Are you looking for a loan to finish your studies? Luckily there are more than 15 banks in Lebanon offering student loans; here are some directions for you to know what loan to get and where to get it from:
The maximum amounts: Student loans amount in Lebanon range from less than $20,000 to around $100,000 which pretty much covers most university tuition fees even in expensive universities abroad.
Currencies: Banks in Lebanon offer student loans both in US Dollars and Lebanese Liras, it is very unlikely that a bank offer a student loan in Euros or Pounds. This means that those who are going to universities in Europe will have to take the loan in USD or LBP and convert it, which means that the loan will slightly be more expensive for them with the current exchange rates.
Time to repay the loan: Student loans granted by Lebanese banks are generally repaid over a period ranging from 4 years to 10 years.
Grace period: Banks usually take into account that you need some time to find a job after you graduate and hence they give a period of 6 months or 1 year after your graduation to start reimbursing the loan.
Interest rates: As you all most probably know, interest rates are not the same on loans in Lebanese Liras and on loans in US Dollars. Usually, interest rates on US Dollars are lower that interest rates on Lebanese Liras. You should be very careful when comparing rates by comparing FLAT interest rates to FLAT interest and REGRESSIVE interest rates to REGRESSIVE interest rates. The calculation of Flat interest rates and regressive interest rates is very different and comparing them would be like comparing apples to oranges. If flat rates are lower than regressive rates in absolute value it doesn’t necessarily mean you are paying less. For details about Flat and Regressive rates, check our glossary link above.
Eligibility: Here are some conditions that banks require from in order to give you a student loan: - Usually, you must have someone to guarantee you (a guarantor). - The monthly payments of your loan must not exceed 33% of your (or your guarantor’s) income. - Most banks require that you are older than 18 years of age and younger than 64 years of age. - Usually you (or your Guarantor) have to be Lebanese for more than 10 years. - Some banks might require that you have good grades at school. - Some banks give you a student loan only if you are admitted at specific universities. - Some banks agree to give you a student loan only if you are studying a specific subject (i.e. nursing, engineering etc.) If you need more info, please do not hesitate to register and ask us any question and/or to check the student loans on Bnooki: http://www.bnooki.com/student-wedding-loans-lebanon.