Student loan
Boost your Studies with APS Booost
Looking to take your studies further? We, at APS Bank, are here to help you do just that with our APS Booost Student Loan. Whether you wish to continue your studies locally, abroad, or through distance learning, the APS Booost Student Loan is the right fit for you.
You are eligible to apply for this student loan solution if you are aged between 18 and 40 and would like to follow a learning course recognised at MQF level 5 or higher with a duration of between 1 and 5 academic years. APS Booost can support you with tuition fees, living and accommodation expenses and any other costs linked to your studies.
Our APS Booost Student Loan on amounts between €5,000 and €50,000, with a loan repayment term that does not exceed 10 years (including a maximum “repayment holiday” on capital repayments of 5 years, depending on the course duration). A maximum amount of €1,500 may also be granted as part of the loan for the purchase of a computer/laptop.
Benefit even further if you’re in full-time employment
If you’re a full-time employee applying for a local or distance-learning course, you can apply for an overdraft. This overdraft would be in addition to the loan amount, based on your monthly income, of a maximum of €5,000.
Interests and fees
Interest is currently set at a variable rate of 3.00% p.a. for a student loan amount of up to €30,000. Loan amounts of over €30,000 will be considered upon confirmation of additional security and will benefit from a variable interest rate of 2.75% p.a.
Loan requests below €30,000 may still benefit from the preferential variable interest rate of 2.75% p.a. if additional security is provided.
These two rates represent a margin of 0.75% and 0.5% over the Bank’s Base Rate, respectively, which is currently set at 2.25% p.a.
Fees may be incurred in line with our Tariff of Charges.
Required documentation
When applying for APS Booost Student Loan, you will need to present the following documentation:
- Motivation letter indicating how this academic course will benefit your future career plans
- Curriculum Vitae
- Scanned copies of qualifications
- Course curriculum
- Letter of acceptance from the relevant institute or university
- Letter of reference on applicant's character and integrity
- Copy of applicant's Valid ID Card (and spouse's if applicable)
- Budget planner (click here to download it)
Representative example of an APS Booost Student Loan
On a fully utilised Booost Loan of €20,000 granted to a full-time student, at a variable nominal rate of 3.00% p.a. for a term of 120 months (comprising a moratorium period of 60 months), then the *APRC will be 3.10% p.a. During the moratorium period, the student will be paying the interest in monthly instalments averaging €50.00 each for the first 60 months.
For the remaining 60 months, the loan will be repayable in equal monthly instalments of €359.74 each. The total sum payable throughout the whole term of the loan will be €24,634.40 (being capital of €20,000, interest of €4,584.40 and a processing fee of €50)
Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.
Assumptions in the APRC calculation
The assumptions in the above APRC calculation are based on the following:
- That the consumer lending bank base rate (currently at 2.25%) remains unchanged during the period of the loan.
- During the moratorium period of the loan, the student will be paying €600 yearly as interest (i.e. 3.00% of the loan amount).
- At the end of the moratorium period, the student would have paid €3,000 in interest. After the moratorium period, i.e. over the remaining 60 months, total interest payable by the student is that of €1,584.40.
- The student opts to utilise the maximum moratorium period that of 60 months.
- The credit agreement is to remain valid for the period agreed between the Bank and the consumer, and that both parties will fulfil their obligations under the terms and by the dates specified in the credit agreement.
- The consumer has the right to pay the loan in full or in part before the agreed termination. In such circumstances, no early repayment penalty fee is incurred.
*APRC calculation is based on the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit.
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APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta. Applications are subject to the Bank’s lending criteria. Terms and conditions apply and are available on request.
