Borrow between £500 and £5,000 to help fund your further education

 

With our Education Loan you are able to borrow up to £5,000 over a maximum term of three years, with an interest rate of 7.8% APR. Our Education Loans also come with all the benefits of unsecured lending with the credit union; interest calculated on the reducing balance and free loan protection scheme in the event of bereavement. If this sounds like the loan for you, contact the office on 0141 445 0022 to find out more.

  • Low interest rate
  • Funds paid directly to education provider
  • Free bereavement protection policy
  • Payment by payroll deduction

How much will my loan cost?

Select the type of loan that you want
500
Amount to be borrowed in £
500
Amount to be borrowed in £
6
Loan period in months
6
Loan period in months
3
Loan period in months
6
Loan period in months
10
Representative APR
%
Monthly repayment
£ *
Total repayment
£

*Representative example.

Borrowing £ over months will cost £/month. Total amount repayable is £ which includes interest at % APR.

The figures given above are for illustrative purposes only and may not be the APR you receive. The actual interest rates and repayment amounts may vary subject to loan amount and status.

Total£
[contact-form-7 404 "Not Found"]

Product Features

 

  • Borrow up to £5,000 and spread payments up to three years
  • Apply after one monthly or four weekly payments to your savings account
  • Funds paid directly to education provider
  • Continue to save while repaying the loan
  • Pay off your loan early without any penalty fees

 

Eligibility

 

  • To be eligible to apply for an Education Loan, you must have savings in your Regular Savings Account equal to at least the cost of one monthly loan repayment PLUS £5 (which is the minimum shareholding).
  • New members can apply for an Education Loan after just one monthly or four weekly payments to their savings account.
  • As long as you have enough savings and can afford the repayments, you can apply for an Education Loan if you already have an outstanding unsecured loan with us.
  • Members must not be Bankrupt, entered into a Trust Deed, DAS, IVA or DRO, and must meet the eligibility criteria to repay the loan.

General Information

 

Education loans must be used to help fund further education or training, and the funds are paid directly to the education provider.

 

While repaying such a loan you are required to maintain a sum at least equivalent to one month’s loan repayments PLUS £5 in your Regular Savings Account – AND continue saving a minimum of £10 per month. Applicants must be a UK resident and at least 18 years old.

 

Our handy online loan calculator tool gives lets you check rates out for yourself. Simply slide to the amount you intend to borrow, and how long you want the loan to run, and you can easily try out various repayment scenarios. This facility can also be used to check out credit union rates against other lenders.

 

Charges

 

We do not charge any administration fees for accessing our loans.

 

Interest

 

Interest is fixed throughout the duration of your loan agreement. Interest is calculated daily and in arrears, then charged to your loan account monthly. Interest is calculated on a decreasing balance.

 

Our current education loan rates are: 7.8%APR.

 

Repayment Information

 

Loan Repayments are taken from your savings account on the 1st of each calendar month. Your first loan repayment will be deducted on the 1st of the month following the loan completion date. Loan repayments can’t be deferred, and repayment holidays are not permitted.

 

Loan Protection

 

Loan Protection is a free safeguard offered by the NHS Credit Union. Your loved ones can be secure in the knowledge that your NHS Credit Union debt (up to a maximum of £15,000) can be paid off, giving them peace of mind at a difficult and uncertain time.

 

Loan Protection is provided as a member benefit by the NHS Credit Union. It is free to every member, subject to the terms and conditions. However, it should be remembered that the terms of this free member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

 

NB: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.

Our loan products at a glance

The loan you want – when you need it

FIND OUT MORE

Our revolving credit facility for members

FIND OUT MORE

A loan secured against your savings

FIND OUT MORE

The loan that could save you hundreds of pounds in interest charges

FIND OUT MORE

Member of ABCUL

Authorised and Regulated by

Founder member of CFCFE

Your money is protected up to £85,000

Member of GCofC

Member of SBRC