Educational loans for training from banks of the Republic of Kazakhstan

Getting an education is an important stage in the life of a modern person. Education opens a direct path to new, greater opportunities for anyone. Despite the excellent opportunities for free learning in the education system, most students still need to pay for knowledge. The introduction and development of a system of educational loans is one of the ways to facilitate the acquisition of knowledge for applicants. In this article, we will talk about an educational loan, tell you how to obtain it and what documents are needed for this.

In order to ensure accessibility to technical and vocational, post-secondary, higher and postgraduate education, since 2005, Financial Center JSC has acted as a guarantor on behalf of the state for educational loans issued by second-tier banks of the Republic of Kazakhstan. Educational loans are issued under the guarantee of JSC “Financial Center” of the Republic of Kazakhstan. The loans themselves are issued directly by second-tier banks of the Republic of Kazakhstan.

JSC “Financial Center” carries out work in the following areas:

• issuing guarantees for loans provided to students by second-tier banks;
• ensuring the return of previously issued state educational and student loans (performing the services of an authorized agent);
• coordination of the program “State educational savings system”;
• per capita regulatory financing of secondary education;
• employment of university graduates, within the framework of the Law of the Republic of Kazakhstan “On Education”.

Today, second-tier banks are actively participating in the educational loan guarantee system: Sberbank of Russia, ForteBank, Nurbank, Tengri Bank.

Each of the partner banks has developed its own loan program for tuition fees, with conditions and requirements for the borrower. More details about each...

Educational loans

	SBERBANK OF RUSSIA (service temporarily suspended)	NURBANKTENGRI BANK		FORTE BANK
INTEREST RATE	16.5% (real ≈ from 19.5%)	20% (real ≈ 22.5%)	20% (real ≈ 22.3%)	10% (real ≈ 11%)
СРОК КРЕДИТА	up to 12 years	up to 10 years	up to 10 years	up to 10 years
SECURITY	- no deposit required; - presence of 1 or 2 guarantors (close relative living in the territory of the Republic of Kazakhstan)	- no deposit required; - presence of 1 or 2 guarantors (close relative living in the territory of the Republic of Kazakhstan)	- no deposit required; - presence of 1 or 2 guarantors (close relative living in the territory of the Republic of Kazakhstan)	- no deposit required; - presence of 1 or 2 guarantors (close relative living in the territory of the Republic of Kazakhstan)
FORM OF TRAINING	bachelor master full-time daytime evening	bachelor master full-time daytime evening	Unlimited college education Unlimited education at universities	No restrictions for Narxoz University students (Astana, Almaty)
GRACE PERIOD	During the period of study and 6 months after graduation, you DO NOT HAVE TO PAY THE PRINCIPAL AMOUNT OF THE LOAN, pay only interest on the loan!
THE TARGET AUDIENCE	NO LIMITS
PERFORMANCE	- not lower than 50 points according to the UNT/KTA results; - not lower than 3.5 points based on the results of the current examination session using a five-point system; - not lower than 1.33 points based on the results of the current examination session on the credit system.
MINIMUM LOAN AMOUNT	From 150,000 tenge
MAXIMUM LOAN AMOUNT	Not limited	up to 5,000,000	up to 6,000,000	up to 3,000,000
EARLY REPAYMENT	No penalties

Benefits for borrowers

Benefits for borrowers:

2. The loan is issued to the applicant/student himself, i.e. Responsibility for paying for tuition is transferred from parents to the applicant/student himself.
3. All levels of education: colleges, bachelor's, master's, doctoral.
4. All forms of education: full-time, correspondence, full-time, evening, distance learning, etc.
5. The interest rate is significantly lower than the market rate.
6. Long loan term.
7. Deferment of repayment of the loan amount while the student is studying and plus 6 months after graduation.
8. No collateral.
9. The loan amount is limited only by the cost of tuition.
10. The loan is transferred to the educational institution's bank account every semester/year as needed.
11. The loan is issued by partner banks and can be applied for in all major cities of Kazakhstan.
12. Comparison with similar loans

	Consumer loan (bank conditions)	Student education loan
Interest rate	From 28% per annum and more	from 10% per annum
Return period	Up to 3-5 years	Up to 12 years
Receipt scheme	One time	In order to reduce overpayments on the loan, transfers are made in parts by semester and as needed.
Security	Real estate	Guarantee of JSC "Financial Center"
Grace period	No	For the period of study and 6 months after graduation, a deferment on loan repayment is given
Early repayment	No fines	No fines
Others	- restrictions on the loan amount, - age restrictions (from 21 years old), - proof of income	- no age restrictions; - no restrictions on the loan amount in general; - in some cases it is necessary to have a guarantor.

What documents need to be prepared to apply for an educational loan?

Documents for the borrower:

1. Identification.
2. UNT certificate (notarized copy) for applicants or transcript for the last session.
3. An agreement for receiving educational services or an invoice indicating the cost for the period of study.
4. Notarized consent of parents (official guardians) to receive a loan, if the borrower is under 18 years old, as well as other documents if required by the Bank.

Documents for the co-borrower:

1. Identification.
2. Certificate from the place of work.
3. Information about pension contributions.
4. Documents reflecting and confirming wages.
5. Other documents are possible if required by the Bank.

For more information please call 8 800-080-28-28 либо www.fincenter.kz.