GEM loan applications

pfannkuchen

At the RCSI Open Day in January, we were told that we should make contact with the banks to discuss loans as soon as we had received GAMSAT results. Apparently, leaving it until later in the summer is too late - regardless of our score. However, I have heard that banks won't entertain you at all until you have an offer. Was any advice given at the other open days? Has anyone applying this year been able to discuss the loan with anyone yet? How about people who've applied in the last few years - what is the best approach?

I'm on a score of 58, so have absolutely no idea of what's going to happen come CAO offers day but want to be prepared any eventuality!

Anita Blow

The bank won't process any application until you have an offer. I had to produce a certificate of attendance.
There isn't any real rush to get it approved, you generally have until like the end of September

tom2016

Hi,
Does anyone know if you have to take the full €60,000 loan from BOI? Personally I have saved as much as possible so that I could reduce the amount I will be paying (If i get in that is) per month.

Also does anyone know if there are any other financial institutions which offer full or partial loans with similar conditions?

Finally, does anybody know if there are penalties for early repayment of the loan?

Thanks so much

Esophagus

tom2016 wrote: »

Hi,
Does anyone know if you have to take the full €60,000 loan from BOI? Personally I have saved as much as possible so that I could reduce the amount I will be paying (If i get in that is) per month.

Also does anyone know if there are any other financial institutions which offer full or partial loans with similar conditions?

Finally, does anybody know if there are penalties for early repayment of the loan?

Thanks so much

No, you do not have to take the full amount: you get €15k per year and you have to reapply to have it renewed each year.

There are always penalties for early repayment of a personal loan with pretty much every bank; you would have to enquire with each bank to find that out.

vladcount

Esophagus wrote: »

No, you do not have to take the full amount: you get €15k per year and you have to reapply to have it renewed each year.

There are always penalties for early repayment of a personal loan with pretty much every bank; you would have to enquire with each bank to find that out.

The rcsi boi loan, how does that work out do you need to have a good bit of collateral behind you for it ?

Rainbowdash1

Anyone know what the main reasons for refusal would be?