Student loan with no interest? Help

greeny12

Does aib do student loans with no interest rate? I have never gotten a loan and i was hoping to get one in aib, but the interest rates of other loans scares me. Its for the summer, i wan't to get a 1500 loan. I heard from a friend that they give loans to students with no interest rate if they pay it back within a year.( which i will do)

Anyone know more info on this? Like, my friend said they stop doing it after the 25th of may. Is this true?

Thanks in advance

roro2

Pretty sure this isn't true - they should offer a small (1.5%) discount off the standard personal loan rate, but it will still be quite high (about 10%?). As with all loan categories, their criteria has tightened considerably recently for student loans and they often look for parental guarantees.

BOI did do 0% student loans a few years back, but presume this isn't the case anymore.

chris85

roro2 wrote: »

Pretty sure this isn't true - they should offer a small (1.5%) discount off the standard personal loan rate, but it will still be quite high (about 10%?). As with all loan categories, their criteria has tightened considerably recently for student loans and they often look for parental guarantees.

BOI did do 0% student loans a few years back, but presume this isn't the case anymore.

Thats what they do. 1.5% off the standard rate. All on their website.

Shifty

I think what you are referring to is an authorised overdraft.

As an AIB Student Plus Account holder, authorised overdraft facilities for amounts up to EUR1,500 will be 'interest free'. Authorised overdrafts over EUR1,500 will attract the Bank's Standard Variable 'A' rate for Personal Overdrafts on the balance greater than EUR1,500. The current variable Interest Rate is 11.85%.

If you already have an AIB Student Plus Account with an authorised overdraft limit agreed before 15th October 2007 you are benefiting from a reduction of 1.5% off the Bank's Standard Variable 'A' rate on Personal Overdrafts. As an AIB Student Plus Account holder with an existing overdraft, you may apply to convert this to the 'interest free' facility through your local branch or by contacting the AIB Student Centre

The standard overdraft facility fee of EUR25.39 will also be waived for the period that you hold an AIB Student Plus Account.
This offer is available to AIB Student Plus Account holders only and can be availed of by applying either through your local AIB branch or through our Student Centre.

http://www.aib.ie/personal/loans/Student-Loan

greeny12

Shifty wrote: »

I think what you are referring to is an authorised overdraft.

As an AIB Student Plus Account holder, authorised overdraft facilities for amounts up to EUR1,500 will be 'interest free'. Authorised overdrafts over EUR1,500 will attract the Bank's Standard Variable 'A' rate for Personal Overdrafts on the balance greater than EUR1,500. The current variable Interest Rate is 11.85%.

If you already have an AIB Student Plus Account with an authorised overdraft limit agreed before 15th October 2007 you are benefiting from a reduction of 1.5% off the Bank's Standard Variable 'A' rate on Personal Overdrafts. As an AIB Student Plus Account holder with an existing overdraft, you may apply to convert this to the 'interest free' facility through your local branch or by contacting the AIB Student Centre

The standard overdraft facility fee of EUR25.39 will also be waived for the period that you hold an AIB Student Plus Account.
This offer is available to AIB Student Plus Account holders only and can be availed of by applying either through your local AIB branch or through our Student Centre.

http://www.aib.ie/personal/loans/Student-Loan

Is there a deadline when to apply for the overdraft? isn't it the end of may is the last time anyone can apply or is that not the case?



Thanks for all the replies!!

greeny12

bump

chris85

greeny12 wrote: »

bump

Seriously if it is that time sensitive would you not just chat to your bank and see what you need to do rather than meaningless advice from here. The best advice to get is from the bank. Tell them you want to avail of the €1500 interest free overdraft and ask them what you need to do to apply.

BuffyBot

Don't dump threads, especially so soon after the last post.