Characteristics of Educational Loans for Higher Education (Colleges, Universities)
- Option to pay interest only for the first 4 years
- Loan duration of up to 25 years
- No contribution required from the customer
- Loan amount per child: up to EUR75.000*/CYP43.895,58 (we can also consider loans for higher amounts)
- Preapproved limit from Laiki Finance of up to EUR3417,20/CYP2.000 for the purchase of a laptop / computer (with one parent as guarantor)
- Lower exchange rate commission for students (0,3% instead of 0,5%)
- Offer of the debit card whats up 18+ connected with either a traditional current account or Laiki eChecking with a limit of EUR427,15/CYP250 and free withdrawals from ATMs in Cyprus and overseas
- The option of a low initial instalment amount which will increase gradually over time in line with your repayment capabilities
*For amounts up to EUR17.086,01/CYP10.000 only personal guarantees are requested. For higher amounts, tangible security is also required.
Example:
For private higher education institutions (colleges, universities) with interest-only repayments for the first four years, repayable in 25 years:
Educational Loan
Interest Rate: Marfin Laiki Bank Base Rate + 1,50% (APR* 6,66%)
Loan amount: EUR32.463/CYP19.000
Loan Duration: 25 years |
Number of Instalments | Monthly Instalment |  |
48 | EUR159,00/CYP93.06 | No repayment of capital or interest |
252 | EUR224,55/CYP131,42 | Payment of capital and interest |
* The Annualised Percentage Rate (APR) was calculated on 06/06/2008 for a EUR32.463/CYP19.000 loan and 25 years’ repayment period, including documentation fees of 0,50% and arrangement fees of EUR34,17/CYP20.
The Marfin Laiki Bank Base Rate is currently 4,45%.
Characteristics of Educational Loans for Elementary and Secondary School Education
- The loan covers the cost of tuition fees for one year, plus an extra EUR854,30/CYP500 to cover the initial expenses of the school year (eg books, stationery, uniform etc)
- Preapproved limit from Laiki Finance of up to EUR3417,20/CYP2.000 for the purchase of a laptop / computer (with one parent as guarantor)
- Repayment of the loan in 12 equal monthly instalments
- No contribution required from the customer
- Offer of the debit card what’s up 18- connected with a Savings account
- Personal guarantees only are required
- Low-cost insurance coverage, through the Laiki Credit Life scheme
Example: Educational loans for Elementary and Secondary Schools
Educational Loan
Interest Rate: Marfin Laiki Bank Base Rate + 1,50% (APR*8,81%)
Loan Amount: EUR3.929/CYP2.300
Loan Duration: 1 year |
| Number of Instalments | Monthly Instalment | |
| 12 | EUR337,93/CYP197,78 | Payment of Capital and Interest |
* The Annualised Percentage Rate (APR) was calculated on 06/06/2008 for a EUR3.929/CYP2.300 loan and 1 year repayment period, including documentation fees of 0,50% and arrangement fees of EUR34,17/CYP20.
The Marfin Laiki Bank Base Rate is currently 4,45%.
Please refer to the Interest Rates page for a detailed breakdown of the existing interest rates.
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CURRENT ACCOUNT WITH LIMIT
