A career development loan can be taken when one wants to improve one’s job prospects by taking up a job oriented course. In the UK, career development loans are very popular as they are supported by the government. In collaboration with some well known banking names like the Royal Bank of Scotland, it has arranged for granting of career development loans.
The government bears the interest of the loan during the duration of the course. The borrower has to start making his loan payments only a month after completing the course.
A person who wants to borrow such a loan should be aware of some facts and follow some practices so that he does not face any problems after loan application.
People who want to take career development loans should first find out which are the banks authorized by the government to grant them.
Only vocational courses are covered under this loan. Also, this loan cannot be used for a foundation course or for looking for a job.
One should apply for the loan only if one is above 18 years of age.
The applicant should ensure that he has resided in the UK for at least three years before applying for the loan.
He should apply only if he plans to take up a job in the UK or in the European Union after completing the course.
Once an application for a career development loan is submitted, the bank may take six weeks to three months to approve the loan. So if one applies just before a month of course commencement, he may not be able to get the loan on time.
The loan amount could range from 300 pounds to 10,000 pounds. The applicant should apply only for the amount actually needed and not borrow a huge amount just because it is available.
Following these best practices for career development loan would ensure that a person follows the rules and gets the loan without much difficulty.