Cambodia - Guidance To Apply Student Loan
Some banks and microfinance companies in Cambodia offers student/education loans that can help students/parents or guardians pay for the full tuition fees and a portion of non-tuition fees.
Student loan schemes/education finance are designed to make the student's university/college 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.
Here is a guide that can help students apply for student/education finance in Cambodia.
Some microfinance companies in Cambodia requires loan applicants to be:
- Aged between 15 to 40 years old.
- Able to present a good academic record.
- Enrolled in a recognized university or technical training center.
- Committed to their studies and has good attitude.
For banks, some of them requires applicants (parents/guardians) to:
- Have a permanent address which is certified by local authority;
- Be able to provide student confirmation letter from the institute or university and student transcript as required;
- Have a proper work, salary, or sufficient income (students' parents or guardians);
- Present receipt or letter confirmation of school fee from the institute or university to the bank when receiving money;
- Secure the loan with a collateral.
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Student loan - Banks: Some banks offers two types of student loans to their clients:
- The loan amount is received in lump sum (one time payment)
- The loan amount is paid in installment (annual or per semester)
Before applying for a student loan:
- Make sure that you can present and submit all the required documents that the bank/micro financing company is asking for.
- Take note of the interest rate, conditions, and repayment scheme that the bank/micro financing company is offering. Look into several banks and do some research regarding the banks application process.
- It may also 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.
- You might also need to consider the bank's customer service, since this type of loan are usually long term, it will make transactions easier and can save you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
- 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.
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.
Education/student finance - Banks / micro financing companies:
- Gather all documents you may need to present or submit in order to apply for a loan.
- Some banks may ask applicants to secure the loan with a collateral.
- 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 your loan application: Most loan applications are done in person, with the applicant or the parent/guardian going to the bank's/micro financing company's branch, you may get in touch with them in case you have any question or you would like set up an appointment. Submit the completed application form along with other required documents. Note: 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 bank's/micro financing company's branch. They can give you a checklist of required documents, and direct you to the nearest branch of the bank in your area.
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Some of the documents that you might be asked to submit or present:
- Completed application
- Proof of address
- Student confirmation letter from the institute or university and student transcript as required
- Receipt or letter confirmation of school fee from the institute or university to the bank
Note: Documents listed above are just some of the requirements that a bank/micro financing company may ask you to submit, it may vary per bank/micro financing company or some may ask you to produce additional documents. Get in touch with the bank/micro financing company for more info regarding required documents.
Explain the fees structure which is required for obtaining the certificate/document.
Microfinance Companies: Loan term varies depending on the degree or vocational course you are pursuing:
- Associate Degree: 3 – 48 months (4 years)
- Bachelor Degree: 3 – 84 months (7 years)
- Master Degree: 3 – 48 months (4 years)
- Vocational Training: 3 – 24 months (2 years)
Banks: Loan period is based on the total period of the whole course plus a maximum of 12 months.
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Videos explaining the procedure or to fill the applications. Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites. Please remove the "&" inside the tags during implementation. Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, sevenload, viddler, vimeo, youku, youtube width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed. e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M".
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