A training loan is a special purpose loan. It is awarded for education and training or to finance a study. In this case, the income of the parents or Federal financial aid pay is irrelevant. Training credits are awarded by banks and savings banks on different terms.
It is therefore advisable to carry out a credit comparison. The house bank should not be the only point of contact. Other credit institutions also grant training loans without knowing the customer’s history. Alternatively, a personal loan may be used to finance training, as long as it is not earmarked.
Where can I get a training loan?
Apprentices from the age of 18 can apply for a loan through platforms such as Centiloan. The corresponding form can be found here
Reasons for a training loan
Entitled to Federal financial aid, own reserves, rich relatives – not everyone has access to these forms of financial support. In these cases, the question arises as to whether education or training should be financed or whether the idea should be put on record.
Education is always an investment in your own future. Money raised for it is certainly better invested than many other credit agreements.
Surftipp: For personal loan comparison
Special features of the training credits
You apply for these loans at banks and savings banks. However, there are differences to the traditional forms of credit:
- The payout is not in a large amount but in fixed rates
- In contrast to student loans, this loan is independent of the income of the parents or their own financial circumstances
- You can set the runtime individually
- Interest rates are often lower than for pure consumer loans
The repayment does not automatically start with the end of the education, but it can be defined as a break after graduation. This should allow time to do internships and / or find a permanent job. The repayment of this loan must, however, unlike, for example, the Master Federal financial aid, 100% plus interest.
The education loan of the Federal Government
A special form of the training loan is the Federal Government’s educational loan program. This offer is aimed at pupils and students who have already started their education. For example, students must successfully complete the first year. In the case of a credit point system, proof of more than 60 points is sufficient.
By the way, foreigners can apply for this loan. The same rules apply to EU citizens as to Germans. All others require at least a settlement permit.
The limits of the loan are between 1,000 and 7,200 USD. Like other education loans, this loan is not paid out in one installment, but fixed monthly installments are paid out to the borrower over a term of up to 24 months.
Anyone who wants to finance their education and training in such a way and are not yet 36 years old, can take the education loan of the Federal Government in addition to other financing programs. No matter whether a student loan is already running, whether own assets are ready or whether there are rich relatives or life partners, the education loan is open to everyone.
Special features of the education loan
- You do not need to provide proof of achievement
- The application is easy via the Internet
- The repayment starts after the education measure
- Special repayments are possible at any time and in any amount
- Very favorable interest rates. Currently at 1.18 percent effective (as of 06/02/2015)
Education credit comparison
If the borrower is 18 years or older, any personal loan can in principle be used as a training loan. Which offers are the most favorable, our comparison shows:
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Net loan amount in USD: Running time : 12 months 24 Months 36 months 48 months 60 months 72 months 84 months 96 months 108 months 120 months