In contrast to the conventional installment loan, the training loan is often paid out over a longer period of time. Each month, the borrower receives money, which he then receives as a substitute for the current shortfall or low income. In addition, the training credit can only apply for who is actually in a school, university or vocational training or further education.
What do I have to offer the bank to receive a training loan?The conditions for obtaining a car loan are comparatively low. It is important to be able to prove that you are really in an apprenticeship. For this purpose, the bank may, for example, submit registration certificates from the university or the training contract. If the loan is intended to finance expensive acquisition costs for training materials, a corresponding receipt must also be submitted for this purpose.
What are the repayment terms generally speaking for the training loan?In general, the repayment of a training loan usually takes place according to the following scheme:
- The apprentice receives monthly loan repayments from the bank over a longer period. Often, the payout amount can be flexibly adjusted to use as little credit as necessary.
- After the last payout, a repayment break is agreed with the bank. After all, it is not always possible for the trainee to be taken on directly and, for example, only have to do an internship before he enters his professional life.
- After expiry of the grace period, the loan is then repaid like a conventional loan. Monthly, a fixed annuity flows to the bank, which contains interest and principal payments.