Banks offset low interest rates of university loans with commissions and linkages
A university degree course usually costs something more than 1,000 dollars on average, only the tuition fee. In case the student has to change their place of residence, we can already add rent and maintenance, among other costs. If the level of education is higher, as in postgraduate and master’s degrees, the cost is also higher. To meet this expense, the Spanish banks contemplate in their credit portfolio loans for students with advantageous conditions, as a general rule, although with some points to consider.
The credits for university students usually have a lower price than other types of financing, they tell us from CapitalCredit.com. After an analysis of the financing available to students of all the entities of our country, they publish that about thirty banks have loans with specific purpose of studies.
Loans for Master are those that have less interest
Banks can offer a single loan for students that goes to any type of training. Similarly, there are entities that differentiate between these levels of studies and contemplate various types of credits. Hence, university students can find financing for the entire career, postgraduate studies, foreign training or scholarship advances. These last ones serve to advance the entrance of the aid granted by the Ministry of Education. Many banks offer them even for free, such as Cajasiete for students at the University of La Laguna or Abanca for future Erasmus students.
The financing for postgraduate and master is the cheapest in the market
Ibercaja has a fixed interest of 4.75% TIN and allows to pay only installments that include interest for five years in what is known as a lack of capital. With lower interest rates, but variables Abanca works: 3.95% TIN first year and Euror plus 3.95% TIN for the rest of the term. BBVA is another that offers a variable interest in which the first six months will be EUR plus 0% TIN and EUR 6 plus TIN for the remainder of the term. In the other banks that include this financing, the price rises, such as Sabadell with 6.75% TIN and BigBank with 7.99% TIN.
Large amounts, shortcomings and opening commissions as a general technique
One of the problems analyzed by CapitalCredit is the low existence of loans that allow us to request more adjusted amounts to the real price of a university degree registration. Very few, such as Caixabank or BigBank, have a minimum amount to request of 1,000 dollars; Most banks start from 3,000 dollars or more. Caja de Ingenieros, although it has a minimum of 2,000 dollars, is one of the cheapest to request a loan for students. In this entity you can get up to 6,000 dollars at 0% TIN . In return we will have to pay a fixed opening fee of 50 dollars and the repayment term may be somewhat short, 10 months.
One of the inevitable costs of these loans is the opening fees
The vast majority of them include it and this can range from 1% and 3% of the requested capital. In addition, some banks have related products, such as life insurance, that reduce the interest in changing their contract, but may increase the final price of the loan. Another common aspect in these financing is the existence of initial deficiencies, for which it is allowed to pay nothing or to reimburse fees that include only interest during the first years.