Malta - Guidance To Apply Student Loan

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Procedure

Educational Loan - Banks:

1. To the parents/legal guardians wishing to enroll their children and/or students wishing to enroll for educational courses in any registered Education Institution. Forms can be downloaded from the bank's website.
2. Submitting an application:
   1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank. Submit the completed application form along with other required documents. Note: Documents listed on the 'Required documents' section are just some of the requirements that a bank may ask you to submit or present. Some banks may ask for additional documents. It will be better if you can get in touch with the bank's representative/loan officer/customer service by phone first before you go to 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. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.
3. Once your application is approved, the bank will ask you or your guardian 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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Required Documents

Educational Loans - Banks:

• Formal confirmation of your income and expenditure.
• As evidence of income, banks might ask you to present your latest payslips and FS3 for the previous year.
• If you are self-employed, you might also need to present copies of your Profit and Loss Accounts and Tax Statements issued by the Inland Revenue Department for the last two years.
• If you are still a student in receipt of a stipend, banks might request confirmation of such income from the relative institution.
• Proof of identity
• At the application stage, you might also need to present a pro-forma invoice issued by the education institution confirming the total cost involved.

Specialisation Study Scheme - Banks:

• Europass CV
• Scanned copies of qualifications;
• Course curriculum;
• Letter of acceptance from the relevant institute or university;
• Letter of reference on applicant's character and integrity;
• Copy of applicant's ID Card (and spouse's if applicable);
• Budget planner;
• Written explanation about how your future career plans will benefit from this academic course.

Required documents may vary per bank.

Office Locations & Contacts

A?enzija ?g?a?ag?
St Joseph High Road
St Venera SVR 1012, Malta
Tel: +356 2258 6700
Email: [email protected]
Website

• Promotes the interests of young people and provides assistance to youth organisations and young people in achieving their potential.
• Overall objective: To provide a coherent, cohesive and unified Government approach to addressing the needs and aspirations of young people.

Eligibility

Some banks in Malta offers Specialisation Study Scheme to students between 18 and 30 years, and want to study for a course which is not available in Malta.

There are also banks in the country that offers educational loans. Applicants need to be:

• over 18 years of age, and
• in regular full-time employment, or in receipt of a regular stipend
• the loans are accessible to all full-time and part-time students who are not eligible to apply under the Bank's other loan schemes.
• available to parents/legal guardians wishing to enroll their children and/or students wishing to enrol for educational courses in any registered Education Institution.

Eligibility criteria may vary per bank.

Fees

Educational Loans - Banks:

Some banks may ask you to pay a one-time processing fee, it may cost around 35 more or less.

Validity

Educational Loans - Banks: Some banks offers loan with repayment period that span over a maximum period of 5 years. For loan amounts of 10,000 or over, the maximum term may be extended up to 7 years, provided that the term of the loan does not go beyond the borrower's retirement age.

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

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Instructions

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.
• 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 spare 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.

Required Information

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e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the Document

Some banks in Malta offers education loans/Study Scheme that can help students pay for tuition fees, accommodation and cover other studies related expenses.

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 Malta.

Information which might help

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Other uses of the Document/Certificate

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External Links

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