Career Development Loans
A career development loan is one that helps to finance some kind of study or learning that helps to improve one’s job oriented skills and also leads to better career prospects. Such loans are quite popular in the UK. If one were to ask “Can anyone tell me the best place to get a career development loan?” the answer would be “a bank”.
Some Features of Career Development Loans are
- These loans are very much like unsecured personal loans in terms of the interest they charge.
- The loan amount generally ranges between 300 pounds and 10,000 pounds.
- It takes around six weeks to three months after application to get the loan.
- Repayment generally does not start until the third year after taking the loan.
- The payment of the course fee will be directly made to the learning provider and the balance loan amount covering other expenditure will be handed over to the student.
A Bank Generally Grants this Kind Of Loan for the following
- A postgraduate course
- A technical or management training course
- A course for professional qualification
The following expenses are covered by a Career Development Loan
- Course fees (subject to certain conditions)
- Course costs like books
- Living expenses like food, rent (also subject to certain conditions)
Foundation courses and money spent on getting career advice and hunting for jobs is not covered under this loan.
The prerequisites for obtaining a Career Development Loan are
- The borrower should be about 18 years of age.
- He should have settled in the UK and must have resided there for at least three years before applying for the study course.
- He should intend to work in the UK or in the European Union.