UK Education; Bank offers alternative financing

Are you a student with plans of pursuing a masters or undergraduate degree in the United Kingdom or any part of the world in the September admission window? Then perhaps you should pay a visit to the nearest branch of Bank PHB as the bank is  offering an optional route to finance your dream using the Bank PHB UK educational loan.

Parents and Guardians facing the strains of the current global financial crunch may find the Bank PHB education finance opportunity quite attractive. The loan provides the opportunity for sponsors or guardians to give their love ones quality education abroad by contributing a fraction of the cost of the programme (20% equity contribution) while Bank PHB provides the balance (80% contribution).

The Bank PHB educational loan is offering sponsors, parents or guardians the option of not of sourcing for the total cost of study in the UK. With the UK educational loan, parents can invest the funds that could have been used in educating their child in other productive ventures that will generate more income, while Bank PHB cater for  80 percent of the cost of study.

The Bank PHB UK educational loan covers the tuition, accommodation, living expense and return ticket to the UK or any other part of the world.

The advantages that come with the Bank PHB educational loan is that it reduces the pressure on the sponsor’s or the guardian’s cash flow as it allows the customer to make repayment conveniently over an agreed period of time.

It also gives parents or guardians the opportunity to save for their children’s education in the future, through education target savings account. This account attracts higher interest on deposits than the normal savings account.

There are two versions of Bank PHB educational finance facility. There is the Bank PHB educational loan and the Bank PHB UK educational loan.  The PHB|UK Education Loan support postgraduate programmes only, in the UK, while PHB Education loan supports pre-university, undergraduate and postgraduate programmes as well as professional exams anywhere in the world.

However both variants of the Bank PHB education loan come with, flexible repayment options, tailored along the sponsor’s income pattern and provide funds to cover tuition, accommodation, and living expenses and return ticket up to a maximum of N5million.

The tuition fee and accommodation which is optional will be remitted to the school by the bank, while the living expense will be transferred to the student’s bank account in the country of study.

For students taking the Bank PHB UK educational loan option, the  bank will offer a “quick turnaround time, upon submission of all relevant documentation while Bank PHB will also provide  a Letter of Financial Guarantee to support Visa application for those applying for the PHB|UK Education Loan.

The Bank PHB Educational finance facility is available in branches of the bank however those desiring to take the loan must open an education target savings account in any branch of Bank PHB and build up or deposit 10 percent of the tuition fee of their proposed course of study.

For those who do not have an account with Bank PHB but desire the Bank PHB Educational loan in a hurry, they will have to open a current account, fill the PHB education loan application form and provide 20 percent equity contribution of the loan amount. The loan applicant will also have to provide a sponsor who must have a regular source of income as well as acceptable collateral which may be a fixed deposit, legal mortgage or domiciliation of salary and terminal benefit of the sponsor.