• Coverage of educational needs for undergraduate and postgraduate degree programs  in Cyprus and abroad
INTEREST: Variable from 3,50%

TERM: up to 20 years

LOAN AMOUNT: up to €80.000

Total interest is calculated on the basis of 6M Euribor (minimum Euribor rate 0%) or PRIME Rate.
PRIME Rate: 3.9838% (valid from 28 of May 2019).
COLLATERAL MORTGAGE PERSONAL GUARANTEES
TOTAL INTEREST RATE 3,50% 4,95%
LOAN TERM 20 years 8 years
MAX AMOUNT €80.000 €20.000
Loan Amount
  • Up to €20.000 without a mortgage
  • Up to €80.000 with a mortgage
Loan Term
  • Up to 8 years without a mortgage
  • Up to 20 years with a mortgage
Beneficiaries
  • Students, permanent residents in Cyprus, older than 18 years upon the loan disbursement
  • Students’ parents/ guardians, permanent residents in Cyprus, younger than 70 years upon the loan repayment
Collateral
  • A’ Mortgage for the loan amount
  • Assignment of term life insurance with minimum coverage against permanent total disability and death
  • One of the parents/ guardians enters into the agreement as co-debtor and the other as guarantor with the option of involvement of only one parent in cases of divorced or widowed parents
  • No mortgage for a loan up to €20,000
Disbursement
  • Gradually per year of study and subject to the student status verification
  • Disbursements regarding tuition fees and the cost of the hall of residence are carried out directly through issuance of cheque or money transfer to the University of the Hall of residence
Grace period
  • Option of interest repayment during the disbursement period
Repayment
  • Equal monthly amortization instalments; the first instalment shall be due a month after the loan disbursement
Early Repayment
  • Early or partial repayment is allowed at any time, at no additional charges
Property insurance
  • Insurance coverage is required to ensure best protection of your financed property against basic risks, such as fire and earthquake, pipe fracture/cracking, burglary etc.
  • Ethniki Insurance undertakes to insure your property at very low cost, through fast and easy procedures
Life insurance
To ensure the complete protection of the property acquired, Ethniki Insurance also undertakes to pay up the remaining loan balance, in the event of the borrower’s  death due to illness or accident during the loan repayment period.
For quick evaluation of your application when visiting the branch please bring with you the following documents.
Identification Documents
  • I.D.
  • Utility Bill (CYTA, EAC etc )
Income Documentation
Salaried employees 

  • Original copies of payslips of the last two (2) months.
  • Original copy of the salary account statement of the last three (3) months.
  • Supporting documentation for any other type of income, such as from alimony, interest rates, real estate or welfare benefits (if deemed necessary for the verification of the sufficient credit standing)

Sole proprietors/ Freelancers

  • Copy of the income tax return of the last two (2) years, or
    Income certificate issued by the applicant’s accountant (if any), or
    Copy of the statement of social insurance payments of the last two (2) years
  • Copy of the statement form submitted after the date of the last annual balance sheet, if registered in the VAT registry.
  • Supporting documentation for any other type of income, such as from alimony, interest rates, real estate or welfare benefits, if deemed necessary for the verification of the sufficient credit standing
Purpose of Credit Documentation
  • The student’s acceptance letter issued by a University or Third-level Educational Institution operating in Cyprus or abroad
  • Certificates stating the tuition fees and the cost of hall of residence (if applicable)
  • Calculation of living costs (rent, house equipment, monthly expenses, travel cost and pocket money)

TERMS AND CONDITIONS APPLY

For more information and full terms and conditions, you can contact any branch of the National Bank of Greece (Cyprus) Ltd.

Our interest rates depend on your financial data and the amount of your loan and may differ from the above representative rates.

The Bank reserves the right to reject any application at its sole discretion and withdraw any plan at any time.

The interest rate and the installment of the student loan may be modified by the creditor from time to time.

Loans secured by mortgage are only available where the applicant provides the National Bank of Greece (Cyprus) Ltd with asset-based collateral which in its view is satisfactory. You run the risk of losing your real estate if you do not normally pay the installments of the student loan backed  with mortgage on your immovable property

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