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A loan for private training can be used to finance training or for further training or study. This is granted on the one hand by banks and as a government-sponsored loan . A loan for private training differs from a conventional installment loan in terms of both payment and repayment.

Conditions for a loan for private training

Conditions for a loan for private training

The individual conditions can differ significantly depending on the bank. This affects not only the amount of the interest rate, but also the payment and repayment arrangements. With such an educational loan, the borrower does not receive the loan amount as a sum, but in monthly installments over the period of the training or further education.

After this has ended, there is usually a repayment-free period before repayment of the loan begins. Borrowers can usually choose between flexible terms. Some banks charge a separate interest rate for the payout and repayment period, which should be compared.

The advantage of a loan for private education is, among other things, that the borrower does not have to provide any special collateral. In addition, the parents’ income does not play a role in lending. There are differences when it comes to the requirements for a loan for private training. Some of these are only awarded up to a certain maximum age.

Funded loans from intrasavings bank

Funded loans from intrasavings bank

The Kreditanstalt für Wiederaufbau offers state-sponsored loans for a variety of different measures. Among other things, a loan is also granted for private training. The prerequisite for this is that the training is completed full-time and the borrower has no further income. The advantages lie on the one hand in the low interest rates and on the other hand in the flexible repayment arrangements.

In order to receive the loan, an application must first be submitted to the relevant agency for training support. If all requirements are met, the borrower receives the loan agreement and can then sign it and submit it to intrasavings bank. Here, too, the loan amount is paid out in monthly installments over the training period. The repayment will then be made 12 or 24 months after completion of the training.

Use an installment loan for financing

Use an installment loan for financing

Of course, there is also the possibility to use a conventional installment loan to finance training. However, the disadvantage here is that repayment of the loan must begin immediately. For this reason, sufficient income must be available to pay the monthly installments.

Therefore, an installment loan is usually only suitable for further training that is carried out part-time. Alternatively, a second borrower can be included in the loan agreement for installment loans. It is important that he has sufficient income and a perfect private credit bureau.

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