Azerbaijan - Guidance To Apply Student Loan

ProcedureEdit

Student loan - Banks:

The applicant must gather all documents they may need to present or submit to the bank to apply for a loan.
Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
Submitting an application:
1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to the bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
Once your application is approved, the bank will ask you or your guarantor to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

Required DocumentsEdit

Some of the documents that a bank might ask applicants to submit or present:

Completed application form
Identification of borrower, guarantor and student
Proof that the student has been admitted in the university/college

Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.

Office Locations & ContactsEdit

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

EligibilityEdit

Some banks requires applicants for a student loan to be Azerbaijani citizens who have reached 18 years of age.

Eligibility criteria may vary per bank, especially in the case of an international student

FeesEdit

Some banks does not charge students applying for a loan.

ValidityEdit

Repayment period for most student loans starts after course completion. Students pay only interest while in school.

Some banks offers student loans with repayment period of up to 10 years, which begins three months after graduation, or when students withdraw or drop below half-time status. Repayment is deferred during the period of legal maternity leave or military service.

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

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InstructionsEdit

Student loans - Banks:

Interest accrues from the time of disbursement
Disbursement of loan amount:
- For student loans obtained to cover tuition fees, the loan is disbursed directly to the University at the beginning of each semester, for that semester only.
- For student loans obtained to cover cost of living, the loan is disbursed directly to students at the beginning of each semester for that semester only

Before applying for a student loan:

Make sure that you can present and submit all the required documents that the bank is asking for.
Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process.
You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
It may be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required InformationEdit

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the DocumentEdit

Student loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

There are some universities/colleges in Azerbaijan that have partnered with commercial banks in the country to help provide financial aid to students. The student loan can help pay for the total cost of tuition, fees and books per academic year, and can also help cover the total or partial cost of living.

Information which might helpEdit

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External LinksEdit

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OthersEdit

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