Bank Phb / Skye Bank Education Loan

@pharuk,
PLEASE don't misinform people. Your maths doesnt support your claim of 19% monthly at all! Even though i havent being to the bank myself, no one will charge 19% interest monthly, use your head that will be 228% per annum!!!!!
Haba, even if the banks are demons and blood sucking vampires, they can never do that. Do you realise that if the charge 19% monthly in just over 6months you would have completely paid off the prinicipal and every other payment on top of that na extra!!!

The payments can be monthly no doubt, but interest calculated monthly at 19% is not possible!!!!

why ar u guys talking like kids, first and formost u hv not verify frm the banks. which bank will give u loan and ask you to pay annually. repayment for all banks in Nigeria is monthly. I think we are matured, so if we want 2 talk lets have i rethink first. If u hv what it takes and u feel u can with stand it GO if not RUN thats Naija for you because no body is questioning them. untill our looter (sorry i mean money bag rulers) do some tin. its not effecting them because they can afford it 4 their ward. 

****deleted****

We just need to confirm stuff before we start posting untrue stories.

i was given a print-out when i visited bank phb branch at adeola odeku, and it is 19%/annum. and there are diff. repayments methods.
1. interest + capital monthly over 42 mnths
2 interest over 42mths + capital bulk payment after studies
3 Monthly servicing of interest throughout the period of study and a moratorium of 6 months after the conclusion of study (during this moratorium, the security deposit in the education savings account would be used to service the monthly interest), then an additional 12 month tenor is given to service both accrued interest and the principal. In effect the tenor of the facility is extended by additional 18 months after the period of study.

Personally, it is outrageous, but in Nigeria, you can't get anything better and this is applicable everywhere all over the world.

Please elaborate on the bold part. Thanx

I thought that is what the 10% is suppose to do?
Thanx for the swift response.

Ok, well understood now. I guess its not that terrible sha, some people collect a one year term loan based on similar conditions. Another question is, will they just handover all the money to me at once and don't bother what I actually do with the money?

guys, if your looking for help, then its sad news that I will break to u. Nobody is going to issue help to you. You need to sit down, think, and make up what u need to succeed. Don't think crime, because it will not pay either. Bend down, think and bring out the you in you.

align yourself with the successful, think like them, bend down study hard to dicover the secrets behind their success.

there is no way a discovery is found and u remain the same way u were before.

Even the Holy Book, the Bible says ',  when thou has found it, there shall be a a reward and your expectation will not be cut off"

I tire for him me sef tkb417. Anyways I want to believe he is trying to teach us some form of lesson in his ways, geez! No one is seeking for help/assistance but for info which u must do in order to achieve your goals.

Assuming u borrow N3,000,000 at the rate of 19% and to repay over 42months

Your estimated monthly payments are N98,335.48 and you will pay N1,130,090 in interest over the life of the loan.
Loan Information   
Loan amount   3000000
Annual interest rate   19%
Term of loan: (months)   42
chart
Period   Beginning Balance   Interest Rate   Payment   Ending Balance
1   $3,000,000                    $47,500    $98,335    $2,949,165
2   2,949,165                       46,695        98,335         2,897,524
3   2,897,524                      45,877        98,335         2,845,066
4   2,845,066                      45,047        98,335         2,791,778
5   2,791,778                      44,203        98,335         2,737,645
6   2,737,645                      43,346        98,335         2,682,656
7   2,682,656                     42,475        98,335         2,626,796
8   2,626,796                     41,591        98,335         2,570,051
9   2,570,051                     40,692        98,335         2,512,408
10   2,512,408                    39,780               98,335        2,453,852
11   2,453,852                    38,853               98,335        2,394,370
12   2,394,370                    37,911               98,335           2,333,945
13   2,333,945                    36,954               98,335        2,272,564
14   2,272,564                    35,982               98,335        2,210,210
15   2,210,210                    34,995               98,335        2,146,870
16   2,146,870                    33,992               98,335        2,082,527
17   2,082,527                    32,973               98,335        2,017,164
18   2,017,164                    31,938               98,335        1,950,767
19   1,950,767                    30,887          98,335        1,883,319
20   1,883,319                    29,819               98,335        1,814,803
21   1,814,803                    28,734               98,335        1,745,202
22   1,745,202                    27,632               98,335        1,674,498
23   1,674,498                    26,513               98,335        1,602,676
24   1,602,676                    25,376               98,335        1,529,716
25   1,529,716                    24,221               98,335        1,455,601
26   1,455,601                    23,047               98,335        1,380,313
27   1,380,313                    21,855               98,335        1,303,832
28   1,303,832                    20,644               98,335        1,226,141
29   1,226,141                   19,414               98,335        1,147,219
30   1,147,219                   18,164               98,335        1,067,048
31   1,067,048                   16,895               98,335           985,607
32   985,607                    15,605                98,335            902,877
33   902,877                    14,296                98,335            818,837
34   818,837                    12,965                98,335            733,467
35   733,467                    11,613                98,335            646,745
36   646,745                    10,240                98,335            558,649
37   558,649                      8,845         98,335             469,159
38   469,159                      7,428         98,335             378,252
39   378,252                      5,989         98,335             285,905
40   285,905                      4,527         98,335             192,097
41   192,097                      3,042         98,335               96,803
42   96,803                               1,533          98,335                     0


You can use this calculator to check the payment terms base on term of loan

http://finance.yahoo.com/calculator/college-education/det-03;_ylt=AkTUrj.E9WclakHjJnY2JW0omNIF

Hi guys,

Since we can all now agree(according to members research),that the interest is about 19% annually,what should be stated in the student's application form as one's sponsor.

I mean is it going to be the sponsor(dad,uncle,etc) that helped you get the loan or the bank itself,having it at the back of our minds that you need to show your sponsor bank statement & ability to see your tru your studies etc.

What if your sponsor has about 2m & collects the remaining sch fees as loan?And has paid 50% of your fees & has paid 4000pounds(1m) remaining 1m in his acct.  ??

Is that acct. good enough for the ECO boys to grant your visa?In short what documents do u submit for visa concerning sponsorship when granted loan for fees?

Please anyone??