BANKPHB UK EDUCATION MDR LOAN

The Bank PHB UK Education loan is a partnership product between Bank PHB and the British Council office in Nigeria. It is aimed at encouraging eligible Nigerians to study at UK universities through the provision of an education finance facility.
The loan is available for postgraduate studies in universities recognised by the British Council.

Who is the loan for?

			Parents/guardians who wish to give their children quality education in UK higher education institutions. Parents or guardians who receive the loan will have a regular source of income or acceptable convertible collateral (share or landed properties).
			Students who wish to pursue higher education in the UK. Students will be required to have a sponsor (sponsor with convertible collateral). The sponsor shall assume the responsibilities of the borrower.
			Working individuals who want to pursue any postgraduate course taught in any UK university recognised by the British Council.http://www.britishcouncil.org/global-common-330x220-bcbirmingham16.jpg

Process of getting the loan

Open a UK Education Account in Bank PHB

Build it up to ten percent of the school fees as advised by the school in question. The built up amount attracts interest for you and is domiciled in a non-withdrawal UK Education Account, held in Bank PHB till the completion of the academic programme. This built up amount is treated as a refundable security deposit.

Apply for a UK Education Loan that will cover 80% of the following:

			school fees, accommodation, maintenance and flight tickets
			subject to a maximum of five million naira.

Student/guarantor/parent can apply for the UK Education Loan as well as service the debt over the period of the facility

Repayment Options

Any of the following repayment options is acceptable:

			Payment of interest and principal monthly over the tenure of the facility
			Interest element to be serviced monthly, while principal is paid back once as a single bulk payment
			Interest element to be serviced monthly throughout the tenure of the facility, a moratorium of six months after the conclusion of study (during this period, the proceeds of the refundable security deposit in the education savings account can be used to service the monthly interest), then an additional 12 month tenure is given to service both accrued interest and the principal. In effect the tenure of the facility is extended by additional 18 months. This option is only available for postgraduate students.
			Options 2 and 3 are only available in cases where the borrower (student or sponsor) is able to provide an acceptable security i.e. where the facility is collateralized. If it is not, then the student/sponsor must service the interest and principal monthly over the tenure of the facility.