- The Student Loan is an any-purpose loan.
- There is no credit appraisal. No guarantor or other collateral is required. All students under 40 taking part in tertiary education with a valid student status are eligible for the loan. It can be requested for a maximum of 10 semesters.
- A maximum of HUF 200,000 can be requested for one semester on state-funded courses, while for self-financed courses a maximum of HUF 250,000 can be requested. Students can decide whether they want to receive the amount of the Student Loan in monthly installments or as a lump sum every semester.
- The relevant regulations prescribe that no profit can be made from the Student Loan’s interest.
- The Student Loan is a variable-rate loan. Its interest rate is 8% in the second half of 2011. It is less than half the average interest rate charged on similar HUF-based loans offered by banks.
- Similarly to other loan products, interest is accrued on the Student Loan from the moment the first amount is transferred to the student.
- Borrowers are required to start repaying the loan in the fourth month after the termination of their student status,but no later than the year they become 40 years old. The repayment rules were designed to make repayment flexible and affordable, and borrowers are also offered various facilities, including a reduction in their monthly payments. Those without employment are also required to pay the monthly repayments.
- The amount of the monthly payment is based on the statutory minimum wage in the first two calendary years of repayment, and later on the income earned two years prior to the current repayment. Loan recipients can shorten their loan period at any time by prepaying any amount, even during their university or college years.
- A number of universities and colleges already offer a method called assignment, which refers to the transfer of the requested Student Loan directly to the higher education institution. It allows students to enrol for their courseat the beginning of the given semester.
- The loan application process is very simple and quick. The forms required for the loan application can be completed at the loan application section of www.diakhitel.hu, called Student Loan Direct , and than submittedat selected branches of our partner banks and savings cooperatives, as well as in higher education institutions. The application forms are also available at the above partners.
