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.

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

How much will my loan cost?

Product Features


  • Borrow up to £5,000 and spread payments up to three years.
  • Funds paid directly to education provider.
  • Continue to save while repaying the loan.
  • Pay off your loan early without any penalty fees.




  • To be eligible to apply for an Education Loan, you must have at least £5 in your Regular Savings Account (which is the minimum shareholding).
  • New members who have not made their first contribution must deposit at least £10 before any loan application can be completed.
  • As long as you 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.

Key Facts


  • You must be a member of the NHS Credit Union.
  • You must be over 18 years old.
  • Free Life Insurance cover for your Personal Loan up to the age of 79. The Loan Protection cover allows us to make a claim upon your death or permanent disability and clear your outstanding loan balance. T&C’s apply.
  • We do not charge a Loan arrangement fee or an early settlement fee.
  • The minimum Education Loan available is £500 and the maximum is £5,000.
  • Education Loan terms are between 6 and 36 months.
  • The Education Loan interest rate is fixed at 7.8% APR.
  • For more key facts click HERE.

General Information


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


New members who have not made their first contribution must deposit at least £10 before any loan application can be completed.


While repaying such a loan you are required to maintain at least £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.




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




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.

Apply Online


To apply for an Education Loan online, log in as a member HERE and then just select the relevant link on the online application section.


Alternatively, to speak to a member engagement officer, call us on 0141 445 0022 and select option 1.

Our loan products at a glance

The loan you want – when you need it.


Our revolving credit facility for members.


A loan secured against your savings.


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


Borrow up to £2,500 to help pay for annual costs.


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Your money is protected up to £85,000

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