Macedonia - Guidance To Apply Student Loan

ProcedureEdit

Student loan - Banks:

If you are eligible to apply for a student loan, you will need to completely and duly fill in the loan application forms of the Bank and present all other documents as indicated by the loan officer of the Bank.
If will take the Bank about 3 working days to review your application. You will receive a reply once they are done reviewing your application.
A Loan Agreement and Guarantor Agreement will be concluded if the loan application is approved. You, the co-applicant and the guarantor will be asked to come to the bank in person, in order to sign the documentation required.

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:

For the student:

A copy of the student ID or a full-time student confirmation letter
Pro-forma invoice

For the co-applicant:

Employment contract, M1/M2 forms for employees in the private sector
Verified salary recapitulations for the last 6 months, for private sector employees only
Full-time employment confirmation letter (Bank form)
Salary confirmation letter (Bank form)
Consent with direct deductions from the salary (Bank form)

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

Conditions to be met by borrowers:

Applicants must be full-time students of Macedonian citizenship and of age.

Condition to be met by co-applicants:

Minimum net income of 5,500 MKD, excluding any supplemental income;
The monthly deductions against loan installments are not to exceed one-third of their declared monthly income;
In case of co-applicants employed in the public administration, budget institutions or joint-stock companies, the monthly deductions against loan installments are not to exceed one-half of their declared monthly income;
Additional income that may be documented is taken into account in the assessment of the borrowers creditworthiness at the Banks discretion

Conditions to be met by guarantors:

Minimum net income of 5,500 MKD, excluding any supplemental income;
The monthly deductions against loan installments are not to exceed one-third of their declared monthly income;
In case of co-applicants employed in the public administration, budget institutions or joint-stock companies, the monthly deductions against loan installments are not to exceed one-half of their declared monthly income;
Additional income that may be documented is taken into account in the assessment of the borrowers creditworthiness at the Banks discretion

Eligibility criteria may vary per bank.

FeesEdit

Some banks charges borrowers a one-time commission equivalent to 2% of the approved loan, including the bill of exchange.

Banks may also ask you to pay handling expenses and fee to review your loan application.

ValidityEdit

Repayment period for most student loans starts after course completion.

Some banks offers loans with repayment period of up to 36 months, including a grace period of 3 months.

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

It will take the bank about 3 working days following submission of the complete and duly filled out documentation to process your application.

InstructionsEdit

Student loan - Banks:

Some banks may ask you to secure your loan with a collateral:
- Loan co-applicant required
- Bill of Exchange with a Bill of Exchange Statement issued by the borrower, co-applicant and guarantor
- Consent with direct deductions from the salary
Co-applicant and guarantor are required to secure to a student loan.

Before applying for an 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

There are banks in Macedonia that offers student loans that can help you pay for your tuition fees. The loan can also be used in purchasing items you will need in school like computers.

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.

Here is a guide that can help students apply for student/education finance in Macedonia.

Information which might helpEdit

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External LinksEdit

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OthersEdit

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