Which Bank Do I Apply For A Career Development Loan With?

A person who wants to get a better job, a person who wants to improve his job prospects, in short, anyone interested in career development can apply for a career development loan.

Which Bank Do I Apply for a Career Development Loan With?

The government of UK has tied up with various well known banks like the Royal Bank of Scotland and Barclays for career development loans.  All that one has to do is find out which of these banks provide for such loans and apply accordingly.

Benefits of Career Development Loans

The main advantage of these loans is that the borrower does not have to pay any interest during the course of his study.  In fact, the government takes care of the interest during that period of time as these loans are government affiliated.  He will start making loan payments only a month after course completion. But in case of loans like professional development loans, the interest incurred during the study period would have to be paid later, which only adds to the borrower’s debt burden. 

Eligibility for Career Development Loans

  • The applicant should be greater than 18 years of age.
  • He should have settled in the UK for at least 3 years before starting the study program.
  • He should intend to work in the UK or anywhere in the European Union.

Some Features of Career Development Loans

  • The loan covers 80% of course fee, other course costs like books and stationery as well as living expenditure, all subject to certain conditions.
  • It takes around six weeks to three months for the loan to be approved.  So the loan application should be submitted well in advance of the date of course commencement. 
  • Vocational and postgraduate courses qualify for these loans.