GUIDELINES FOR UE LOANS

EUROPEAN STUDY LOAN PROGRAMAPPLICATION GUIDELINES

This document outlines the structured process and requirements for obtaining a study loan for academic programmes in European countries through EDUBAO in partnership with 5TT Microfinance Bank (MFB). The loan is designed to support qualified applicants pursuing higher education abroad.

  1. Initial Engagement: Applicants are required to contact Miposh Travels & Educational Consults to commence their admission processing into a recognized European institution.
  2. Account Opening: Applicants must open a personal account with 5TT Microfinance Bank (MFB). This process can be completed online.
  3. Funding Assessment: Applicants are to determine the total amount required to cover tuition fees and living expenses for at least one academic year.
  4. Loan Application Submission: Applicants must complete the loan application form and provide a qualified guarantor. No collateral is required for this facility.
  5. Equity Contribution & Administrative Charge: Applicants are required to deposit 10% of the requested loan amount as equity contribution, along with a non-refundable administrative fee of €500 into their 5TT MFB account. This payment will only be effected upon loan approval.
  6. Loan Approval & Certification: Upon successful review and approval, a Loan Approval Certificate will be issued. No deductions will be made from the applicant’s account prior to this issuance.
  7. Account Debit: Following loan approval, the bank will debit the applicant’s account for the 10% equity contribution and the administrative charge.
  8. Disbursement of Tuition Fees: The bank will directly transfer 100% of the approved tuition fees to the applicant’s institution in Europe.
  9. Loan Terms & Repayment: The loan has a tenure of three (3) years with an interest rate of 0.8% per month calculated on a reducing balance basis.
  10. Guarantor Obligation: In the event of default after the repayment period, the guarantor will be contacted. The guarantor is required to provide four (4) signed cheque leaflets as part of the guarantee arrangement.

ELIGIBLE PROGRAMMES

The loan facility is available for the following academic programmes:

– Master’s Degree Programmes

– Postgraduate Diploma (PGD)

– Doctor of Philosophy (PhD)

– Diploma Programmes

IMPORTANT NOTE

Applicants will not incur any financial deductions until the Loan Approval Certificate has been issued.