Comoros - Guidance To Apply Student Loan
Designed to help students or their parents pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower.
There are banks in Comoros that offers loans that can help parents pay for their children's cost of education in Comoros or abroad.
Following is a guide on how parents can apply for a study loan or seek financial aid in Comoros.
Some banks requires applicants (mostly parents) for a loan to:
- Be a customer of the bank - minimum of 1 month.
- Have a stable and regular household income
- Be able to present a document that can prove that his/her child is enrolled in a school/university in Comoros or abroad.
Eligibility criteria may vary per bank.
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Study loan - Banks:
- Some banks can grant a study loan amounting to 3,000,000 KMF (maximum amount).
- Borrowers may be asked by the bank to sign a direct debit income commitment with the bank.
- Personal, United and indivisible guarantee up to 125% of the loan (at the discretion of the Bank).
- Delegation of death insurance.
- Disbursement of funds: Since some banks requires loan borrowers to be a customer/has an account with the bank, once approved the loan amount may be simply credited directly to the borrower's account or to a different account depending on the borrower's instructions.
- Handling charges: The bank may ask borrowers to pay for handling fee (fee charge to process an application)
Things you should know before applying for a loan:
Before you apply for a loan, carefully 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. It may be helpful if you can ask the schools directly if they offer any loans/scholarships to students or if they have partnered with any banks that offers student financing.
One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, it will make transactions easier and can save you from a lot of stress in the future if your bank has good and accommodating bank representatives or loan officers.
Tip: You may not need to accept the entire amount of a loan the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.
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.
Study loans- Banks:
- Gather all the required documents: Banks will usually evaluate the applicant's character, capacity to repay the loan and ability to comply with the banks' condition. The documents you will be presenting will aid the bank in making a decision whether to grant or deny your loan request. Make sure that you can present and submit all the required documents that the bank is asking for. Some 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 by phone or check the bank's website first before going to the bank. Ask the bank representative/loan officer if he/she can give you a checklist of required documents and direct you to the nearest branch of the bank in your area.
- Starting your application:
- Most loan applications are done in person, with the borrower going to the bank, filling in an application form and submitting the completed form along with all other required documents. Note: Before you go to the bank check you will have to set up an appointment first.
- It might also be helpful if you can check the bank's website again and see if you can start your loan application online. Some banks have a preliminary application form available online which the borrower must fill in and submit. After reviewing the application, a lending officer will contact you to discuss your application.
- Loan Agreement: Once your application is approved, the bank will ask you/the borrower 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.
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Some documents that banks may ask loan applicants to produce:
- Signed application form
- Valid identification
- Proof that the student is enrolled in a university/college
Note: Documents listed above are just some of the requirements that a bank may ask you to submit, it may vary per bank or some banks may ask you to produce additional documents. Get in touch with the bank by phone or check the bank's website first before going to their office to apply for a loan.
The bank may ask borrowers/applicants to pay for handling fee, may cost around 15,000 KMF HT (cost may vary per bank).
Some banks are offering study loans with repayment period of 24 months duration (maximum).
Short term loan: The borrower will start to repay its loan from the first month following the release of the funds by the Bank. The borrower may also be granted a grace period of month before he/she is required to make monthly installments.
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