January 1, 2011

Bank PHB/British Council UK Educational Loan

Bank PHB/British Council UK Educational Loan for Full Time Undergraduate and Postgraduate study in the UK

Study Subject: Any field
Scholarship Level: Undergraduate, Postgraduate
Scholarship Provider: Bank PhB
Scholarship can be taken at: UK

Scholarship Description
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 in the UK universities through the provision of education finance facility.

THE loan facility allows Nigerians to take advantage of the education and career development opportunities available in the United Kingdom. It is available for undergraduate and postgraduate studies in universities recognized by the British Council.

Requirements
  • admission offer in a UK University
  • a sponsor who would assume the responsibility of the borrower for the student
  • opening an interest-yielding Education account with Bank PHB and building it up to 10% of the total fees required.
Loan would cover 80% of school fees, accommodation for period of stay, flight tickets, and maintenance for period of study. Students already studying in UK and seeking to finance their education can also apply.

Eligibility
  • Parents/Guardians who wish to give their children or wards quality education in UK higher institutions. Such parent or Guardian will have regular source of income or acceptable convertible collateral (share or landed properties).
  • Students who wish to pursue higher education in the UK. Such student will be required to have a sponsor (sponsor with convertible collateral). The sponsor shall assume the responsibilities of the borrower.
  • Working individuals who wants to pursue any undergraduate or postgraduate course in any UK university recognized by the British Council.
Process of getting the loan
  • Open a UK Education Account in Bank PHB.
  • Build it up to 10% of the School fees as advised by the school in question. The built up amount attracts interest and is domiciled in a non withdrawal UK Education Account, held in Bank PHB till the completion of academic programme. This built up amount is treated as refundable security deposit.
  • Next, 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 N5million (Five Million Naira).
  • Student/guarantor/parent can apply for the UK Education Loan as well as service the debt over the tenor of the facility
Repayment Options
Any of the following repayment option is acceptable;
  1. Payment of interest and principal monthly over the tenor of the facility.
  2. Interest element to be serviced monthly, while principal is paid back once as a single bulk payment.
  3. Interest element to be serviced monthly throughout the tenor of the facility, a moratorium of 6 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 tenor is given to service both accrued interest and the principal. In effect the tenor 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 tenor of the facility.

Contact
For further enquiries please call +234 1 7391701, +234 1 2719751-2 or send a mail to phblink@bankphb.com

Further Scholarship Information and Application (or visit any Bank PHB or British Council office)

RELATED: undergraduate scholarships; postgraduate scholarships

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