,08

€27.646,95

 

  • Interest Rate= Base Rate + Margin

The interest rate is the rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit granted.

  • BR (Base Rate) on 6/4/2012 = 4,50%
  • The total payable amount may include goverment fees (e.g. stamps).
  • The APR has been calculated for a loan of €20.000, repayable in 10 years, no documentation fees and €10 yearly account operation fees.

 

What is APR?

APR (Annual Percentage Rate) is the total cost of the loan for the consumer expressed as an annual percentage of total credit. The APR includes all costs of the loan (including any costs associated with credit).

 

Limassol Cooperative Saving Bank reserves the right to reject any application at its discretion and to withdraw any plan at any time. The interest rate and the loan instalment may be changed by the Organisation from time to time.