The FINANCIAL — For those who are planning to take an MA Course abroad and need financing to cover their education fees, Bank Republic is offering a new student loan.
The FINANCIAL — For those who are planning to take an MA Course abroad and need financing to cover their education fees, Bank Republic is offering a new student loan.
Students can as a result now afford to get a Master’s degree at Columbia University, New York University, Stanford University, Harvard University, London Business School, London School of Economics and other leading universities.
The terms of Bank Republic’s student loan are the best on the market, the Bank’s representatives believe. The maximum amount of a secured loan is 60,000 USD or its EUR equivalent; the maximum amount of an unsecured loan is 10,000 USD or its EUR equivalent; the maximum loan maturity – 120 months; the maximum grace period – 30 months; the interest rate – from 16%.
“The student loan will be issued to business administration and engineering/technologies students who are enrolled in the universities ranked among the top 50 universities by the Financial Times and The Times. There might be exceptions made for certain fields of study and universities,” said Ani Shamatava, Product Development Officer at Bank Republic. “Through the student loan students are able to cover not only their tuition fee, but accommodation, travel, food, and other expenses related to education,” Shamatava added.
The student will start repaying the loan six months after finishing his/her studies.
“We offer special gifts to motivate students in attaining better results. If a student graduates from the university, the interest rate of his/her loan will be reduced by 0.5%; if a student graduates with excellent marks, the interest rate of his/her loan will be reduced by 1%; and after finishing studies with a GPA of 3.6 or higher, we will offer the student a two-month internship at the Head Office of Bank Republic,” added Shamatava.
Shamatava explains that now is the best time to offer such a kind of loan as all foreign university applicants already know whether they have been accepted to their university of choice or not. After being admitted students start gathering finances. “Because of the economic conditions, universities do not grant students scholarships so easily anymore. They prefer to finance local students rather than finance international ones. In this case our student loan will greatly help Georgian students have the possibility to study at world famous, foreign universities,” Shamatava said.
“We offer our Student Loan with very favourable conditions,” said Eka Toroshelidze, Head of the Strategic Marketing and Product Development Division. “Bank Republic’s Student Loan is a unique product on the market because the loan amount is the highest. We are also offering a special grace period, which involves having to start repaying the loan six months after finishing their studies. We are thus giving students the possibility to finish their studies, return to Georgia, find a job and only after that, start repayments. To stimulate the interest of our student clients we are offering special discounts as well. We are giving them the chance to earn an internship at Bank Republic. All these conditions make our product a very unique one on the market,” added Toroshelidze.
Bank Republic representatives hope that the new student loan will bring new customers to the Bank. “After graduating from the world’s best universities the student has a financially guaranteed future. He/she will be a medium or high income person and is therefore a potential client of ours. The student will be returning to Georgia satisfied with our loan and therefore become our loyal client. This is a big benefit for Bank Republic,” added Toroshelidze.
Bank Republic has had a similar offer before, innovative credit which was especially tailor-made by Bank Republic for Caucasus University, Georgia. This loan was determined to support the development of education in Georgia and offered students the opportunity to have Bachelor and Master programmes financed. As Toroshelidze and Shamatava stated, this student loan is still very popular among students and Bank Republic is satisfied with the results this product has shown.
“The Student Loan is in great demand in general. Due to this high demand we are going to develop our student loan offer and add other opportunities. Very soon we are going to offer a new product, covering international and local studies of Bachelor and Master degrees,” said Toroshelidze.
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