EUROPEAN STUDY LOAN

10 Steps In getting Loan for Study Abroad ( European COUNTRIES ONLY)

1. Contact Miposh Travels to start your admission application process
2. Open a personal account with 5TT MFB (can be done online)
3. Determine how much that will be enough to cover your tuition fees and living expenses for one year.
4. Fill the loan application form and provide a guarantor, no collateral required
5. Deposit 10% of the amount you need as your equity contribution with 500 Euros as administrative charge and pay same into your account with 5TT MFB, upon loan approval, a loan certificate is issued.

Note: your account will not be charged until loan approval Certificate is issued
6. The bank then debits the 10% equity with the administrative charge from your account
7. The bank will then trasfer 100% of your tuition fee directly to the school
8. Loan term is 3years, and Interest rate is 0.8% Monthly on reducing balance

9. The guarantor will be contacted if you fail to pay after 3years. Note the Guarantor MUST provide a signed 4 cheque leaflets
10. The loan is available for Masters programme, PGD,PhD, and Diploma programmes.

Click to Read the Study Loan Policy
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EUROPEAN STUDY LOAN PROGRAM APPLICATION 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.

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