Russia - Guidance To Apply Student Loan

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Procedure

Educational loans - finance companies in Russia:

1. Before applying for an educational loan you must take note of the following:
   1. Make sure that you can present and submit all the required documents that the finance/lending company is asking for.
   2. Take note of the interest rate, conditions, and repayment scheme that the finance/lending company is offering.
   3. 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 or lending companies that offers student financing.
   4. Do some research about the company'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 the company has good and accommodating representatives or loan officers.
   5. 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.
2. The student or the student's parent/guardian may apply for the loan. Gather all documents you may need to present or submit to apply.
3. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the companies website.
4. Submitting an application:
   1. In person: Most loan applications are done in person, with the applicant or his/her guardian going coming into the office. It will be better if you can get in touch with the company's representative/lending officer/customer service by phone first before you go to their office. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch office in your area.
   2. Online: To save you some time, you may also check if you can start your loan application online. Some companies will ask applicants to complete a preliminary application to be submitted electronically. After reviewing the application, a lending officer will contact you to discuss your application.
5. Once your application is approved, the company will ask you or your parent/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

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e.g.
1. Proof of child birth from the Hospital.

Office Locations & Contacts

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Eligibility

Educational loans - finance companies in Russia:

• The borrower (student)/co- borrowers (parents) must be citizens on the Russian Federation
• Age of the borrower/co- borrowers (parents): From 16 years; at the time of the full execution of obligations under the loan agreement age of the borrower/co- borrowers should not exceed 70 years
• Ratio of the loan payment to income of the borrower/ co- borrower: Up to 60%

Eligibility criteria may vary depending on the lending company.

Fees

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Validity

Educational loans are normally long term loans (up to 15 years)

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

Educational loans - finance companies in Russia:

• The loan can be availed by students enrolled/will be enrolled in undergraduate and postgraduate programs (Bachelor, Master, MBA, Executive MBA, Doctorate, etc.)
• Educational loans are normally long term loans (up to 15 years)
• You may borrow between 300 000 RUB - 1 500 000 RUB. Note: The amount may vary depending on the lending company's review of the applicant's loan request.
• Borrowers may be given a grace period 6 months after completing their studies before they start paying back the loan.

Required Information

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

Need for the Document

Some finance companies in Russia offers educational loans program for the purposes of education in the country and abroad. The loan can be use not only to cover tuition fees and other education related expenses, but also accommodation. These finance companies is interested in establishing partnerships with colleges, universities and business schools abroad and their representatives in Russia, and is ready to offer its loan program for applicants from Russia, wishing to get education in these institutions.

Educational loan schemes are designed to make the student's academic life easier with its interest rate substantially lower than other personal loan schemes 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 Russia.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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