Loan for education

We have prepared all personal education loans in the Philippines

Education loan is a loan issued to Philippine people for continuing education. Not every young person has relatives who are ready to provide the financial support. A job can be found after school, but a considerable part of theoretical knowledges is usually lost during this time. Combining work and learning is difficult. Education loan  is an opportunity to get the necessary money immediately. This type of a loan can be taken by parents or by university-entering student as well. Without a higher education diploma, you can hardly count on a well-paid job, so such loan is a direct investment in the future.

Loan Load
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Loan Load

Round-the-clock loans in the Philippines

PHP 5000 - 50000
from 61 to 365 days
interest rate
for 2,3% per day
24 pera
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24 pera

Probability of approval is 95%!

PHP 1000 - 100000
from 61 to 365 days
interest rate
for 1,28% per day
Robocash
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Robocash

Receiving money in any way 24/7!

PHP 1000 - 25000
from 7 to 30 days
interest rate
for 1,65% per day
Quickpera
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Quickpera

Advantageous loan on the card!

PHP 5000 - 15000
from 7 to 35 days
interest rate
for 1% per day
Pera247
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Pera247

The most convenient loan!

PHP 2500 - 15000
from 10 to 90 days
interest rate
for 0,83% per day
My cash
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My cash

Urgent loans for all!

PHP 2000 - 25000
from 7 to 30 days
interest rate
for 0,8% per day
Moola
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Moola

Money in your pocket in minutes!

PHP 2000 - 20000
from 7 to 30 days
interest rate
for 1% per day
Loanranger
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Loanranger

Credit online!

PHP 3000 - 10000
from 5 to 30 days
interest rate
for 0,65% per day
Cash Mart
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Cash Mart

The most convenient loan!

PHP 5000 - 30000
from 7 to 30 days
interest rate
for 0,8% - 3,5% per day
Binixo
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Binixo

Guaranteed loan for a card!

PHP 2000 - 30000
from 7 to 30 days
interest rate
for 1% per day

How to get an education loan in the Philippines

Personal loans for education can be obtained in several ways. Private educational institutions often offer their own programs. These are not scholarships, but the opportunity to pay for education by installments. There is a special HELPS program  for students, implemented by the Development Bank of the Philippines (DBP).

If you aren’t able to use one of the options  above, you can contact other financial institutions. The difference is that such loans for higher education remain similar to usual targeted loans. In other countries, issuing a loan for education implies preferential terms for the borrower. It’s uncommon in the Philippines.

Currently, the average college tuition cost is 90,000 PHP (Philippine pesos) per year. A prestigious university will cost 2-3 times more expensive. The cost of higher education is constantly growing. If you take a personal loan to pay for the whole period of study, you can save yourself from inflation risks and to even save some money.

Education loan calculator

 
LOAN AMOUNT
FEE
TOTAL REPAYMENT

Requirements for borrowers

The following requirements, specified by us, are given without taking into account the social programs of colleges and DBP. We are talking about getting a loan for education in ordinary banks. To qualify for such loan, you need to be a citizen of the Philippines who has reached the age of 21. When applying to a bank, the following documents may be required:

  • a passport copy;
  • an employee’s  IDs;
  • a proof of monthly income;
  • extracts from a payroll and a bank account for the last three months;
  • a savings book copy, etc.

Personal loans for education can be taken by people who work in the same company for at least a year with a minimum monthly salary of 15 000 PHP. You may need the following documents: a certificate of employment, a payslip, a report on losses and incomes. Self-employed persons have a possibility to take a similar loan as well.

The loan repayment terms depend on the particular institution. A good credit history helps to expand the list of options for education loan obtaining. If there are problems with a credit history, most banks will refuse to issue a loan. It is much easier to get money in lending institutions, but the interest rate will be much higher.

Education for foreigners

Loans for foreign education is a matter for a separate talk. Diplomas of leading local universities are recognized all over the world. This means the possibility of employment in a large international company. In many universities, studies are taught in English. At the same time, the cost of education is lower than in the leading European countries, the USA or Canada. In order to obtain loans for foreign education there are the following requirements:

  • permanent residence in the Philippines;
  • availability of housing (own house is preferred over rented);
  • complete absence of credit debts;
  • a document from the school;
  • a permanent account in a bank and other solvency confirmations.

When formalizing an application, it is important to make sure that all the necessary documents have been collected. If you are not sure of your competence, it is better to consult a professional who is familiar with the nuances of the procedure.

How to apply for a student loan in the Philippines

It is not very difficult to get a personal loan for education. The question is how beneficial the proposed terms are going to be for a borrower. First of all, we recommend to study public and private programs for students. If these options are not achievable, it is worth applying to the Development Bank of the Philippines.

If the variant with the DBP isn’t achievable as well, you will have to thoroughly study the proposals of other banks and credit organizations. As we have already said, local education loans rarely differ from other personal loans. There is a high probability that you will be able to get a normal consumer loan on more favorable terms. We propose to save time which is spent for offers studying. Credit programs of leading Philippine banks and financial companies are collected in one place. You still have to compare the options, to choose the best one and to fill out the application form. Immediately afterwards, it is redirected to a financial institution for processing.

Example of calculating interest and loan payments

TERM 10 days 20 days 30 days
LOAN AMOUNT 20000 PHP 20000 PHP 20000 PHP
FEE 1% 1% 1%
INTEREST AMOUNT 2000 PHP 4000 PHP 6000 PHP
TOTAL REPAYMENT 22000 PHP 24000 PHP 26000 PHP
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