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Student Travel Loan Terms

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  • 27-05-2013 3:23pm
    #1
    joecal1991
    Registered Users Posts: 7 ✭


    Hey,

    Just went into your NUIG branch about a student travel loan. I have been a loyal customer for the last 3 years. One of the terms of the loan was I had to close my account with Ulster Bank to apply for the loan. This is surely illegal due to competition laws. Was your representative correct in what they said?


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    #2
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi joecal1991.

    Thanks for taking the time to post.

    We are looking into this for you and will advise as soon as we have an update.

    Thanks for your patience.
    Laura


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    #3
    Bank of Ireland: Laura
    Closed Accounts Posts: 414 ✭✭Bank of Ireland: Laura


    Hi joecal1991.

    Apologies for the delay in our reply to you.

    Bank of Ireland would not require you to close your Ulster Bank account prior to opening a student travel Loan and that is not a condition of the loan.
    There are, however, a few conditions relating to the 9-Month Student Travel Loan - you must be a Bank of Ireland customer, be over 18 years of age and provide proof that you are a full time student on a third level course.
    We may require an indemnity and details of any guarantee required will be provided in advance. In general your Bank of Ireland account should be in operation for a period of 12 months with a satisfactory record.
    However, in cases whereby the loan is required immediately and there is no track record with BOI, we may support an application from a customer of another financial institution, should they open an account with ourselves with the intention of maintaining it as their main account. In that circumstance, we would require satisfactory copy statements etc. to support the application.

    Hope this helps. If there is anything else we can help you with, please let us know.
    Laura


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