Types of First Nations Bank of Canada Student Lines of Credit
There are student lines of credit at First Nations Bank of Canada for students enrolled in accredited Canadian universities or colleges. FNBC doesn’t specify any differences in financing options depending on a program or field of study.
With a student line of credit, interest applies only to the amount you use during your study and the year after your graduation or residency. After graduating, you can spread your payments out for up to 20 years. In addition, lump-sum prepayments and the early payoff are penalty-free.
You can access funds from your student line of credit anytime through online, mobile, and telephone banking, at your local FNBC branch, or at an FNBC ATM. In addition, you can access your money anywhere you see the Interac® symbol by using your FNBC Access card.
How to apply for a First Nations Bank of Canada Student Line of Credit?
You can apply for a student line of credit from the First Nations Bank of Canada online by filling out the form on the website. The application form requires you to specify the following information:
- Whether it is a joint application
- Loan or line of credit amount requested
- The preferred payment frequency
- The borrowing purpose
- Your first name
- Your last name
- Your email
- Your phone number
- Your address
- Your residence status
- Your employment information (including your employment status, company name, and job title)
- Your financial information (including your annual income, the estimated value of assets, and estimated liabilities)
You can also apply for a student line of credit in person at an FNBC branch near you.
Requirements
To qualify for a student line of credit from the First Nations Bank of Canada, you must be a student enrolled in an accredited Canadian university or college. In addition, you must not have declared bankruptcy in the last seven years.
Pros and cons
Here are the advantages of FNBC student lines of credit:
- An opportunity to apply online.
- Flexible repayment terms.
- Convenient loan management through digital banking options.
- An option to set up automatic payments.
- Penalty-free early repayment.
The significant disadvantage is the lack of transparency about the interest rates.
How to make a payment?
You can pay for your FNBC student line of credit in any of the following ways:
- Through online, mobile, or telephone banking.
- In person at your local FNBC branch.
- At any deposit-taking ATM on THE EXCHANGE® network.
