How to Apply For Guidance To Apply Student Loan in Ecuador

Apply For Guidance To Apply Student Loan in Ecuador

How to apply for a student loan – Banks

  1. When evaluating loan applications, banks usually look at the applicant’s character, ability to repay the loan as well as their ability to adhere to the bank’s terms. In order to help them assess the application, they may require you to provide a document of identification or proof that you’re currently enrolled at an school of higher learning.
  2. To help banks determine the amount you’ll have to borrow, they’ll require a calculation of your tuition costs and accommodation fees, if any, school supplies etc. Banks could also request you to disclose information about your earnings or the income of your parents.
  3. Certain banks might require you to provide an additional guarantor in order to sign the loan contract. Guarantors must be an individual who is in good standing, professional and with a fixed monthly income.
  4. Find online banks that offer loan to students in Ecuador. Contact them to ask about their process for applying and what documents the applicants have to provide. You must be able to show and submit all required documents the bank requests.
  5. Find out if you are able to start applying online. Some banks will require applicants to fill out an online application for a preliminary one. After looking over an application representative from the bank will call the applicant to inform them where they can complete their application and the documents be required to submit.

Notes:

  • Before you make an application for loans, be aware of the terms, interest rates, and repayment plans that the bank offers. Explore different banks and studies about the bank’s procedure for applying. One of the things you must consider when choosing which bank to apply to for an education loan is the bank’s customer support as this type of loan could take many years of constant communication between you and your bank. it’s better if your bank offers an efficient and friendly customer service. This can keep you from anxiety in the future.
  • There is no need to agree to the full amount that the bank offers you. Since you’ll have to pay back the loan later on, it would be best to only take out only what you require.

Instituto Ecuatoriano de Credito Educativo (IECE)

  1. Requests for student loans through IECE are processed via Banco del Pacfico. Visit the website of the bank 
  2. How to Apply For Guidance To Apply Student Loan in Ecuador
    How to Apply For Guidance To Apply Student Loan in Ecuador

    to learn more.

  3. Begin your loan application by filling out an online application for a preliminary one.
  4. Pre-approval for credit online will inform you of the documents you’ll have to provide personally. It will also tell you which address to submit the required documents, and ideally the one closest to you.
  5. Make sure you submit all the necessary documents.
  6. You must sign the contract.
  7. Start receiving disbursements.

Required Documents For Guidance To Apply Student Loan

A checklist of the documents that must be provided for submission to Banco del Pacifico (PDF)

Office Locations and Contacts

Instituto Ecuatoriano de Credito Educativo (IECE)IECE (Matriz Quito)
Alpallana E7-183 entre
Av. Diego de Almagro y Whymper
Quito Ecuador
Telephone: 593-2 399 0400

What are all the Eligibility

Instituto Ecuatoriano de Credito Educativo (IECE) : Ecuadorian citizens or residents of other countries who would like to attend classes in a university or college, continue their studies, receive professional training, and conduct study in Ecuador or elsewhere.

Validity

Instituto Ecuatoriano de Credito Educativo (IECE): The student loan could be repaid in a period of up to 24 years before it is completely paid back (this is not including the time that you’re still studying or getting your certification and an extended grace period).

Instructions

Student Loans in Ecuador – Banks

Certain banks in Ecuador offer loans that can be used to fund educational activities.

Instituto Ecuatoriano de Credito Educativo (IECE)

The Government of Ecuador offers loan to students who are eligible and meritorious The amount of the loan is used to cover school-related expenses.

  • The interest rate for IECE is set at 7.80 percent.
  • You may be granted one grace year while you’re being certified prior to the time you begin the process of repaying the loan.
  • The student loan could take up to 24 years to fully paid back (this is not including the time that you’re still studying or getting your certification and an extension period).

Requests for student loans are processed by Banco del Pacfico.

Documentation is needed

Created to help students pay for college tuition as well as books and costs of living, a student loans differ from other loans because its interest rate is considerably lower and repayments of the loan can be delayed until the student is in the school.

Certain banks offer this kind of loan to customers. The student loan may be granted through a federal student loan program. This is not the scenario in every country, therefore it’s best to check first whether such a program is available.

Here is a detailed guide to help students request a loan or financial assistance in Ecuador.

External Links

  • Instituto Ecuatoriano de Credito Educativo y Becas:
http://www.fomentoacademico.gob.ec/becas_iece/
  • Instituto de Fomento al Talento Humano:
http://www.fomentoacademico.gob.ec/credito/

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